Mohamed Yunus
@tweetyunus · CEO Everyly.
Congrats Team! Great stuff to solve.
Sometimes Defaulters outnumber no matter what their credit score is.
When you take the responsibility of the lenders' money, like an escrow with returns, how do you handle it for the lenders, when the guy who has taken the money defaults or any negative scenes occur ?
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Abhash Anand
@abhash
@tweetyunus We have some safeguards against defaulting borrowers. We take Post Dated Cheques and rolling out their modern equivalent(NACH) soon. NACH will allow us to pull in EMIs from the borrower's bank accounts whenever they have money in their account. This significantly reduces chances of defaults.
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