General Questions
BeeLend is a digital platform to facilitate direct lending between individuals. It connects investors (lenders), creditworthy borrowers and - optionally - guarantors to strike the best available loan deals amongst themselves.
With the help of BeeLend verified investors directly fund the loans requested by verified borrowers. Borrowers repay the loan installments to the investor on a regular - monthly - basis. Borrowers can enhance their creditworthiness if they ask for a guarantee. The members of the platform may also leverage on social media (eg. facebook) to gain attention for their loan listing.
As opposed to classic peer-to-peer lending companies BeeLend does not solicit the contractual agreement and loan transaction of its users without their active involvement in the process. BeeLend does everything for the member to find a suitable investor, guarantor or borrower, negotitate the best loan terms, prepare legal documents, track and monitor payments, but the contractual agreement of the parties and the money transfer takes place outside of the platform.
Key differentiating features of the platform include:
- the option of guaranteed lending which is unique in the world.
- the advertising options which remarkably increase the chances for getting a loan.
- the mutual verification which is exercised by the investors, borrowers and guarantors themselves.
- the low-cost structure which is without peer in the industry.
BeeLend is not a financial institution. It is like a Facebook or Ebay for establishing interpersonal lending relationships. BeeLend is merely a virtual place, a lending club that brings together investors and borrowers to facilitate a transaction between them on their agreed terms. Since BeeLend does not lend or borrow money, it does not come under the purview of financial regulatory authorities. BeeLend simply provides a service to people.
Please register. BeeLend is currently available to residents of the following countries: USA, European countries (euro area), India, Malaysia, Indonesia, Australia, Nigeria, Kenya and South-Africa.
Member states of the euro area: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Portugal, Slovakia, Slovenia, Spain, The Netherlands.
After registration tooltips will guide you how to use the software.
Please note that people under 21 years of age or without a valid bank account are not allowed to register on BeeLend.
The registration on BeeLend takes no more than one minute. After registration you also need to choose your initial role that can be: Investor, Borrower or Guarantor. As a next step you are required to complete your profile and upload the necessary documents. Only after the fulfilment of these requirements are you allowed to start investing, borrowing or guaranteeing.
BeeLend:
- provides a virtual venue where interested parties get to know each other.
- enables investors, borrowers and guarantors to interact, collaborate, advertise their loan listings and establish rewarding lending relationships.
- provides a tool for a fluent lending cycle.
- helps you be part of a social community where members act with responsibility, integrity and transparency in the pursuit of mutual benefit.
Only registered members of BeeLend can view your profile.
Your listings can also be viewed by a person who is not a registered BeeLend user, however, in this case your name and other profile data are not displayed. Registered users can look at your listings, but your detailed data and documents are only visible to the parties of the loan transaction you have entered.
Yes, you can. In sharp contrast to other peer-to-peer lending companies BeeLend allows the personal interaction of investors, borrowers and guarantors. A borrower and an investor are enabled to approach each other via the platform but also via other channels, e.g. cell phone, email, even personal visit. We believe in transparency and in no way hamper the mutual interaction of the members.
Yes, you can. However, members with active listings or active loans cannot terminate their profile.
BeeLend is the best solution if you are looking for a cost-effective marketplace. BeeLend charges only small fees for the services it offers.
As opposed to other peer-to-peer lending platforms investors, borrowers and guarantors on BeeLend do not pay a fee for registration. For detailed information check out the Pricing Policy or the Borrower/Investor/Guarantor FAQ.
Your privacy is of utmost importance. By using BeeLend you are accepting our rules and practices we defined in the Privacy Policy.
Yes, you can be an investor, a borrower and even a guarantor on BeeLend at the same time. BeeLend fosters greater transparency of lending because all relevant information of the members is shared among them on the platform. BeeLend is the first and only platform in the world to enable multiple roles for its members.
A bank uses deposits from savers to lend to borrowers, charge high interest rates, other fees and make profit on the difference. BeeLend enables the investor and the borrower to directly establish a lending relationship with the level of interest rate they are both comfortable with. BeeLend merely charges minimal processing fees attached to loan listings. BeeLend provides a service to interested members and is not financially involved in excessive risk-taking that is usually the case with banks.
If Beelend has to close its doors for business due to some unforeseen circumstances, all loans that have been negotiated through the platform will remain valid and effective. The reason is that the contractual loan agreements signed and communicated directly between the investors, borrowers and guarantors are legally binding. Legal action is possible against borrower or guarantor defaults.
BeeLend (Beelend Solutions LLP) is located in Canada. If you use BeeLend, you use BeeLend's service as a cross-border service.
BeeLend is currently available to users located in the following countries: USA, European countries (euro area), India, Malaysia, Indonesia, Australia, Nigeria, Kenya and South-Africa. Member states of the euro area: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Portugal, Slovakia, Slovenia, Spain, The Netherlands.
