Web operator offers loan refinancing

The operator, refinn.com, is looking to get 1,700 debtors on board to secure the year-end goal.
Korn Chatikavanij, chairman of Refinn International Dot Com, which operates the platform, said the company provides “total solutions” in focusing on refinancing transactions for borrowers with home loans.
“For debtors who want to apply for a refinancing transaction, the firm will provide consultancy services and help them prepare the application documents for home refinancing for submission to the banks. This help in the documentation process is provided free of charge,” Korn said. 
He said the company’s website will allow debtors who want to refinance or apply for a home loan to do so via the website.
The company says the platform serves as an online agent to help debtors who want to replace an existing loan with a new one and thus gain better interest rates for reduced monthly payments. It says it will also provide new services to support non-bank institutions such as peer-to-peer lending, which is a method of debt financing that enables individuals to borrow and lend money - without the use of an official financial institution as an intermediary. 
 “We aims to help debtors reduce the interest rates they are charged for monthly payments, and this will help them save money around Bt6,000 a month and each debtor has refinancing with a loan average of Bt2 million per refinancing transaction,” Korn said. “The firm provides these services free of charge for its services for its mortgagors. The firm will receive fees from the banks for its services,” the chairman said, while adding that these fees rates could not be disclosed.
Phonpimol Pathomsak, CEO of Refinn International Dot Com, said that among the firm’s services was help with the consolidation of multiple loans, so that borrowers can make repayments to a bank via a single transaction. She said the firm makes use of machine learning technology, Big Data and artificial intelligence to improve its services.