Rainfin is an online social lending marketplace that links borrowers directly with lenders. Rainfin has therefore become a community where individuals can safely, quickly and cheaply borrow and lend from and to people around. Rainfin works on a community principle which promotes peer to peer lending. In other words this is banking between friends and relatives but this community extends to thousands of people and finance can easily exchange hands between friends and relatives knowing that the process is formalised. Rainfin also allows individuals to invite people in the wider social networks. The benefits accrued are lower interest rates and lenders have the possibility to invest in fixed return asset class. To get access to loans and credit, individuals just have to be registered under the Rainfin peer to peer traders list.
Rainfin has indeed driven some of the high costs and complexities out of the lending model.