You can invest, borrow money or offer guaranty within the country of your residence. However, it is your sole responsibility to abide by supranational, federal and local laws and other regulations. You need to take particular attention to the legal conditions of the state (country, region) you are located in. It is recommended that you as an investor lend to a borrower that is resided in the country (state) where you are a resident, too. Please check with your legal consultant whether you are legally allowed to step into direct lending transactions in your country (state) of residence.
Yes, you can use Bitcoin or other cryptocurrencies to fund loans or get funded. You only need to amend the loan agreement accordingly. Loan disbursements and payments of loan installments take place directly between the lender and the borrower. However, payments (fees) towards BeeLend can only be made in currencies highlighted in the Terms and Conditions.
It is recommended that you consult with your local legal counsel regardless of your specific role - borrower, investor, guarantor - you choose on BeeLend.
Borrower Questions
You should be above 21 years of age. You should also have a valid bank account. You will not be able to list a loan request on the site until you submit the necessary documents and get a credit risk rating from BeeLend. Before signing the contractual loan agreement you also need to be verified by your investor and guarantor (if there is any).
BeeLend is currently available to residents of the following countries: USA, European countries (euro area), India, Malaysia, Indonesia, Australia, Nigeria, Kenya and South-Africa.
Member states of the euro area: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Portugal, Slovakia, Slovenia, Spain, The Netherlands.
You can take multiple loans at the same time on the platform, so there is no aggregate limit on the money you can borrow. But you need to bear in mind that borrowing will have an effect on your creditworthiness. The more you borrow in aggregate terms the less likely you get an additional loan.
To protect the investors from suffering losses on a single exposure, the loan amount of a single loan request is limited. The limits are dependent on the country of your residence:
- In the USA borrowers can list a loan request from USD 1 000 to USD 10 000.
- In the euro area borrowers can list a loan request from EUR 1 000 to EUR 10 000.
- In India borrowers can list a loan request from INR 25 000 to INR 500 000.
- In Malaysia borrowers can list a loan request from MYR 5 000 to MYR 25 000.
- In Indonesia borrowers can list a loan request from IDR 10 000 000 to IDR 100 000 000.
- In Australia borrowers can list a loan request from AUD 1 000 to AUD 10 000.
- In Nigeria borrowers can list a loan request from NGN 100 000 to NGN 2 500 000.
- In Kenya borrowers can list a loan request from KES 50 000 to KES 650 000.
- In South Africa borrowers can list a loan request from ZAR 10 000 to ZAR 100 000.
The final interest rate of your loan is determined by the agreement between your investor and yourself. BeeLend does not preset your interest rate in any manner, however, the interest rate should not be higher the 50 percent.
The total cost of borrowing includes the interest and other costs that you pay to a bank or a peer-to-peer lending platform. Costs at BeeLend are significantly lower than the costs you come across at a bank or a peer-to-peer lending company. Even though a common peer-to-peer lending platform also lets the lender directly invest with the borrower, they usually charge very high percentage-based fee for their service as an intermediary in addition to several other fixed fees such as registration fee, account management fee, penalty charges.
BeeLend only charges minimal fees attached to loan listings.
The term to maturity - or tenure - refers to the remaining life of the loan. The loan term at BeeLend varies between 2 months and 5 years.
There is no restriction on the loan purpose except that it should be a legally allowed purpose in your country (state).
Usual loan purposes are business funding, home improvement, family event, motor vehicle purchase, wedding, appliance purchase, home furnishing, debt consolidation, education, medical services, land purchase, travel.
After you successfully register on BeeLend and post your first loan request on the platform your loan may get funded in 24 hours. However, the speed also depends on your loan characteristics, such as the attractiveness of your interest rate to investors, your risk level, your loan purpose and other factors. You can choose not to post your loan request on the platform but rather start borrowing by selecting one - or more - loan offer from the investor listings.
A distinctive feature of BeeLend enables you to invite some of your friends (Facebook, LinkedIn, Twitter, Google+) to check out your loan request. The invitation can be sent at the time your loan request appears on the platform and will only be sent to persons of your choice. BeeLend helps you advertise your loan application but it is in your sole discretion to use this optionality.
There are no hidden charges on BeeLend. We believe in transparent pricing with full disclosure to the members of the platform. Please refer to the Pricing Policy for more details.
You get a fast personal loan online with low interest rate and processing costs that are unprecedented among financial institutions or other marketplace lenders.
Yes, you can. BeeLend recognizes the demand for credit in the private sector and helps borrowers finance their needs. A borrower could turn to as many peer-to-peer lending platforms as he (she) wants so there is no use in limiting the number of loans a borrower can apply for via BeeLend. At BeeLend borrowers may request multiple loans at a time but all the risks and borrower stats are transparently displayed on their profile.
