GN Compass

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GN Compass

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GN Compass is innovative new entrant into the consumer lending space. GN Compass is introducing cryptocurrency backed loans which are priced at highly competitive rates.

GN Compass will fund the loans from investors who will invest into lending pools through their platform. These pools will be liquid enabling lenders to divest part or all of their portfolio at any point in time.

Here we are going to look in more detail at how the GN Compass borrowing platform works.

GN Compass Credit Scoring System

One of the benefits of GN Compass for borrowers is that it takes into account a wider range of parameters for credit score than just credit reporting agencies scoring. The credit system will use a range of different criteria to create a credit score including social media analytics, mobile data, debt to income ratio, occupation, military services, volunteer work and traditional credit scores. This will provide the potential borrower with a credit score which ranges from A+ to B.

First time borrowers through GN Compass borrowers will need to have a credit score which is above 660. They will also need to have a six year credit history, a debt to income ratio of 19.99% and either citizenship or permanent residency.

As borrowers use the platform they will be be able o improve their GN Compass credit rating by making timely payments. Likewise if they are late or miss payments then their GN Compass rating will drop.

The GN Compass rating will determine at what interest rate the applicant can borrow.

Loan Amounts With GN Compass

Loan applicants will be able to borrow between $1000 and $50000. Interest rates on the loan will be between 3.99% and 11.99%. If the borrower is unable to meet the minimum requirements for borrowing from GN Compass their application will be declined and they will have the opportunity to reapply for a loan again in three months.

The Loan Application Process

Borrowers once approved will fill out a smart contract enabled loan application. This application will ask the borrower the amount that they wish to borrow, how long they want the loan to be and how often they wish to make repayments. The loan request will then be sent to a pool with other loan requests which match the credit rating of that borrower. Borrowers will also need to pay balance protection insurance on their loan. This balance protection will be calculated as a percentage of the loan that is outstanding and the borrowers GN Compass credit score.

GNCT Token Sale

GN Compass is funding the development and marketing of their platform through a token sale of the the GNCT token. Up to 1 billion GNCT tokens are to be created and priced at 1 ETH is equal to 5000 GNCT.

TIM