WikiLoan is a website that provides tools for person-to-person borrowing and lending. People can use the tools on the website to borrow and lend money among themselves at rates that make sense to all parties. WikiLoan provides management tools that allow Borrowers and Lenders to manage the process by: providing loan documentation, promissory notes, repayment schedules, email reminders, online account access, and online repayment.

 

Borrowers go through a simple process to create a loan listing between $1,000 and $25,000. They set the rate they are willing to pay for the loan, get their WikiScore, and invite friends in their network to view the listing.

 

Lenders receive an invitation to view a listing and are provided with the borrower’s WikiScore, debt-to-income ratio, and the loan repayment schedule. 

 

Once the loan is fulfilled, WikiLoan compiles the promissory note and provides it to all involved parties. WikiLoan handles on-going notifications and provides access to online payment systems to ensure a smooth repayment process.

 

WikiLoan does not sell, rent or share members' personal information with third party marketers.

WikiLoan generates revenue by charging the following fees: