Nuances of PerfectMoney credit exchange

Recently the PerfectMoney system has initiated the launch of an innovative platform intended to change users’ conception about “online credit transactions”. The only requirement that provides access to the corresponding page of the system is being a signed up PM client (a verified account is preferable). Despite the fact that the primary aim of this credit project is a mutually beneficial money exchange (a lender gives a credit to receive interest; a borrower receives a necessary amount without wasting time; the system charges a traditional rate of 0.5% upon each money transfer), in practice not everyone evaluates its opportunities in an equally positive way. All its “pros” and “cons” are discussed below…

What are benefits of the credit exchange for each partner?

    owing to this system if financial services, a lender gets an opportunity to receive interest from personal funds and earn a reputation among other PerfectMoney users; a borrower can choose the most appropriate credit offer among available ones and define his/her own rules of the game (e. g. an interest rate that suits another business party, etc.); in that way, PerfectMoney attracts a bigger number of interested users and favors the increase of money turnover in its accounts.

1. Get started with the credit exchange

In order to reach the main credit exchange menu, you need to log into your PM account and find an appropriate section there. In principle, a work panel is quite simple and intuitive, so I will not consider each subsection in detail. Here are basic points:

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– Lobby – the main area – shows data on all requests and their status;

– Take credit/Give credit – these tabs allow creating a credit request/making a credit proposal;

– Ratings/Check agent – display lists of existing contractors by transaction volumes and reviews/check an agent’s Trust Score (TS);

– My requests – allows viewing submitted requests and answers to them;

– Deals – provides all details about deals (duration of a credit period, % rate and so on);

– Settings – here you can edit your personal account information.

*The rating of trust to a PM account owner is calculated in accordance with the number of objective factors (the activity evaluation, money movements among his/her accounts, etc.).

2. How to create a borrowing request

Go to the “Take credit” subsection and place your request in a public zone available for all credit exchange users/find a credit offer from a certain lender and send a counterproposal.

3. How to create a credit offer

You can choose between two options while adding your lending offer:

a) go to the “Give credit” subsection -> indicate a wallet from which the money will be charged -> put down conditions of the deal (a credit amount, the TS range, a credit repayment term, % rate) -> set the deal closure mode (Automatic/Manual*) -> create an offer. After that your offer will be shown in a public area, and a credit amount will be transferred to the credit exchange account;

*In this case a lender is supposed to confirm the deal once again after a borrower agrees with credit conditions.

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b) enter the “My account” section -> check borrowing requests -> choose a request which corresponds with your criteria -> click on the link under the Next line -> switch to the Preview mode to look through all parameters again (if you need to edit something, press “Back”) -> give credit.

4. How to cancel a borrowing request/return money to an owner’s account

Everything is easy: go to the “My request” section and press “Cancel” near the corresponding request. No additional fee is imposed (except a traditional fee of 0.5% from a transaction).

In theory, this credit system seems working and transparent. In fact, things are a little different. Everyone who wants to make a fortune using a reputable platform often acts in groups or is involved into a forced increase of the TS rate (for instance, one returns a credit earlier than scheduled, reinvests, etc.). It is likely to lead to that same scam since an agent is unable to comply with credit conditions.

One more disappointment is no way to figure out reliable clients and fraudsters. No owner’s account age, no account type (verified or non-verified), no TS figure (defined by an amount and volumes of transactions, and other formal criteria) can be evidence of an honest contractor. Moreover, it is impossible to leave a negative feedback to a client who has not paid back the money. Especially advanced users even borrow credits to “their” comrades (hence a rich transactions history).

So, is there any opportunity to determine fraudsters and potential payers? Just as it is with choosing working HYIPs, none provides us with guarantees. You are supposed to use your intuition and additional sources (you can’t filter dishonest agents on PM credit exchange):

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– follow the discussion of this topic on theme forums/blogs/social network pages;

– check if there is/there is no wallet of a new borrower in the blacklist of agents. If you see it, never work with such a client;

– don’t believe in guarantees given by owners of “magic wallets” even if they prove their solvency with payment screenshots of large sums (you never know whether they are paid to real or “fake” users);

– finally, if you have decided to work with a certain PM borrower, don’t use all money repaid by him/her while reinvesting. You might happen to lose everything.

Conclusions: PerfectMoney idea in respect of creating and additional credit platform has been much discussed, but the system itself needs to be revised with regard to creditors’ security. At this stage, it allows fulfilling all expectations of extreme agents who play just to play and some percent of serious users. Consequently, everyone who agrees to terms of this credit system, should care about precaution measures. And then success can happen to be led by you!

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