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P2P microlending is one of the main kinds of microfinance. Small sums of money are issued directly from the lender to the borrower. Here, both parties don’t have access to conventional banking due to various reasons
A Lender is a person who is registered on the website of Legion and issues a loan to the Borrower under the Lender's own terms but subject to the Community Guidelines.
A Borrower is a person who borrows money from the Lender under the Lender’s terms, and agrees to the Community Guidelines and IOU. The Borrower’s personality or solvency must be verified for him/her to receive a guarantor loan. Legion acts as the gaurantor.
An IOU is an electronic document, acknowledging debt, which is signed by the Borrower upon receipt of loan from the Lender. If the Borrower fails to abide by the IOU, the Lender transfers the document to a third party for recovery of debt owed.
Our partners are completely protected against all risks of losing money. Legion is the regulator and steps in as the loan guarantor in cases where the Borrower delays or defaults in his/her loan repayment. For delays, Lenders are compensated from the company’s Guarantee Fund.
*Note! Only loans issued to Borrowers, who have been verified and granted a Legion Trust status are protected by the Guarantee Fund.
We transfer the relevant IOU to a collection agency to effect soft collection. If this action fails to yield a positive outcome, the case is referred to a court for a verdict in favor of the Lender. Based on the court outcome, bailiffs will immidiately go into the process of recovering the debt, the costs incurred, compensation for reputational harm caused to Legion and moral damages suffered by the Lender.
Legion Trust is a complex rating system for identifying a Borrower’s personality and solvency. This system evaluates the Borrower’s financial situation and ability to service his/her debt. Rating is determined by a set of past stages of personalization undergone by the person, his incomes and credit history. Depending on the Borrower’s personalization data provided, he is assigned a 1 or 2 trust level. These two levels make him/her eligible to obtain a loan of $50 or $100 respectively.
1. you need to fill in your personal data
2. Your social media profile pages will be checked (you should provide at least 2 social media profiles). Details on the pages must match with the information in your profile in our site and must be at least 6 months old at the time of checking. Fake pages will not be checked.
3. Attach the scanned copy of your passport, any documents confirming your address, a photo where you are holding your passport next to your face, and your Legion account ID number written boldly on a piece of paper.
No, these measures are not included in the Identification of Borrower’s personality and solvency.
The Guarantee Fund was created to provide 100% protection to the Lender’s investment whenever the Borrower defaults. The Lender is paid the principal amount and interest from the Guarantee Fund based on the relevant IOU.
Our Guarantee Fund is formed from 10% (profit that goes to Legion Community) of loans issued by our partners.
At the Loan Exchange, you can see lending applications created by Lenders and borrowing applications created by Borrowers with all the necessary details and terms.
The Loan Exchange is programmed such that if a lending application and borrowing application have identical loan terms, they are automatically matched. The last matched 50 applications, as well as statistics for the day at the Loan Exchange can be viewed in this menu.
The date when your Legion account is registered is the starting day of your Reporting Month. Every month starting from this day, average monthly bonus points will be credited to you. Your uplines will receive referral bonus points based on your Reporting Month.
For any money invested towards development of the Community, Lenders receive bonus points, which can be used to issue loans to Borrowers and generate real profit. Bonus points disappear (taken back by the Community) after the principal and interest have been repaid by the Borrower.
This is aimed at ensuring that the rate of money circulation remains high, thus facilitating rapid development of the Community as a whole and growth of the Guarantee Fund.
We offer 3 sources of bonus points (BP):
Bonus points are given as part of our loyalty program. These funds are issued for various achievements of partners and personal contribution to the development of the Community. Once you have used your bonus points and received profit from them, we take them back. .
No, you won’t be paid a referral fee because bonus money belongs to Legion. Moreover, referral fee only comes from loans issued by your downline partners from their own personal funds.
This formula is applied to ensure stable functioning of the Loyalty Program since the lion's share of profits from loans issued by Community partners is in US dollars.
The field shows the loans issued by you, which are still active.
This field shows interest-bearing loans you obtained from a Lender. At the maturity date, the Borrower is obliged to pay back the principal together with accrued interest
This field shows the amount you can withdraw from the system. The amount may include your investments, profits generated from issued loans, referral commissions and interest-bearing loans obtained.
You can track in the calendar the date when the Borrower is due to pay you back your principal and interest. By clicking on the date highlighted in the calendar, a table will open at the bottom containing all the details for loans issued and obtained by you.
The Planner makes the service convenient for use. You create a lending or borrowing application with your desired terms. You also create the interest rate lowering step and the time after which the Planner should delete your application and create a new one with new details. If there are no clients at the Loan Exchange at that moment, who are ready to borrow under your terms, the Planner will submit a new application at the Loan Exchange that may match with the borrower's terms. You set by yourself the terms by which you agree to issue a loan.
