Frequently Asked Questions about Simplexloan | FAQ
Q. What is peer-to-peer lending?
A. Peer-to-peer lending is the practice of lending money to unrelated individuals, or "peers", without going through a traditional financial intermediary such as a bank or other traditional financial institution. Peer-to-peer lending removes the middleman from the process, which means lower interest rates for you!
Q. What is a Simplex Loan peer-to-peer lending platform?
A. By cutting out the large financial institution in the middle, lenders (savers) receive great returns and borrowers receive low cost, flexible personal loans. There are no banks, no big bonuses and no sneaky fees.
Simplex Loan was founded with the belief that financial services should be fair again by giving the consumer control of their finances. Lending and borrowing directly from each other benefits real people, not the bank.
Q. What we do?
A. Earning a decent living is part of our everyday existence. Simplex Loan, Inc. was born out of our desire to help people who are in dire financial strain, you! We want to serve those hard-working and honest individuals who are in need of immediate loans. Our easy payment terms, low interest rate and fewer requirements for qualification help ease the burden of securing a loan. When you have pressing financial needs, Simplex Loan, Inc. is just a couple of clicks away.
Q: What is Simplex Loan Referral System?
A. We also encourage people to earn and save. Simplex Loan, Inc. offers the Borrow and Earn Referral System. A client borrower can refer his/her friends who are also in need of loan to us. You earn commission from each referral that has been approved for a loan. At the same time, as they build their account profile and healthy credit history, they get the chance to have their own loan interest reduced.
Q: How to Qualify for a Loan?
A: Simplex Loan, Inc. responds to the needs of the time. We make sure that it will be easy for you to get in touch with us. Visit our website and create an account with us. We keep your personal information in our secure server. After you have provided us with all the required information we start our own credit background check.
We collect verifiable information including your full name, date of birth, permanent and temporary home addresses, phone numbers (fixed and mobile) for residence and work, work history, current office name and address and bank account information.
We are stringent with our loan policies because we only want to serve qualified individuals who are able to pay back their loans in time.
Q: What is Criteria for Loan Application?
A: The loan application at Simplex Loan, Inc. is done online. We still reserve the right to do the proper background check on the people who apply for a loan with us and approve a loan application. We understand that people sometimes need help for their current cash-flow problem. However, we do caution you that a short-term loan is not a solution to your long-term financial problem. You should only apply for a short-term loan when you are sure that you will be able to pay us back in full on or before the terms of the Loan Agreement expires. It will cost you more if you are unable to repay your loan on time.
We encourage you to do the following during your loan application:
·Be transparent. We will appreciate your filling out all the information required in our application form. Do not leave out anything blank. Our main concern is to get to know you and determine your creditworthiness. The more information you can provide us, the easier for us to facilitate and approve your loan application.
·Be honest. Our system allows us to verify all the information you give us through a network of databases we can access. It is therefore to your advantage to provide us with honest answers and information to all the questions we ask from you.
·Be actively engaged. Join our community and actively participate in it. The number of members that could vouch for you increases you creditworthiness and the probability of loan approval. The wider your network of trusted clients, the more solid your status will be.
Q: What is Loan Processing procedures?
A: Visit our website and create an account by downloading our mobile application
* Fill up the online application form
* Click "Submit"
* You will receive an SMS message with the link to our mobile application
* Download application to your smart phone and continue to fill out application form there
* Our credit investigator verifies all the information you have provided
* Once all information are verified, we will process the loan application
* Wait for an SMS from us informing you of your loan approval
* Visit our office to personally sign the Loan Agreement
* Choose the option of how to pay us back: post-dated checks, pre-signed withdrawal slips or personal collection at specified date
* Full loan amount will be deposited to your bank account
It will take 24 to 48 hours for Simplex Loan, Inc. to process your loan application. The interest rate varies depending on the length of time you need to pay the loan in full. Other charges apply, as stated in our Terms and Conditions.
Peer-to-peer lending was conceived as a way to democratize finance, by using technology to bring borrowers and lenders together. Individuals could make their pitches to borrow money or offer credit without the involvement of institutional lenders.
Verification and security are important parts of our process. In order to complete your loan application, we verify your identity and income mostly by submitting your documents online.
It generally only takes 24 hours from receiving all your relevant supporting documentation to provide the applicant with a decision.
Simplex Loan is not your ordinary company, so expect extraordinary customer support around the clock. Remarkable customer service has the power to change someone's day or even life.