Klear finances trustworthy borrowers at rates often lower than those of banks.
The borrower fills out a short online application form. Klear uses the data to instantly give a personalized offer including all the parameters of the loan.
After providing additional information and uploading copies of the required documents, the borrower signs the contract electronically with an SMS code.
Klear verifies the submitted data and supplements it with information from the National Insurance, the Credit Bureau and social media.
The customer authentication is done through a video call.
To ensure a low risk to investors, Klear finances only people with regular and proven incomes, low indebtedness and a clean credit history.
Klear disburses loans via bank transfer, using own funds. In this way, the borrower doesn’t have to wait.
Klear charges a single fee. The fee depends on the loan amount and the risk profile of the borrower.
Klear offers investors a new asset class that has a stable return and a low risk – personal loans to reliable borrowers.
Everyone can become an investor with Klear by opening an account and transferring 100 BGN or more to her/his wallet.
The investor buys pieces of various loans, acquiring the right to receive her/his share of the borrowers’ payments.
Buying small pieces of many loans mitigates the effect of a few bad loans. With high diversification, the returns will be more stable.
Each borrower pays her/his monthly installment to Klear and the amount is distributed to the wallets of all investors who bought pieces of this loan.
The investor receives daily flows of money in her/his wallet, including interest. The available funds can be reinvested or withdrawn.
The Klear risk model takes this into account. The interest rate of each loan is set so to cover the average expected losses and to provide a reasonable return.
Klear takes care of collecting the missed installments. The bad loans are sold to external debt collection agencies. The recovered amount is distributed to investors.