FAQs

Common Questions

1. How do I create an account?
   Click on "Create Account" on the top right of the website or select either "Borrower" or "Investor" on the home page.
2. How does the lending process work?
   To view the lending process, uLoan.Club – Process Flow Chart
3. How does the borrowing process work?
   To view the borrowing process, uLoan.Club – Process Flow Chart
4. How do I contact staff at uLoan Club for unanswered questions?
   Email: Info@uLoan.Club
5. I can't log in to my account as I forgot my password, how do I login?
   You can recover your password with the email you signed up and we will send you a password reset link.
   Click here to Recover My Password

Apply for a Loan

1. When and how do I receive the loan proceeds?
   Once your application for a loan has been approved funded and documented, the proceeds of the loan will be transferred to your nominated bank account. The timing of this will vary depending on the complexities involved in each transaction. However, you are always able to view the progress and status of your loan application on the borrower’s summary page.
2. What is the Borrowing process?
   The borrowing loan process is fast, simple, straightforward and confidential. In the borrowing process section (see above) a full explanation of the loan process is outlined.
3. How long does my loan take to get listed and approved?
   As soon as you complete your online application you will receive email confirmation that the loan application has been received on our system. Once you have completed forwarding all necessary supporting documentation, uLoan Club immediately assesses the application, approves and lists your loan on the system for investor consideration.
4. Is it safe to borrow money through uLoan Club?
   uLoan Club is fully committed to providing a safe and secure platform for borrowers and investors. All Borrower’s details and information are fully protected and all loan application details included in the Loan Investment Proposal (LIP) are included ONLY after full approval and acceptance by you, the borrower. Whilst uLoan Club specialises in Commercial Loans which are unregulated, residential loan applications will be accepted and as they fall under the NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 (commonly referred to as the NCCP), these loans will be managed by and affiliated company that specialises in residential loan governed by the NCCP.
   
   Only you can make changes and alterations to your borrowing application requirements. Every part of our website is secure and properly encrypted to protect your personal and financial information.
5. What is the maximum loan I may apply for?
   There is no maximum amount that a borrower may apply for. However, general guidelines are that the loan must have all the necessary ingredients of security and serviceability. uLoan Club will assess the full loan application and advise the Borrower of the maximum loan amount that will secure investors in a safe transaction.
6. Are the details of my personal information available to investors?
   No uLoan Club keeps a borrower’s information confidential and secure to protect your privacy. Personal information, where possible, is stripped from the LIPs. It is important to note however, that borrowers who provide more detailed information will attract more investors at more favourable interest rates.

Borrower Eligibility

1. As a borrower, may I have more than one loan at a time?
   Yes – however each loan application must be a stand-alone application subject to the same criteria as all loan applications.
2. Who can borrow through uLoan Club?
   Commercial loan borrowers must be Australian corporates with clear credit, established ABN’s and a successful track record. Residential borrowers must be citizens or permanent residents of Australia.
3. What restrictions are placed on how loan proceeds are used?
   The loan proceeds must only be used for the purpose that was stated in the loan application. Borrowers must not make any false, misleading or deceptive statements or omissions of fact in their loan application.
4. Can I be both a borrower and an investor?
   Yes, a person may be both a borrower and an investor. However, to ensure any new account request is a valid one and to protect against identify theft, a new verification and authentication process is undertaken.
5. How does uLoan Club verify that borrowers meet its lending criteria?
   These strict criteria rules are adhered to under our compliance section above and includes credit checks, identification verifications, the requesting of additional financial and/or other documentation, credit history etc.

Verification and Funding

1. What documents are required to verify income or employment status?
   uLoan Club requires current payslips, employment contract and/or past tax returns to verify income and employment status.
2. How can delays be avoided in receiving my loan funds?
   This depends entirely on each borrower. As soon as all requirements are completed and submitted correctly on the uLoan Club online system, the sooner the analysis and verification procedures are completed by uLoan Club and your borrowing application is formally loaded onto the system for investors to review.
3. What if my loan application requirements are not fully funded?
   If your loan application funding requirements are not fully committed to by investors at the end of the listing period, you have several options – either to accept the amount committed to by investors, not accept any of the funds raised or to re-list the outstanding loan requirements into a new uLoan Club application.
4. What additional information may be required by uLoan Club?
   Provided your initial online application included supporting documents such as identification, income and/or employment status, we will only require additional supporting documents which will only enhance your application for investors to review and consider.
5. Where will my loan number be visible to me?
   Once you log onto the uLoan Club website and go to the Borrowers summary page, your approved loan and loan number will be noted on your respective loan application details.