Yes, you can ask for a guarantee from the guarantor you choose on the platform. In return for the guaranty you will pay a fee to the guarantor. You (the borrower) and the Guarantor need to mutually agree on the terms of the guaranty, such as the fee and the limit of the guaranteed amount. The duration of the guaranty is always the same as the duration of the guaranteed loan. The fee of the guaranty will be borne by the borrower as the loan amount that is received by the borrower is decreased by the fee of the guaranty. The amount of this fee is transferred directly to the guarantor by the investor, hence, the chance of fraud is eliminated.
Listed investors can be salaried employees or entrepreneurs, whose personal, professional and financial details are verified by yourself. You can find these details on the investor profile.
Listed guarantors can be salaried employees or entrepreneurs, whose personal, professional and financial details are verified by yourself and the investor. You can find these details on the guarantor profile.
BeeLend assigns a Risk Rating to each of the borrowers based on their personal, professional and financial details published on their BeeLend profile. The credit check is only a preliminary assessment of your solvency and is based on data that is provided by yourself. Please make sure that you provide accurate data on your profile otherwise investors will not be able to verify you and will also question your creditworthiness. As a result, you will not get the desired loan you have requested.
BeeLend also assigns a Risk Rating to each of the guarantors based on their personal, professional and financial details published on their BeeLend profile. Please note that a credit check is only a preliminary assessment of a guarantor's solvency and is based on data that is provided by the guarantor. If you as a borrower find fake data on a guarantor profile in the verification process then you should also question the guarantor rating.
Your registration on BeeLend is free of any charges. You as a borrower only pay the listing fee to BeeLend. Please refer to the Pricing Policy for more details.
On BeeLend you are borrowing with less costs and also with more confidence since you can get a guarantee on your loan. BeeLend does not set the interest rate on your loan request. It is up to your pricing power to agree on an interest rate you find affordable. In order to avoid usury and limit the borrower's interest burden BeeLend does not support loans with interest rates higher than 50 percent.
It is easier to see the difference if you take a look at the following examples:
- You are based in the Australia and would like to borrow money via a peer-to-peer lending platform. At first, you will most likely turn to one of the well-known peer-to-peer lending companies. If you borrowed 5 000 AU dollars and you are not in the best credit risk grade, then the company will charge you a non-refundable 6% origination fee upfront, so eventually you will receive 4 700 dollars (5 000 - 5 000*0,06) but you will still owe them with the full 5 000 dollar loan amount. Instead, if you borrowed the same loan on BeeLend you would only pay the fee for listing your loan request (AUD 19.9). BeeLend helps you save at least 280.1 dollars (300 - 19.9) on a 5 000 dollar loan.
- You are based in India and would like to borrow money via a peer-to-peer borrowing platform. At first, you will most likely turn to one of the well-known peer-to-peer borrowing companies. If you borrowed 400 000 rupees at 22% interest rate, then the company will charge you a non-refundable origination (or processing) fee of at least INR 12 000 (3% of the loan amount) after you have already paid INR 500 for the registration. Instead, if you borrowed the same loan on BeeLend you would only pay the fee for listing your loan request (USD 9.9, ca. INR 680). BeeLend helps you save at least 11 820 rupees (12 500 - 680) on a 400 000 rupee loan.
In the registration process you need to choose your initial role. If you want to borrow from investors, please choose the Borrower role. The filling of your entire profile and the upload of the necessary documents should not take more than 10 minutes.
Documents are needed to verify the members. Without valid documents your investors and guarantors could not make sure who is the person they are dealing with. You need to be a verified Borrower to be able to finish a loan transaction. You can find the necessary list of documents in the Documents section in your Profile.
Diversifying your funding sources enables you to negotiate better interest rates since you can agree on different interest rates with different investors. There is no limitation on the maximum number of investors you can take a loan from.
If you have more guarantors you can either offer more protection on a loan to your investor or you can request more loans with guarantee which improves the risk of your loans and investors are more likely to fund them. You can also negotiate the guaranty fee with your guarantors, so having more guarantors enables you to achieve better guaranty fees. There is no limitation on the maximum number of guarantors that can guarantee your loans.
Yes, you can. BeeLend does not restrict the number of loan transactions you can make with any one investor.
Yes, you can. BeeLend does not restrict the number of guarantees you can make with any one guarantor.
Yes, you can. BeeLend reserves the right but is not obligated to verify the investors (guarantors) that register on the platform. Verification is the duty of the borrower within the lending process. After you agree on a loan deal with an investor, you are required to verify the investor's personal, professional and financial details by matching his (her) profile data with the documents uploaded by him (her). The same applies to the guarantor you have chosen. We encourage you to get personal impressions on your investor (guarantor). On other platforms you will never have a chance to meet your investor, on BeeLend you can.
Yes, within every loan deal you have made your profile data will be be verified by your investor. If there is a guarantor in the loan he (she) will also verify your profile.
