
Show HN: Credy – Peer-to-Peer Lending Platform for India - harshitsv67
https://www.credy.in/
======
zeusk
>
> [https://www.credy.in/investor_Dashboard](https://www.credy.in/investor_Dashboard)

The site looks janky, the fonts aren't rendering properly in chrome.
([http://i.imgur.com/iRvmG2p.png](http://i.imgur.com/iRvmG2p.png))

Also, I was thinking of putting in some money but isn't 18% default rates
kinda high? or is this some kind of test data (without any indication).

~~~
verandaguy
The site looks mostly OK under Firefox, but the <canvas>es are rendering at (I
believe) 50% of their intended height. This results in graphics on there being
smudged and distorted, looking twice as wide as they should be.

I'm on a HiDPI/Retina display, for what it's worth.

~~~
pratishgandhi
Thanks for the feedback! We are looking into it.

------
ruchika806
Hi, I am registered on the site as a lender. But clicking on the Invest Now
button takes me to the Contact Us page. I have dropped a note also at
founders@credy.com but no response.

------
harshitsv67
We are the first P2P lending platform that uses end-to-end biometric
verification to help eliminate fake users and impersonation. Peer lending is
new to India, and recent financial digitisation has made the business and
product offering more attractive.

Our customers are people who need small to medium personal loans -- they might
need a loan for debt refinancing, a wedding, education or an emergency. We
offers fast, paperless online loans to borrowers.

For lenders, Credy offers a professionally chosen, risk managed, trustworthy
investment option, and great data and analytics tools. We guarantee 100%
genuine and verified borrowers.

The founders have extensive background in finance and tech from Goldman Sachs,
Societe Generale and Amazon.

Happy to answer questions you may have. Checkout our blog at
[http://blog.credy.in](http://blog.credy.in) for interesting articles on
finance in India.

\- Harshit Vaishnav Co-Founder, Credy
[https://www.credy.in](https://www.credy.in)

~~~
mockingbirdz
Nice idea! Good luck to you! A few things you might want to correct on the
website. The investor_dashboard page leads to what looks like dummy data. On
the Investor FAQ, the "How safe is the Investor's Money?" question doesn't
work.

~~~
harshitsv67
Thanks for your feedback. We had both the fixes in our rollout today, they
should be fixed soon.

Happy that you liked the idea :)

------
moh_maya
Hi Pratish / harshit,

This looks very interesting. Was curious about a few things:

a) If I understand correctly, you are introducing p2p lending, on the lines of
the Lending Club (the pioneer?) & I2I funding (Indian P2P lending company). Am
I on the right track?

b) What is the typical customer profile you guys are targeting (and who have
actually used your service?)

I ask because I'm curious about how you are planning to bridge the language /
awareness gap if you are targeting non-English readers / speakers.

Disclosure: I am a partner in a start-up (3 months old) that is targeting
blue-collar workers. Among the areas we are focusing on is financial literacy
(clients being banks, etc.) Our experience has been that English is a
significant barrier to adoption & communication. Therefore, pretty much
everything we are developing is multi-lingual from the start.

(We are also developing solutions for the textile & apparel industries, safety
& security services (Govt. and otherwise, and healthcare / pharma) )

~~~
pratishgandhi
Thanks for the comment! a) yes correct b) Please check out our investor
dashboard
[https://www.credy.in/investor_Dashboard](https://www.credy.in/investor_Dashboard)
to see the data. c) You are absolutely right, language is a big barrier. We
are also focusing on credit education and plan to expand to other languages.
Please reach us at founders@credy.in to discuss more.

~~~
moh_maya
Hi Pratish, just emailed you! :)

~~~
pratishgandhi
Thanks a lot! We will revert soon :)

------
harshitsv67
Thanks everyone for the great participation.

Team Credy [https://www.credy.in](https://www.credy.in)

------
sonink
Looks neat ! Like the way you are leveraging India stack.

Qs for you:

1\. Shouldn't a new age lending platform not use old school mechanisms like
CIBIL. I would guess that a new age lending platform build its own CIBIL.

2\. Doesnt the requirement of Salary Slips preclude the very same people from
accessing loans who do not otherwise have access to ? Also I am guessing that
this will be like 1% of the population.

3\. If you have the means to coinvest 50% and if you guarantee market beating
outcomes, why don't go all the way to 100% ?

