September 8, 2021

More people are using taxis and ride-sharing services. Passenger transportation (taxis, ride-sharing, long and short-distance passenger buses) is not just a livelihood for drivers but solves the mobility problem we face every day. 

The local transport market has undergone a paradigm shift with the advent of app-based taxis. In parallel with the supply, demand for taxi services increased.

Since app-based services require drivers to register their pre-owned cars, most drivers rely on lending and financing schemes to buy new and used vehicles. Banks and other financial institutions offer those who wish to purchase commercial vehicles ridiculous loan products. 

StockLyft serves as an alternative to the traditional banking system, empowering individuals to put their resources together to purchase the vehicles for the drivers.

How does Auto-Lending work on StockLyft?

StockLyft uses the Association of Commercial Drivers Group to screen and select licensed drivers. All qualified drivers are members of an association or must be members.

Through crowdfunding, lender vehicles for commercial drivers

After a successful campaign, a chatroom is activated in your StockLyft account. The chatroom consists of lenders who contributed to the campaign, borrowers, association members, and the StockLyft team.

The chatroom is for live updates and discussions on the campaign.

If StockLyft has launched its services in your country, inquiries on membership of any of our associations as a borrower in your country. Please contact us here: help@stocklyft.com

Due diligence and monitoring

StockLyft takes due diligence and monitoring very seriously as part of our responsibility to lenders and borrowers. We encourage all lenders to learn about the risks of lending on StockLyft as StockLyft does not guarantee repayment on any loans. Lending on StockLyft may involve loss of principal, for a variety of reasons including if the borrower doesn’t repay, the Association of Agribusiness SMEs or Drivers doesn’t repay, or from currency loss.

The level of due diligence relevant to a specific loan on StockLyft depends on a variety of factors, including how the loan is administered. Most loans on StockLyft are administered by Associations heading the various sectors supported on our platform (Agribusinesses, Transportation and Real Estate). StockLyft conducts due diligence on all Associations before allowing them to begin posting loans on the StockLyft platform.