The Power of Crowdsourcing IRL
Let’s talk a little bit about the trends that new computing technologies have brought to our world, because some of them have affected real estate, lending and other aspects of finance in a big way.
One of them is the idea of crowdsourcing – opening up a proposal or idea to a range of audiences, and letting them collaborate on a result.
The rise of cloud computing is part of what fed crowdsourcing in general. New subscription services and peer to peer setups enable different kinds of decision-making to be done in public between many involved parties. That’s the idea with the crowdsourced funding campaigns that can save an individual or family, support an innovation, or facilitate some civic good. All of that is owed to the idea that people can get together digitally to use money in a collective way.
Live Online Loan Bidding
Our live online loan bidding system is like this in a number of ways. It’s also a lot like some of the new live casino digital operations that use cryptocurrency or digital assets to allow players to sit down at the digital table. That’s a kind of collaborative environment, too.
In our case, though, the crowdsourcing is based on a very practical model that works out really well for borrowers.
Flipping the Script
The traditional way to think about lending was that the borrower kind of went In hand to the lender and asked them to ‘pretty please’ do them a favor and loan them some money.
What got shoved under the rug was the idea that since the lender gets interest on the money, the borrower is actually performing a service for the lender as well.
Fast forward to today, and you have online live loan bidding setups that force lenders to compete for the business. Suddenly, the borrower is holding some of the cards in his or her hand. It’s not anymore seen as a thing where the loan is just a prerogative of the lender – lenders have to compete. If they don’t offer concessions, someone else will scoop up the loan and get the interest!
This kind of leveling goes on all over the Internet, and it has particular positive effects for people who would otherwise be hurt by the isolation or siloing of information. Check out our website for more on how all of this works, and how it can benefit you as a borrower. You might be surprised at the opportunities that are available to you!
