| Frequently Asked Questions |
| 1.What is WikiLoan? |
| 2.When should I use this service? |
| 3.Is the Promissory Note a legal document? |
| 4.Why do I provide my bank information? |
| 5.How does the verification process work? |
| 6.Is my information secure? |
| 7.Why do I have to get a credit score? |
| 8.Where is the money held? |
| 9.Are the funds held in escrow insured? |
| 10.What is WikiLoan's Privacy Policy? |
| 11.How do I invite my friends? |
| 12.What are the fees? |
| 13.How do I ask a question? |
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| 1.What is WikiLoan? | Top |
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WikiLoan is a website that provides tools for social 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 manages 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 credit score, and invite friends in their network to view the listing.
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| 2.When should I use this service? |
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When you borrow money from someone, especially someone you know, a lot of questions come up. It's a very uncomfortable process for both the Borrower and the Lender. WikiLoan provides tools to make the process go smoothly without embarrassment on either side. Lenders can view your listing anonymously so they don't feel pressured, and borrowers have the opportunity to receive money from a host of people. We provide identity verification, security, credit grading, loan documentation, repayment schedules, email reminders, online account access and online repayment.
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| 3.Is the Promissory Note a legal document? |
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Yes. The Promissory Note is a legal document that is binding between borrowers and lenders in a court of law.
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| 4.Why do I provide my bank information? |
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Your bank information is an essential part of the loan process, as you pursue a financial transaction with another private party. We try to keep our users safe by making sure the name on the bank account matches the name of the corresponding borrower or lender.
When you sign up as a borrower, we will deposit and withdraw a small amount of money from your bank account to insure that the name matches. If the name matches, you are allowed to receive funding for your loan from a lender.
If the bank account is in the name of a corporation, we will send you an email asking you to verify the amounts that have been processed through your bank account. Please be sure to watch your inbox and Junk Mail Folder. The process usually takes 72 hours. Once the verification is successful, you are ready to create your loan listing as a borrower.
If the name does not match or you cannot verify the amounts processed through your bank account, you will not be allowed to proceed with any transaction.
If you are a lender, we will verify that the funds came from the bank account of the person or corporation signed up as the lender. Please note that it will take up to 72 hours for your funds to clear, and the funds will not be available to lend until they have cleared our system.
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| 5.How does the verification process work? |
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We have entered into an agreement with a third party, Idology, Inc., to verify the identity of our users. We use their product ExpectID IQ, which serves up non-intrusive, intelligent questions derived from information in public data records relating to that person's history such as something involving a previous address or an associated person. From the number of questions answered correctly we can approve the transaction or ask additional challenge questions to verify your identity.
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| 6.Is my information secure? |
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WikiLoan, Inc. website, www.wikiloan.com is using a 256-bit SSL certificate from Trustwave, which is greater than the industry standard. This SSL Certificate provides encryption between your web browser and our web server so that personal information can be transmitted over the Internet securely. Once transmitted, your information is held in an offline server to ensure a greater level of security. WikiLoan takes commercially reasonable precautions to protect our customers' information. Finally, the servers that store your personally identifiable information are housed in a secure environment, behind a firewall and off the Internet. Given the nature of the Internet and the fact that network security measures are not infallible, we cannot guarantee the security of your information.
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| 7.Why do I have to get a credit score? |
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When borrowing money from anyone, the lender needs to know your credit worthiness. The lender will use the score to determine the amount of risk he/she is willing to take through the amount of money pledged and the interest rate given. We feel that this score generated from Experian, Equifax and Transunion, will provide the lender with a certain level of comfort when going through the lending process.
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| 8 Where is the money held? |
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Lender money is held in Escrow at Bank of America. When a loan is consummated, WikiLoan transfers the money directly to the borrower. Borrowers then make their monthly payment back into the Lenders account.
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| 9 Are the funds held in escrow insured? |
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FDIC Pass-Through Insurance
You do not need to keep funds with WikiLoan in order to use our service. If you do hold a balance, you will allow WikiLoan, to act as your agent and place your funds in a pooled account at an unaffiliated FDIC-insured bank or savings institution, which is eligible for pass-through FDIC insurance coverage. WikiLoan keeps a record of the amount of your balances, which you can check by logging in to your account through the WikiLoan Web site at any time. Balances held in currencies other than U.S. Dollars are not FDIC-insured.