No, BeeLend under no circumstances takes, nor manages the money you get as loan disbursal then pay back to investors. After you sign the contractual loan agreement you are transferred the loan amount directly by your investor. To BeeLend you simply pay small fees in return for the services that is provided to you.
Yes, you may cancel your loan request any time before you sign the contractual loan agreement.
Yes. On the BeeLend platform you can find a template for the loan contract which you may change in agreement with your Investor (Guarantor).
No. The loan contract is a document that is legally binding.
No, there is no need to link your bank account to the BeeLend platform. All the transfers related to the loan transaction take place directly between the investor and the borrower (guarantor).
After you have signed the contractual loan agreement and exchanged the documents with the investor he (she) needs to wire the funds to your bank account. In general, the transfer of the loan amount should not happen later than five days after the loan contract have come into effect.
Repayments are Equated Monthly Installments (EMI-s) which means that the installment per month will remain the same during the entire life (tenure) of the loan. The installment depends on the loan amount, the term to maturity (tenure) and the interest rate.
Equated Monthly Installments (EMI-s) need to be transferred to the investor's bank account on or before 15th of each month. BeeLend does not exercise any controls over the method of money transfer between the parties to the loan transaction. Transfer can happen in any manner preferred by the parties, e.g. bank transfer, cheque remittance, or even cash.
No, repayments should be done by yourself before 15th of each month.
To the investor the main risk is your late payment or your default (bankruptcy) as a Borrower. You can improve your creditworthiness in a variety of ways, e.g. prove higher earnings, offer good collateral or communicate a clear loan purpose. Should your investors need more security you can turn to a guarantor.
In the unfortunate event of your default on a loan installment all the outstanding balance of the loan becomes due. Your investors will chase you to pay down your debt. They may use soft or hard collection techniques but eventually start legal proceedings against you. If the defaulted loan was guaranteed your investor can also turn to the guarantor for immediate recovery. Nonetheless, if your guarantor paid your debt instead of you to your investor, he (she) will still be able to turn to you for recourse. Before deciding not to pay your loan installments it is highly recommended that you consult with a lawyer or other legal professional to fully understand the legal consequences. A default would highly damage your credit history and you would most likely loose your access to credit for a very long time.
No, at this time BeeLend cannot process borrowing for companies.
Yes, you can. Reviews (comments) are visible to other members of the platform, as well.
Yes, you can. Reviews (comments) are visible to other members of the platform, as well.
Yes. In the spirit of fair dealing your investor (guarantor) is also entitled to review (comment) your activity. These reviews - either positive or negative - are also visible to other members of the platform.
Yes, you as the borrower have the option to prepay the balance loan amount earlier than the contracted maturity, provided that you repay the total outstanding amount (principal and interest due till date of prepayment). There is no penalty or charge for prepayment.
The type of legal system that applies to the loan agreement (or loan and guaranty agreement) is critical because common law and civil law legal systems involve different approaches to the respective rights of investors (lenders) and borrowers. Different legal systems may use different legal terms and may apply, through local courts, different interpretations to terms and conditions.
Investor Questions
You should be above 21 years of age. You should also have a valid bank account. You will not be able to list a loan offer on the site until you submit the necessary documents. Before signing the legal loan contract you also need to be verified by the borrower and the guarantor (if there is any).
BeeLend is currently available to residents of the following countries: USA, European countries (euro area), India, Malaysia, Indonesia, Australia, Nigeria, Kenya and South-Africa.
Member states of the euro area: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Portugal, Slovakia, Slovenia, Spain, The Netherlands.
You can give multiple loans at the same time on the platform, so there is no aggregate limit on the money you can invest.
To protect the investors from suffering losses on a single exposure, the loan amount of a single loan offer is limited. The limits are dependent on the country of your residence:
- In the USA investors can list a loan offer from USD 1 000 to USD 10 000.
- In the euro area investors can list a loan offer from EUR 1 000 to EUR 10 000.
- In India investors can list a loan offer from INR 25 000 to INR 500 000.
- In Malaysia investors can list a loan offer from MYR 5 000 to MYR 25 000.
- In Indonesia investors can list a loan offer from IDR 10 000 000 to IDR 100 000 000.
- In Australia investors can list a loan offer from AUD 1 000 to AUD 10 000.
- In Nigeria investors can list a loan offer from NGN 100 000 to NGN 2 500 000.
- In Kenya investors can list a loan offer from KES 50 000 to KES 650 000.
- In South Africa investors can list a loan offer from ZAR 10 000 to ZAR 100 000.
BeeLend does not preset your interest rate in any manner, however, the interest rate of the loan should not be higher the 50 percent. The interest rate is determined by the agreement between your borrower and yourself.
Nevertheless, the return on your investment also depends on your borrower's ability to pay back the loan. Always make sure, that your borrower is able and willing to pay back the loan. See also the question related to risks.
The term to maturity - or tenure - refers to the remaining life of the loan. The loan term at BeeLend varies between 2 months and 5 years.
