How Lending Works, in Detail
1. Sign Up to Create a Lender Account
Fill out a short application, go through identity verification, and set your bank account preferences. It takes about 10 minutes, and you're ready to lend.
2. Browse Loan Listings
Lenders have the option of searching for the friend or family member that asked for the loan, or searching through the borrower listings to find other interesting candidates. Be sure to use the filters to help narrow your search by amount, type and credit rating.
How to Read Loan Listings
The three most important items to look at when reading a loan listing are:
3. Agree to the Terms
We give you a simple legally binding document agreed upon by both you and the lender, which allows you to structure the loan in a way that works for you both.
4. Collect Automated Payments
WikiLoan offers Automatic Payment to Borrowers, which gives Lenders peace-of-mind. If the Borrower does not sign up for auto-pay, WikiLoan sends email reminders when payments are due. The reminders have easy "click here to pay" payment options, so there are never any obstacles.