Why ethecalTM
By connecting ethecal credit providers with pre-approved low-income workers in ned of safe, fair and manageable credit we believe we can help eradicate the crippling downward spiral of debt in the UK.
But the real power and reach of ethecal is greater than the sum of it’s parts with real and lasting impacts on society as a whole through the elimination of the downward spiral of debt
ethecalTM for all
With the ethecal risk assessment more eligible to credit than identified through traditional credit scores alone
Vetted ethecalTM Providers
We only work with ethecal credit providers that share our ethos to help eliminate the downward spiral of debt
True peer-to-peer lending
Credit and repayments are exchanged directly between the lender and the consumer via smart contracts – no need for intermediaries
The different ways credit ratings affect the vulnerable
Poor credit scores obtained from traditional credit checks create a vicious circle of debt that benefits on-one. Mobile phone operators, load companies, HP providers, etc. don't want to turn potential contract customers away, but their policies prevent them from bringing on these customers when their credit scores are low.
The ethecal option is based on affordability, not credit scores allowing credit providers to serve a wider section of consumers. The proprietary payments system also ensures loans are automatically repaid out of the consumer's salary.All in all, a system that makes it fairer and easier to deliver services and receive payments.
Poverty in the UK
In the UK, 17% of people, at any one time, are concerned about running out of food. (The Guardian 31.03.17)
56% of 18-24 year old go without hygiene and grooming products such as toothpaste, razors and tampons in order to buy food instead. (The independent 27.07.17)
According to the Mental Health Foundation, 4 out of 9 risk factors for suicide are related to poverty and suicide is the leading cause of deth for 20-34 year old age group.
ethecal provides access to safe, fair and predictable credit for low-income workers and those otherwise denied access other than from questionalbe sources. In doing so, both the direct and indirect negative impacts of debt and proverty are reduced.