FAQ
What are microloans?
Micro-lending is the process of connecting a borrower and a lender for a non-traditional, smaller loan.
A borrower usually uses micro-loans if they do not have access to local financial institutions, if they have poor credit, or if they want a loan smaller than what their bank will allow.
Micro-lending is heavily supported by peer-to-peer lending digital capabilities that connect borrowers, investors, and lending platforms across the world.
There are many different microloan platforms online, each with varying loan requirements, fees, and policies.
We are a group of individuals that provide micro-lending services for a nominal fee while providing exceptional service.
Am I eligible for a microloan through you?
Anyone with a working PayPal account may request a loan. We are unable to offer loans outside of PayPal at this time.
How much money can I request?
You set the amount requested, but please note we are limited by how many active loans are open and how many lenders are participating. Borrowers with no history are less likely to be approved for large loans.
Can you walk me through the steps involved as a borrower?
Currently loans are collected directly from requests on reddit.com/r/borrow. We reach out to eligible candidates and request basic information.
Within 12 hours your request will be reviewed.
If the loan meets criteria we can assist with we will reach out to verify funds being loaned and the specifications around the loan such as interest, time, repayment options, etc.
Once all parties have confirmed, money is sent through PayPal Goods and Services.
If we are unable to assist you will be informed here.
This adds a 2.99% service fee that protects against default and cannot be waived.
You confirm funds in PayPal are accessible to use.
If funds are accessible, we are set until repayment date. We recommend setting a calendar reminder.
If funds are unavailable, there are some steps that may be able to be taken found here, but this is not something we have control over. Should a hold on funds be longer than acceptable, refund the payment at no charge and let us know as we will not be able to assist.
Time passes.
When the repayment date rolls around, you are expected to pay back the loan in full with interest that you specified.
While we may reach out on repayment date, it is your responsibility to pay the loan on time without additional prompting. We recommend setting a calendar reminder or alert.
Communication is important. We are aware life can throw a curve ball, but only if you let us know. If there is an issue that impacts repayment please let us know ASAP and we will look into available options.
What information do you need from me?
Full Name:
Amount Requested:
Pay-back date:
Total amount being paid back:
Location (Zipcode):
PayPal Email Address:
A picture of:
You
Your photo ID (License, Passport, school ID, etc):
A timestamp (written on a piece of paper, displayed on a device, etc):
How long do I have to make repayment?
You are able to set the time frame for repayment. Loans beyond 30 days are unlikely to be approved without prior borrower history.
What happens if I'm unable to repay on time?
We are aware life can throw a curve ball, but we are only aware of this if you let us know. If there is an issue that impacts repayment please let us know ASAP and we will look into available options.
If funds are unable to be repaid and additional repayment options / extensions are unavailable / fail to be rendered as expected, the loan will be reported as in default and sent to collections.
I am interested in helping as a lender, where do I start?
If you are interested in joining our team of lenders please send us an email.
PayPal Goods & Services and You
We send all loans through PayPal Goods & Services to protect against borrower default. This takes a small percentage (2.99%) of the transaction to cover this service. With new or unused PayPal accounts, there may be a delay in accessing these funds. If there is a hold and/or it will take longer than expected for funds to become available, refund the loan at no cost as we are unable to assist at this time.
To see how long funds are on hold in PayPal, the hold time can be viewed through the PayPal desktop website.
Why are you doing this?
Our business plan is openly accessible for all to review.