Yes, EasyPayd has been created to eliminate barriers that often prevent people from borrowing money. Banks & many Lending companies have decision points & rules that can stop a decent Borrower from getting a loan. EasyPayd allows individual Lenders to make their own decision whether to Lend you money or not.

It is important as a Borrower that you are honest, can afford the Loan you are asking for and put a good reason for the Loan so a Lender is comfortable with helping you.

1. A Borrower applies online.

2. The Borrower completes a number of questions & are then presented in the Loan pool.

3. Lenders view the Loan pool with your application. All Lenders are private individuals who are comfortable to support a Borrower with the Loan amount.

4. They pay the Borrower directly. 100% of the Loan money repaid goes back to the Lender.

1. There is a $20 upfront fee to apply for a loan that covers our management fees (charged only to the Borrower)

2. As a Lender, there are no fees attached to the loan. You receive 100% of the money loaned & any interest charged.

3. As a Borrower, there is a small transaction fee applicable to each repayment.

As the Lender you have the option to charge 0% interest or alternatively you can make a decision what interest you wish to charge (up to a certain point). Maximum fees are within the Aust SACC Laws.

If a Lender decides to re-loan the original investment as new loans, there are a number of options available to maximise returns.

1. Once a loan is completed, take all monies received & no further loans are accepted.

2. Each time a loan is completed or even during, use the initial investment for further loan & take the interest as income.

3. The most profitable option is to reinvest the initial loan value plus the interest - this creates a “Compounding” profit result which can be significant.

Yes, there is a $20 Application Fee to apply for a loan.

This fee is charged only once within a 90-day period. If you apply for more than one loan in that 90 day period, then the $20 Application Fee is waived.

A Lender has the option to charge 0% Interest or charge Interest up to a maximum interest rate at their discretion. The maximum rate is capped to remain within Australia SACC Laws - to help protect you as the Borrower.

You may receive an offer to lend the money from one or more Lenders. In this scenario, you may get an option to choose a lower rate.

As with all secure online platforms, we have built this to the maximum safety standards possible.

All personal information is stored securely. No Lender or Borrower is given banking information of the other person. Loans & repayments are made via our secure online systems. Only information that a Lender requires to make a decision is made available to the Lender.

There is no way of guaranteeing zero defaults. All Loans are subject to possible arrears and/or defaults. The system has built in KYC (Know Your Client) algorithms & the Borrower must enter significant information for a Lender to make an informed decision.

However, historically default rates are around 10% of capital loaned. We would like to think that we will be well below this as Borrowers are aware the Lender is lending their personal money. In addition, a Borrower usually wishes to use our system more than once which in turn means they need to keep a perfect record or they are not welcome back.

We have inbuilt reminders & default notices as well as a default system that passes the borrowers details to a very effective debt collection company. Expenses are charged to the borrower & are pursued with a large success rate.

From our own experience over many years working with low income earners & often, high risk terms, our statistics show that overall, we received significantly more money than we outlayed before people defaulted ('Defaulted' means there is no chance of recovering money as opposed to 'Arrears').

Returns will vary depending on loan size, interest rate and repayment amount.

1. A Borrower may not default but may be in arrears. The Borrower has the ability to ask for a payment deferral and also has the ability to make a catch up payment.

2. Every Borrower receives payment reminders and should they miss a payment, receive a payment default notice.

3. If they do not make payment, a letter of claim is sent out to the Borrower.

4. If this is not acted on, this triggers the debt collection company to become involved with expenses and charges added to the Borrower.

This is the point of distinction between EasyPayd, Banks and other lending institutions.

1. In our system, a Lender lends the money directly to the Borrower as a “person to person loan” or a “private loan”.

2. There are no complicated and negative application processes. Once you have completed the application online, your loan application is presented to any number of individual Lenders. It is up to you to present your application in the best light to attract a potential Lender.

3. Once a Lender decides to fund a loan the Borrower is presented with an offer to fund. A Borrower may receive numerous offers from more than one lender and needs to choose which lender they prefer.

4. EasyPayd simply facilitates the introduction between Lenders and Borrowers and provides the software and system for loans to be repaid with minimal work from either party. It is a “Set & Forget” system.

We would never discredit Banks and other lending institutions as they all serve a purpose, but, our platform involves significantly less demand for information. As soon as a Lender agrees to fund your Loan & you accept that offer, you will have the money in a very short period of time, generally within a maximum time frame of 24 hours, often instantly.

At this stage of our business development, we are restricting loan applications to a maximum of $2,000.00. You can borrow as little as you require and choose the time frame you wish to pay-off the loan within a 12 month period.

It is very important you ensure you are comfortable that you can afford the repayments whichever time frame you select.

Loan repayment terms are flexible. You request a loan and select the time period you would like to repay the loan over. You can choose anywhere between 16 days and 12 months to repay your loan.

Yes, you can repay your loan at any time without penalty!

Yes – you may still get a loan if you have a bad credit rating.

We understand that a lot of our clients have impaired credit. We suggest you be totally transparent when applying for the loan and explain how and why this creidt rating occurred and why it will not occur again.

No, however, we perform a KYC (Know Your Customer) Verification for security reasons.

You will be required to enter details like your income and expenses. It is essential you enter accurate details as failure to repay a loan will impact on your abililty to ever be able to use EasyPayd again.

We will need the last 90 days of your bank statements, as well as a detailed list of your income and expenditure.

This can all be done electronically. We may need a copy of your Driver’s Licence (front & back) or photo ID and a utility bill in your name stating your residential address.

You select the term with payment schedule to suit your personal situation.

Sometimes you might want to pay out your full loan early. When that is the case there are no cancellation fees.

However, if your repayments are not on time, please contact us immediately so we can discuss the matter. We require 1 business day notice to consider the rescheduling or adjustment of a payment.

Please note: There may be fees associated with rescheduling or adjusting a payment and potentially a weekly arrears management fee charged for each week the loan goes past its original scheduled finish date.

Address:
PO BOX 422, Oxenford, Qld 4210

Email:info@easypayd.com