~~~
harshitsv67
Thanks for the comment. Good to know you are aware of India Stack. CIBIL still
holds valuable information. We overlay that with other inputs using our own
proprietary algorithm.

Salary is a regular source of income, which improves repayment capacity.

We are a platform, we don't want to be lending our capital as a primary
business.

------
smdz
As an investor, I assume Creedy will help with the legal documentation.

1\. How does the platform ensure Borrower is paying on time and/or reminded
for delayed-payments

2\. Co-investment. This means you are sharing equal risk. But not sure how a
platform could scale with the amount of money required. Are you planning to
become a bank? I'd really like to know how your biz-model would work in this
case. And how do you prevent a borrower-lender gang up to fraud you?

3\. In case of non-payment, legal procedures could be costly and for small
amounts it might be infeasible. How does Creedy help with the legal issues and
legal costs?

~~~
pratishgandhi
Thanks for the comment!

1\. Yes, we do the legal documentation so it is not a headache for you. Legal
costs associated with non-payment are covered as part of this contract. 2\. We
have features like post dated checks and auto-debits from bank account to
ensure borrowers pay on time, among other things. 3\. We are not planning to
become a bank, reason why banks have such a large spread is because they have
huge operational expenses. We will always aim to be as lean as possible by
automating processes.

------
nikhilsh1
Hi the website looks rad - but can you elaborate a little on how you plan to
increase the trust element on your website ? As this is a new concept,
investors like me might be wary of investing.

~~~
harshitsv67
Thanks for the appreciation!

Trust is indeed the biggest pain point in peer lending that we have focused
hard to solve.

1\. We guarantee 100% genuine and verified borrowers because of mandatory
biometric authentication. This solves problem of identity theft and fake
users.

2\. We verify borrower's employer and their unique ID as well, so that there
is a deterrent to improper behaviour on part of the borrower.

3\. We co-invest with our lenders so that we have a skin in the game.

4\. We also have auto-debit and post dated cheques to ensure money is returned
on time.

~~~
dhruvrrp
How exactly would biometric authentication stop fake users? Would you be using
some central database to identify people or are you gonna make your own
database?

How exactly do you plan to verify employer information?

Sorry if I may sound cynical but ive spent enough time in smaller indian
cities that i can imagine ways on how people could try to take advantage of
your platform.

~~~
harshitsv67
Yes we use a central database. Employer verification is done electronically.

We can understand the apprehension. However, lot of things are digitising
fast, and it is getting more difficult to do financial misconduct without
leaving a trail. We keep working hard in adding robust checks in the system,
knowing that otherwise the problem you mention exists.

------
super_melon
Couple of questions:

1\. What exactly is Creedy's business model? You claim on your website that
you charge zero fees, and digging around the FAQ reveals no other charges or
figures, so I'm a bit curious as to how Creedy generates revenue.

2\. What makes you standout from the throngs of P2P lenders in India? As I
understand it, companies like Lendbox and Faircent pretty much offer the same
service as you guys, plus already have an established user base, so why should
I use your service?

P.S. Are you hiring interns?

~~~
harshitsv67
1\. Our pricing is mentioned here
([https://www.credy.in/pricing](https://www.credy.in/pricing)). We believe
that using automation and analytics well can contain costs significantly, and
we being a marketplace model, can benefit from a lot of leverage in order to
make more revenue with less per unit costs.

2\. Trust is a pain point that we solve by ensuring end-to-end linking with
Aadhaar. We also provide investment recommendations in order to minimise
portfolio risk.

Interns - we would love to have a chat, drop us a mail at careers@credy.in
mentioning this conversation. Thanks!

~~~
super_melon
Yep, just emailed you!