It is the average interest rate at which Borrowers can obtain loan at that moment. The interest rate solely depends on market demand
Active partners —those who want to expand their downline with new investors —can include into their first line those clients who were recruited into the company without a referral link.
To do this, you need to fill out the questionnaire (Referral Application). We'll review your questionnaire, and the system will send you partners, who you will be able to advise on how Legion works.
You can also submit a video business card, where you'll tell your potential partners why they should choose you as their sponsor.
Our active partners have the opportunity to advance their careers. As you recruit new investors and develop leaders in your downline, the program automatically assigns you a status and relevant bonus points. As part of our development strategy, we train leaders with high status free of charge. With the aim of encouraging leaders, the company's management provides incentives to new members recruited from centralized advertising campaign. At this stage, you become the head of your business. We conduct seminars and workshops, where you can meet with colleagues to exchange experiences and develop in your personal capacities. You get new tools to work with your downline and new team members.
Go to the TOP UP menu and select a payment system. Next, enter the amount that you want to loan out
. Then you will be redirected to the website of that payment system, where you will be required to enter the necessary data to effect the transfer. After that, you will receive a payment confirmation notice, and then will be automatically redirected to the "Issue Loan" page.
Once you the Borrower has undergone a personalization check and assigned a Legion Trust level, the amount that you can borrow will be displayed in the Desk/Financial Information menu. You can then create a borrowing application. As soon as the application is matched with a lending application, your account balance will be credited with the required amount and you will be able to withdraw it using one of the payment systems accepted us.
To avoid additional financial burden on Legion and prevent foreign exchange fees and charges, you can withdraw your earnings to the very payment system you used to make your deposit.
Our referral fee is 35% of profits earned from issued loans. This 35% profit is paid into the personal account of Partners – from up to 7th line of recruited members and based on the formula: 50-20-10-8-6-4-2% (of 35%)
An example: Your partner issued a $100 loan for 30 days at 2% interest.
After 30 days, your referral fee will be $10.5.
2 level - 4,2 $;
3 level - 2,1$;
4 level - 1,68 $;
5 level - 1,26 $;
6 level - 0,84 $;
7 level - 0,42 $.
The minimum and maximum amounts are $30 and $100 respectively. But the lender can create an unlimited number of lending applications.
Loans can be issued for 5, 10, 15, 20, 25 or 30 days.
The minimum and maximum interest rates are 0.5% and 5% respectively.
The Borrower is obliged to repay the principal amount and accrued interest on or before 12:00 PM (noon) — based on the website server time — of the next day after maturity date. For all details, please go to the Tools/Calendar menu.
At the end of the maturity period of the loan, the principal and interest are paid into the account of the the partner. The profit generated is distributed according to the following formula: the partner receives 50%, 35% are paid out as referral fees, 10% goes to the Guarantee Fund account, Legion the remaining 5 % goes to Legion.
The withdrawal fees are:
The fees are different because the different currencies of payment systems have their own liquidity and popularity among our borrowers. Therefore, considering these peculiarities and foreign exchange charges, this withdrawal fee system is used.
Withdrawal requests are processed within 24 hours.
For easy and convenient use of cryptocurrency, a separate currency Bitcoin is created in the personal account profile, which is issued as loan on the same basis as US dollars. At the company, our Bitcoin exchange rate is the average rate among cryptocurrency exchanges. The rate is changed once a day at 00:00 GMT.
Business (legal) entities undergo individual verifications: detailed analysis of incorporation documents, financial activity, quality of products or services provided, and marketing plan.
To obtain a loan, a business entity is required to contact our central office by sending the appropriate application to our contact e-mail specified in our contact information.
No, this is prohibited by the User Agreement and attracts immediate blocking of all the accounts involved until all the circumstances are ascertained. However, you can create multiple accounts with the same IP address for the sole purpose of registering family members. In this case, however, all the members must have at least Legion Trust’s Level 1.
It is to protect your account. When withdrawing funds to your e-accounts, an code will be sent to your cell phone via SMS.
The contact details of your sponsor can be found in the Team/Career menu in the field «MY MAIN SPONSOR» There you can also send him/her a message via the internal mail of the website.
Since we have clients from all over the world, we decided that the site will use the «Greenwich Mean Time».
LEGION OF RICHARD HART UNITED LP is a company registered in Canada.
You can contact our consultants via the feedback form on the «About Legion» page. We can also be contacted through our online chat in the bottom right corner of the site.