In the unlikely event that an FDIC-insured bank in which we place your money fails, your balance placed at the bank would be subject to FDIC pass-through deposit insurance coverage, along with any other deposits you hold at that bank, up to a total of $250,000.00 USD. Pass-through deposit coverage is contingent upon WikiLoan maintaining accurate records and on determinations of the FDIC as receiver at the time of a future receivership of any bank at which we place your funds. FDIC pass-through deposit insurance protects you only against the failure of the bank at which WikiLoan places your funds, and does NOT protect you against WikiLoan's insolvency. Through the terms of our User Agreement, we believe that your funds will also be protected from any claims of WikiLoan's creditors and will be returned to you even in the unlikely event of a WikiLoan insolvency.
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| 10 What is WikiLoan's Privacy Policy? |
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Privacy Disclosures
IMPORTANT INFORMATION ABOUT YOUR PRIVACY
Protecting your privacy is important to WikiLoan, Inc.. ("WikiLoan, Inc") is referred to in this notice as "we", "us" and "our"). We understand that you expect your personal information to be confidential and secure. This notice will help you understand what information we collect about you, how we use it and how we protect it.
In addition, this notice describes your right to prevent information from being shared with any affiliates or non-affiliates (under certain circumstances).
INFORMATION WE COLLECT
In connection with providing financial products or services to you, we collect nonpublic and personal information ("nonpublic personal information"). Nonpublic personal information is information that is not available from a public source.
We obtain nonpublic personal information about you from the following sources:
Information we receive from you on applications, loan and account forms;
Information concerning your transactions with us, our affiliates or others; and
Information we receive from third parties such as credit bureaus.
INFORMATION WE DISCLOSE AND WHO WE SHARE IT WITH
We do not disclose any nonpublic personal information about our customers or former customers to anyone, except as permitted by law.
Credit bureaus, customer service agents, collection agencies, and other trusted third parties provide services to us. We share information with these service providers in order to complete the transactions that you request. All service providers are bound by contract to maintain the confidentiality of your personal information.
We do not sell or rent your personal information to third parties for marketing purposes.
FORMER CUSTOMERS
If you close your account(s) with us or you become an inactive customer, we will continue to adhere to the privacy practices described in this notice.
OUR SECURITY PROCEDURES
We restrict access to nonpublic personal information about you to our employees, agents and subcontractors who need this information to provide products or services to you. We maintain very advanced physical, electronic and procedural safeguards that comply with federal regulations to guard your nonpublic personal information.
YOUR CHOICES REGARDING INFORMATION SHARING
We are permitted under law to (and in some cases must) disclose nonpublic personal information to "nonaffiliated third parties" in certain circumstances. For example, we may disclose nonpublic personal information to process your transaction at your request, to control fraud and identity theft, to make certain information a matter of public record such as recording a mortgage, to credit bureaus and to government entities in response to such things as subpoenas. Other than these disclosures which are permitted by law we do not disclose and may not disclose without your consent.
Note Regarding Children Under 18
Participants of the WikiLoan system must be U.S. Residents that are 18 years of age or older. Children under the age of 18 are not eligible to participate in the offerings on this web site.
State law
You may have privacy rights under applicable state law in addition to those outlined in this privacy policy.
Changes to this policy
WikiLoan may change this privacy policy at any time typically relating to improvements in technology or changes in law. We will promptly post any policy changes to this page and notify our participants directly with notice of any material changes.
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| 11 How do I invite my friends? |
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We have created an invitation system called "Wikinvite". After a borrower creates a loan, they are prompted to invite their friends by uploading email addresses of people they know to view their listing.
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| 12 What are the fees? |
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Borrowers pay a $49 towards "Borrower Application Fee". Lenders pay a 1/12th of 1% per month of the outstanding principal balance of the loan towards "Lender Administration Fee". Users of the website will also pay a $0.99 towards "EFT/ACH Transfer Fee" for all ACH transactions.
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| 13 How do I ask a question? |
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