There is no restriction on the loan purpose except that it should be a legally allowed purpose in your country.
Usual loan purposes are business funding, home improvement, family event, motor vehicle purchase, wedding, appliance purchase, home furnishing, debt consolidation, education, medical services, land purchase, travel.
After you successfully register on BeeLend and post your first loan offer on the platform your loan offer may be filled in 24 hours. However, the speed also depends on the loan offer characteristics, such as the attractiveness of your interest rate, your preferred level of borrower risk, loan purpose and other factors. You can choose not to post your loan offer on the platform but rather start investing by selecting one - or more - loan request from the borrower listings.
A distinctive feature of BeeLend enables you to invite some of your friends (Facebook, LinkedIn, Twitter, Google+) to check out your loan offer. The invitation can be sent at the time your loan offer appears on the platform and will only be sent to persons of your choice. BeeLend helps you advertise your loan offer but it is in your sole discretion to use this optionality.
There are no hidden charges on BeeLend. We believe in transparent pricing with full disclosure to the members of the platform. Please refer to the Pricing Policy for more details.
You give a fast personal loan online with attractive return and without any processing costs which is unprecedented among financial institutions or marketplace lenders. You may even get a guarantee on your loan which is simply impossible at other platforms.
Yes, you can. BeeLend recognizes the demand for high return investments in the private sector and helps investors make rewarding loan transactions. An investor could turn to as many peer-to-peer lending platforms as he (she) wants to so there is no use in limiting the number of loans an investor can offer via BeeLend. At BeeLend investors are encouraged to engage in multiple loans at a time. All the investment stats, borrower stats and the risks are transparently displayed on the platform. See also the question on diversification.
Yes, a guaranty is possible. The borrower can engage an interested guarantor if he (she) intends to improve his (her) financial credibility. If you as an investor choose a guaranty enabled loan request from the borrower listings then your loan will be guaranteed by an independent third party (guarantor). The fee of the guaranty is covered by the borrower since the loan amount that is received by the borrower is decreased by the fee of the guaranty. The amount of the guaranty fee is transferred directly to the guarantor by the investor, hence, the chance of fraud is eliminated.
Listed borrowers can be salaried employees or entrepreneurs, whose personal, professional and financial details are verified by yourself. You can find these details on the borrower profile.
Listed guarantors can be salaried employees or entrepreneurs, whose personal, professional and financial details are verified by the borrower and yourself. You can find these details on the guarantor profile.
Yes, BeeLend assigns a Risk Rating to each of the borrowers (guarantors) based on their personal, professional and financial details published on their BeeLend profile. Please note that a credit check is only a preliminary assessment of a borrower's solvency and is based on data that is provided by the borrower. If you as an investor find fake data on a borrower profile in the verification process then you should also question the borrower rating. The same applies to guarantor ratings.
Your registration on BeeLend is free of any charges. You as an investor only pay the listing fee to BeeLend. Please refer to the Pricing Policy for more details.
At BeeLend you are lending with less costs and also with less risk since you can get a guarantee on your loan. BeeLend does not set the interest rate on your loan offer. It is up to your pricing power to agree on an interest rate you find rewarding. In order to avoid usury and limit the borrower's chance of default BeeLend does not support loans with interest rates higher than 50 percent.
It is easier to see the difference if you take a look at the following examples:
- You are based in the Australia and would like to lend money via a peer-to-peer lending platform. At first, you will most likely turn to one of the well-known peer-to-peer lending companies. If you lent 5 000 AU dollars at 18% interest rate for a 48 month repayment period, the company will charge you at least 2% on every installment you receive each month, which in total would sum up to AUD 141. Instead, if you lent the same loan on BeeLend you would only pay the fee for listing your investment offer (AUD 19.9). BeeLend helps you save at least 121.1 dollars (141 - 19.9) on a 5 000 dollar loan.
- You are based in India and would like to lend money via a peer-to-peer lending platform. At first, you will most likely turn to one of the well-known peer-to-peer lending companies. If you lent 400 000 rupees at 22% interest rate, then the company will charge you a processing fee of at least INR 8 000 (2% of the loan amount). Instead, if you lent the same loan on BeeLend you would only pay the fee for listing your investment offer (USD 9.9, ca. INR 680). BeeLend helps you save at least 7 320 rupees (8 000 - 680) on a 400 000 rupee loan.
In the registration process you need to choose your initial role. If you want to lend to borrowers, please choose the Investor role. The filling of your entire profile and the upload of the necessary documents should not take more than 10 minutes.
Documents are needed to verify the members. Without valid documents your borrowers could not make sure who is the person they are dealing with. You need to be a verified Investor to be able to finish a loan transaction. You can find the necessary list of documents in the Documents section in your Profile.
