Indeed, the website's chief selling point is the sheer volume of buyers and sellers that can be brought together in a relatively short amount of time. To get the process started, an approved borrower sets up the term of his auction. The borrower also indicates what terms, or criteria are most critical to him or her. For example, the amount might be absolutely essential, or the interest rate might be nonnegotiable instead. When the auction goes live, it typically takes 3-10 days of bidding, with a recommended five additional days to examine all the bids before agreeing to close on an offer.
Borrowers remains anonymous during the bidding process to avoid unwanted future loan solicitations.
Loans are then closed in the traditional way after the auction. Our site gets you to the altar. Oinke protects all parties involved. For example, the borrower isn't committed to the terms of the loan until the moment he or she chooses the bid that meets his or her requirements. If the terms and rates of the offer don't meet the borrower' terms, then no closing is required.