A Borrower submits an application. uLoan Club qualifies the loan request to ensure it meets the security and information requirements. If the application passes uLoan Club’s assessment, we then create a professional Loan Investment Proposal or LIP.
The Borrower has final say on all details to be included in the LIP including the interest rate and repayment terms. Once approved by the Borrower, the LIP is posted on the Loan Market for investors to review. Personal information where possible, is stripped from the LIPs. It is important to note that Borrowers who provide more detailed information will naturally attract more investors at more favourable interest rates.
Once the LIP is approved by the Borrower it is posted on the Loan Market. Investors can then view the LIP on the Loan Market and compare it to other LIPs on the market. Investors who have a preference for any particular LIP can click and define an amount to invest in that LIP. When the LIP attains enough investor funding, it goes to contract, based on the LIP details. If the loan does not achieve full funding by the expiry date the LIP and all commitments to invest will also expire.
To see a step-by-step process of how to start a borrowing, uLoan.Club – ProcessFlow Chart