If you diversify your investments among many borrowers you are able to minimize the negative effects of a potential default of your borrower. Nevertheless, it is your responsibility to pay particular attention to the credit profile and thoroughly assess the creditworthiness of each of your borrowers.
No, there is no such limitation.
Yes, you can. BeeLend does not restrict the number of loan transactions you can make with any one borrower.
Yes, you can. BeeLend reserves the right but is not obligated to verify the borrowers that register on the platform. Verification is the duty of the investor within the lending process. After you agree on a loan deal with a borrower, you are required to verify the borrower's personal, professional and financial details by matching his (her) profile data with the documents uploaded by him (her). We encourage you to get personal impressions on your borrower. On other platforms you will never have a chance to meet your borrower, on BeeLend you can.
Yes, within every loan deal you make your profile data will be be verified by your borrower. If there is a guarantor in the loan he (she) will also verify your profile.
No, BeeLend under no circumstances takes, nor manages the money you lend out to borrowers. After you sign the contractual loan agreement you directly transfer the loan amount to your borrower. To BeeLend you simply pay small fees in return for the services that is provided to you.
Yes, you may cancel your loan offer any time before you sign the contractual loan agreement.
Yes. On the BeeLend platform you can find a template for the loan contract which you may change in agreement with your borrower (guarantor).
No. The loan contract is a document that is legally binding.
The transfer of the loan will happen directly from the investor's bank account to the borrower's bank account. BeeLend does not exercise any controls over the method of money transfer between the parties to the loan transaction. Transfer can happen in any manner preferred by the parties, e.g. bank transfer, cheque remittance, or even cash.
No, there is no need to link your bank account to the BeeLend platform. All the transfers related to the loan transaction take place directly between the investor and the borrower (guarantor).
After you signed the contractual loan agreement and exchanged the documents with the borrower you need to wire the funds to the borrower's bank account. In general, the transfer of the loan amount should not happen later than five days after the loan contract have come into effect.
Repayments are Equated Monthly Installments (EMI-s) which means that the installment per month will remain the same during the entire life (tenure) of the loan. The installment depends on the loan amount, the term to maturity (tenure) and the interest rate.
Equated Monthly Installments (EMI-s) will be directly deposited at your bank account on or before 15th of each month.
No, repayments should be done before 15th of each month.
The main risk is the late payment or the default (bankruptcy) of the borrower.
In the unfortunate event of a borrower default on a loan installment all the outstanding balance of the loan becomes due. You can turn to a collection agency or sue the borrower. If the loan was guaranteed you can also turn to the guarantor for immediate recovery. Before taking any legal action it is highly recommended that you consult with a lawyer or other legal professional.
No, at this time BeeLend cannot process loans offered by companies.
Yes, you can. Reviews (comments) are visible to other members of the platform, as well.
Yes, you can. Reviews (comments) are visible to other members of the platform, as well.
Yes. In the spirit of fair dealing your borrower (guarantor) is also entitled to review (comment) your activity. These reviews - either positive or negative - are also visible to other members of the platform.
Yes, full redemption is possible but it is dependent on the borrower.
Your interest income will be taxable as per the income tax rules that apply to you. You are directly facing the borrower in your loan transactions which implies that all of your repayments are without tax deduction. Paying the applicable tax on income earned on a loan is your responsibility and BeeLend is not liable for any of your default in this respect. In the appendix of your contractual loan agreement and also on the BeeLend platform you can check your interest income and redemptions.
BeeLend does not provide tax advice and recommends that you consult your financial or tax advisor.
The type of legal system that applies to the loan agreement (or loan and guaranty agreement) is critical because common law and civil law legal systems involve different approaches to the respective rights of investors (lenders) and borrowers. Different legal systems may use different legal terms and may apply, through local courts, different interpretations to terms and conditions.
Guarantor Questions
You should be above 21 years of age. You should also have a valid bank account. You will not be able to list a loan guaranty on the site until you submit the necessary documents and get a credit risk rating from BeeLend. Before signing the contractual loan and guaranty agreement you also need to be verified by the borrower and the investor.
BeeLend is currently available to residents of the following countries: USA, European countries (euro area), India, Malaysia, Indonesia, Australia, Nigeria, Kenya and South-Africa.
Member states of the euro area: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Portugal, Slovakia, Slovenia, Spain, The Netherlands.
A guaranty is a credit enhancement because it helps the borrower get access to credit or get a loan at lower interest rates than without a guaranty. In legal terms a guaranty (or guarantee) is a formal undertaking to answer for a payment of another person's (the borrower's) debt in the event of the default by a person (borrower) primarily responsible for it.
On BeeLend the guarantor is a third party that can be engaged by the borrower to assume liability for the borrower's debt up to a certain extent in consideration for the guaranty fee payed to him (her).
The third-party loan guaranty, available through the use of the BeeLend platform, is an agreement that is entered into by the investor (lender or beneficiary), the borrower (principal or primary obligor) and the guarantor. Under a guaranty the guarantor agrees to pay the investor (lender, beneficiary) the money owed to it by the borrower (primary obligor) if the borrower defaults on the loan. In the loan guaranty agreement the borrower is referred to as the primary obligor because it is party to the underlying primary obligation agreement (the main underlying loan) with the primary oligor's obligations under that agreement being guaranteed (for the benefit of the beneficiary) by the guarantor.
The borrower is the primary party responsible for the obligation on the loan agreement (primary obligation agreement), and the guarantor is the secondary obligor because in the event the borrower fails to pay the loan installments, the guarantor has an obligation to pay the amount owed under the loan agreement.
Note that BeeLend is in no manner party to the loan and guaranty agreement.
The guaranty is limited to the amount set by the guarantor and only covers the principal that comes due under the loan agreement.
On BeeLend the parties to the loan transaction avail a guaranty of payment. If the borrower (primary obligor) defaults, the investor (beneficiary) can proceed directly against the guarantor, without seeking to enforce his (her) claims against the borrower (primary obligor). The investor (beneficiary) of the guaranty is not required to enforce his (her) claim against the borrower before proceeding against the guarantor.
A loan guaranty comes at a cost, with the guarantor requiring the borrower to pay an initial fee for the guaranty. The fee is expressed as a percentage of the guaranteed loan amount. In legal terms it is to be stated that the guaranty is given with consideration, that is, the guaranty is provided for guaranty fee received.
Technically, the guaranty fee will be transferred from the investor to the guarantor at the time of loan disbursement, whereas the borrower will receive a loan amount decreased by the guaranty fee but pay back the loan amount in total (i.e. the face amount of the loan) to the investor. As such the guaranty fee is borne by the borrower since the guaranty fee is considered part of the principal on the loan.
Yes. If in the event of the borrower's default the guarantor has made a payment to the investor then the borrower is required to reimburse the guarantor.
Subrogation provides for the guarantor to stand in the shoes of the investor (lender or beneficiary), giving the substitute (guarantor) the same rights as those of the original party (investor).
Yes, you can set the maximum amount on each guaranty you offer.
There is no technical maximum on the total guaranteed amount. You can guarantee multiple loans at the same time, however, it will have an effect on your creditworthiness. The more amount you guarantee in aggregate terms the less likely you can be accepted as a guarantor for further loan transactions.
To avoid the guarantor's excessive risk taking, the guaranty amount of a single guaranty offer is limited. The limits are dependent on the country of your residence:
- In the USA guarantors can list a guaranty offer from USD 1 000 to USD 10 000.
- In the euro area guarantors can list a guaranty offer from EUR 1 000 to EUR 10 000.
- In India guarantors can list a guaranty offer from INR 25 000 to INR 500 000.
- In Malaysia guarantors can list a guaranty offer from MYR 5 000 to MYR 25 000.
- In Indonesia guarantors can list a guaranty offer from IDR 10 000 000 to IDR 100 000 000.
- In Australia guarantors can list a guaranty offer from AUD 1 000 to AUD 10 000.
- In Nigeria guarantors can list a guaranty offer from NGN 100 000 to NGN 2 500 000.
- In Kenya guarantors can list a guaranty offer from KES 50 000 to KES 650 000.
- In South Africa guarantors can list a guaranty offer from ZAR 10 000 to ZAR 100 000.
The tenor of your guaranty will always be aligned to the tenor of the loan you guarantee. The term to maturity - or tenure - refers to the remaining life of the loan. The loan term at BeeLend varies between 2 months and 5 years. You cannot set the duration limit of your guaranty lower than the life of the loan. However, the shorter the maturity of the loan you choose to guarantee the shorter the time you assume the risk with your guaranty.
The final guaranty fee is determined by the agreement between the borrower (primary obligor) and yourself (guarantor or secondary obligor). BeeLend does not preset the guaranty fee in any manner.
There are no hidden charges on BeeLend. We believe in transparent pricing with full disclosure to the members of the platform. Please refer to Pricing Policy for more details.
You cannot use this form of investment on any peer-to-peer (or marketplace) lending platform. BeeLend is simply the only platform in the world to provide business opportunities for guarantors. In addition, processing costs at BeeLend are unprecedented among financial institutions and marketplace lenders.
Yes, you can. On BeeLend guarantors may offer multiple guaranties at a time but all the risks and guarantor stats are transparently displayed on their profile.
Listed borrowers can be salaried employees or entrepreneurs, whose personal, professional and financial details are verified by yourself and the investor. You can find these details on the borrower profile.
Listed investors can be salaried employees or entrepreneurs, whose personal, professional and financial details are verified by yourself and the borrower. You can find these details on the investor profile.
BeeLend assigns a Risk Rating to each of the guarantors based on their personal, professional and financial details published on their BeeLend profile. The credit check is only a preliminary assessment of your solvency and is based on data that is provided by yourself. Please make sure that you provide accurate data on your profile otherwise borrowers and investors will not be able to verify you and will also question your creditworthiness. As a result, you will not be able to give the guaranty you offered.
BeeLend also assigns a Risk Rating to each of the borrowers based on their personal, professional and financial details published on their BeeLend profile. Please note that a credit check is only a preliminary assessment of a borrower's solvency and is based on data that is provided by the borrower. If you as a guarantor find fake data on a borrower profile in the verification process then you should also question the borrower rating.
Your registration on BeeLend is free of any charges. You as a guarantor only pay the listing fee to BeeLend. Please refer to the Pricing Policy for more details.
In the registration process you need to choose your initial role. If you want to guarantee loans, please choose the Guarantor role. The filling of your entire profile and the upload of the necessary documents should not take more than 10 minutes.
After you successfully register on BeeLend and post your first guaranty offer on the platform your guaranty offer may be filled in 24 hours. However, the speed also depends on the guaranty offer characteristics, such as the attractiveness of your guaranty fee, your preferred level of borrower risk, loan purpose and other factors. You can choose not to post your guaranty offer on the platform but rather start guaranteeing by selecting one - or more - guaranty-enabled loan request from the borrower listings.
A distinctive feature of BeeLend enables you to invite some of your friends (Facebook, LinkedIn, Twitter, Google+) to check out your guaranty offer. The invitation can be sent at the time your guaranty offer appears on the platform and will only be sent to persons of your choice. BeeLend helps you advertise your guaranty offer but it is in your sole discretion to use this optionality.
Documents are needed to verify the members. Without valid documents the investor (beneficiary) and the borrower (principal or primary obligor) could not make sure who is the person they are dealing with. You need to be a verified Guarantor to be able to finish a loan and guaranty transaction. You can find the necessary list of documents in the Documents section in your Profile.
Yes, you can. BeeLend does not restrict the number of guaranties you can make in favour of any one investor.
Yes, you can. BeeLend does not restrict the number of guaranties you can make with any one borrower.
Yes, you can. BeeLend reserves the right but is not obligated to verify the investors and borrowers that register on the platform. Verification is the duty of the guarantor within the lending process. After you agree on the guaranty with the borrower and the borrower and investor agree on the loan, you are required to verify the borrower's and the investor's personal, professional and financial details by matching their profile data with the documents uploaded by them. We encourage you to get personal impressions on the borrower and the investor, BeeLend makes this possible for you.
Yes, in every loan guaranty you have made your profile data will be be verified by both the borrower and the investor.
Yes, you may cancel your guaranty offer any time before you sign the contractual loan and guaranty agreement.
Yes. On the BeeLend platform you can find a template for the loan and guaranty contract which you may change in agreement with the borrower.
No. The loan and guaranty contract is a document that is legally binding.
After you have signed the contractual loan and guaranty agreement and exchanged the documents with the borrower and the investor, the investor needs to wire the guaranty fee to your bank account. Note that the guaranty fee is transferred to you by the investor but the amount is set off against the loan principal, which means that the guaranty fee is covered by the borrower. In general, the transfer of the guaranty fee should not happen later than five days after the loan and guaranty contract comes into effect.
The main risk is the borrower's late payment or default (bankruptcy). In the event the borrower fails to pay the loan installments, the guarantor has an obligation to pay the investor the amount owed under the loan agreement. Nevertheless, under the reimbursement clause the borrower is required to reimburse the guarantor if the guarantor has made a payment to the investor.
In the unfortunate event of the borrower's default on a loan installment all the outstanding balance of the loan becomes due. If the defaulted loan was guaranteed the investor can turn to the guarantor for immediate recovery. If the guarantor paid the debt instead of the borrower to the investor, he (she) will still be able to turn to the borrower for recourse.
No, at this time BeeLend cannot process guaranties offered by companies.
Yes, you can. Reviews (comments) are visible to other members of the platform, as well.
Yes, you can. Reviews (comments) are visible to other members of the platform, as well.
Yes. In the spirit of fair dealing the borrower and the investor is also entitled to review (comment) your activity. These reviews - either positive or negative - are also visible to other members of the platform.
This is a positive event for you as the guarantor because the complete payment of the outstanding loan balance by the borrower discharges the guaranteed obligations, hence, you (the guarantor) cannot be required to pay any amounts related to the agreement in the future.
The type of legal system that applies to the loan guaranty is crucial because common law and civil law legal systems involve different approaches to the respective rights of investors (lenders), guarantors and borrowers. Different legal systems may use different legal terms and may apply, through local courts, different interpretations to terms and conditions.
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We have been working hard to start BeeLend, your least expensive venue to invest or borrow money. BeeLend is currently available to residents in the USA, European countries (euro area), India, Malaysia, Indonesia, Australia, Nigeria, Kenya and South-Africa. You are using BeeLend's service as a crossborder service.
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