Rates and Fees

1. What interest rates can I expect to pay and how are they determined?
   Interest rates are set by a combination of several factors – what the borrower wants to pay, what investors are prepared to lend their funds at and what uLoan Club believes will be required to fully fund a borrower’s finance application. Naturally, the better risk security and serviceability offered by any borrower will result in a lower risk for the lender and hence will command a lower rate of interest and vice versa. Other factors such as a borrower’s credit rating, previous borrowing repayment record will also impact on a final rate of interest acceptable to both borrower and investor.
2. What is the commitment fee charged by uLoan Club?
   uLoan Club is an online facilitator bringing together both borrowers and lenders and satisfying the requirements of both parties. We naturally have to charge a fee for this service and a borrower’s commitment fee represents your commitment to uLoan Club for the preparatory and the necessary work to fund your loan application. The commitment fee is a minor charge to cover the admin costs of uLoan Club.
3. What is the full list of fees I can expect to incur should my application I proceed to final settlement?
   For a full list of fees and charges click Fees and Charges

Repaying Your Loan

1. How are my monthly repayments made?
   One of the loan documents required to be signed as part of the loan documentation process is an Authority to Pay. This authorises uLoan Club to draw down on your nominated bank account on the same day each month, for the agreed repayment amount. You do not have to do anything else.
2. How do I schedule a final payoff of my loan?
   Once you are ready to repay the balance of your original loan, all you have to do is to advise uLoan Club as to when you would like to schedule final settlement. We would require at least 5 working days’ notice so that investors can be informed and legal paperwork can be arranged for the settlement.
3. Are credit agencies advised of any late payments, missed payments or defaults which may occur on my loan borrowing?
   Yes. uLoan Club will have to report to one or more credit agencies should there be any persistent late or missed payments or any other loan agreement defaults. However, uLoan Club will give all borrowers a 14 day grace period to make payments with no penalty. Depending on each circumstance, a late payment fee may also be charged. Reporting to credit agencies are a last resort and will only be made by uLoan Club should a continuing track record of missed and late payments be made on any borrowers loan accounts.
4. Will I incur any fee or penalty should I make any partial or early full repayment of my loan?
   No. You are able to partially or fully repay your loan at any time with no additional fees or charges. Naturally, any prepayment will be applied towards a reduction of the original principal amount borrowed and hence the overall interest payments made. However, any partial repayment will still require your normal monthly repayment amounts to be made.
5. What if I make a late payment?
   uLoan Club will give all borrowers a 14 day grace period to make payments with no penalty. Depending on each circumstance, a late payment fee may also be charged.
6. Should I change my regular monthly payment date, will that affect in any way, the interest paid on my loan?
   Firstly, it must be recognised that interest is charged on a daily basis. Therefore any change to your normal, regular monthly repayment will only be affected once (if you move your payment date later than the normal date, then your next payment will be higher to cover for these extra days and vice versa). After that your monthly payments will be normalised and return to the original amount albeit on a different payment date.

Manage Your Account

1. Can I close my account?
   You can deactivate your uLoan Club account should you no longer have a loan or the balance of your account is zero. However, please be aware that due to regulatory and tax requirements, we are required to retain your loan details until the required record period retention period has expired.
2. How do I change my password?
   To change your password, login to your account and select Account Settings > Change Password.
3. What happens if I have forgotten my password?
   If you have forgotten your password, please click here to Recover My Password

Understanding Your Credit

1. What are the factors that may influence my credit score?
   As a borrower, your credit score is a major factor in firstly determining whether you can qualify for a loan and then in assessing what interest rate would apply in any borrowing. These determinants include such issues as your on-time and/or non-payments for current loans, number of credit enquiries, loan defaults, court actions etc.
2. What types of information does uLoan Club provide to credit reporting agencies?
   uLoan Club reports to one or more credit agencies should there be any persistent late or missed payments or any other loan agreement defaults. Additionally, all on-time payments are also reported to credit agencies.
3. How can I correct errors made in my credit report or credit score?
   Should any inaccuracy be made to a reporting agency that has been caused by uLoan Club, we will help you correct these errors by directly liaising with the credit agency to rectify any mistake. However, should there be any error caused by a previous credit provider, you have to contact that provider directly as well as the credit agency.
4. Does uLoan Club supply copies of my credit report to investors?
   No. uLoan Club does not provide credit agency reports to its investors. Should your application be declined due to any previous credit issues, you will be provided with the information necessary to obtain a copy of the agency report for yourself.
5. How can I protect my credit rating?
   There are several ways in which you may protect your credit rating with the reporting agencies. These include checking your credit report yearly to ensure it is accurate, taking steps to correct any inaccuracies and to monitor your credit report at periodic intervals. Additionally, by ensuring any current or future loan repayments are made on time, no reason will exist for any credit provider to report any defaults or slow paying occurrences to credit agencies.