------
sureshn
Most of the non-nationalized banks in India brazenly cheat borrowers and even
harass them for lot of unnecessary documents and even after closing out the
loan, cause delay in issuing in loan closure letters etc. This kind of peer to
peer lending platform is the need of the hour. I want to know if I can
refinance my car loan through this platform ?

~~~
smdz
I don't like banks either - but this is incorrect.

What you call harassment is part of the Process for better due-dilegence. Most
of the processes are created by bodies like RBI that are not-private. And they
are bureaucratic and slow. But these same processes also prevent something
like subprime crisis.

Unfortunately, when these regulating bodies work fast on policy making -
people complain (remember daily demonetization policy changes??).

Getting loans from any bank (private or nationalized) definitely feels like
harassment, but try to put yourself in their shoes.

Nationalized banks on the other hand - They have government to back them. So
they can actually afford to be a bit wrong and govt will rescue them (from
taxpayer's money)

Platforms like Creedy are great - but as an investor I would be worried about
lending a larger amount

~~~
pratishgandhi
We totally understand your apprehension, this is a new concept in India. We
have some risk mitigation strategies in place and rolling out many more soon
(which I may add, typical banks do not use). Please reach us at
founders@credy.in in case you would like to try this as an investment
opportunity.

------
baron19
How does the process work for an investor?

I just specify my risk appetite and you choose the borrower for me? or do you
give me a list of options and I can choose who to lend to? Ideally I would
prefer the first option.

Can I also limit my investments to a particular kind of borrowers, say who
wants it for Educational purposes, is that possible?

~~~
pratishgandhi
Thanks for the comment! Yes, we understand your risk appetite, and we expose
borrowers whose risk profile matches yours. We can also filter or limit as per
your preferred purpose.

~~~
baron19
That's nice, even better if you can give investors some guarantees on default
risk.

Another question. I was looking at the investor dashboard and it shows a
'salary to EMI ratio', does that mean people who aren't employed with a
regular salary are out? Like small business owners and such.

In my personal experience, I find that they are usually more interested in
short-term borrowing since their cash inflows and outflows don't always
balance, leading them to having to borrow quickly and for a short term.

~~~
pratishgandhi
You're absolutely right about the businesses. We are not giving loans to them
at the moment, however we plan to expand to that segment soon.

------
Rajat_Dindoria
I currently invests in [https://www.lendbox.in](https://www.lendbox.in), even
though lot of delays in repayment. No actual default has happened in my
knowledge on the platform. What is your tackling solution for delays and
potential defaults

~~~
pratishgandhi
Hi Rajat, thanks for your comment! We are rolling out auto-debit feature to
pull money from the borrower's bank account so that you don't have to track
it. We also have processes to followup with borrowers automatically before due
dates to remind him to pay the installment.

------
pratishgandhi
Here is our updated investor dashboard
[https://www.credy.in/investor_Dashboard](https://www.credy.in/investor_Dashboard)
which shows how Credy portfolio is performing. More metrics coming soon!

------
aayushgoel92
Do you guys plan to create pools from lender money, so as to reduce the risk
even further?

~~~
pratishgandhi
Thanks for the comment! Yes, we will pool money from a lender and disburse it
to multiple borrowers to reduce exposure per borrower.

------
known
What happens in case of non-payment of dues?

Credy will levy a penal interest of 24% per annum on the due amount, in case
of non-payment by due date. In worst case Credy will help lenders in getting
all possible legal resources for recovery of dues.

------
aragorn_sharma
Do you have an app where I can track my investments?

~~~
pratishgandhi
Thanks for the comment! We are launching an Android app soon

------
abishekk92
The invest now link doesn't seem to be working?

~~~
harshitsv67
A fix was rolled out, you can also mail to founders@credy.in for lending
opportunities. Thanks!

------
happy-go-lucky
Looks like the site is delinked from here?

~~~
pratishgandhi
Sorry about that. In case you can't see it, please check out here -
[https://www.credy.in](https://www.credy.in)

