enuel
New Member
At the shop
Posts: 46 
Member Type: Borrower
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Post by enuel on Apr 6, 2017 22:18:17 GMT
I would greatly appreciate it if members can share their thoughts on how first time borrowers like myself with no insurance cover on our loan requests could provide some assurance to possible lenders regarding repayment.
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enuel
New Member
At the shop
Posts: 46
Member Type: Borrower
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Post by enuel on Apr 10, 2017 9:01:05 GMT
someone should please help me with an answer to this question:
If i manage to pay up the insurance cover for my loan and no lender funds my loan request at the expiration of the request, what happens to the insurance i paid?
Thank you
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Post by aemathisphd on Apr 10, 2017 17:52:46 GMT
someone should please help me with an answer to this question: If i manage to pay up the insurance cover for my loan and no lender funds my loan request at the expiration of the request, what happens to the insurance i paid? Thank you I've never thought about this but i think there must be something in the documentation explaining this |
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Post by akisora on Apr 10, 2017 18:35:22 GMT
The insurance paid by borrowers is attached to the individual account, and not the loan request. So when the loan request expires it doesn't mean that the insurance is gone. You just post a new one until you get funding.
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Post by andrewjames on Apr 10, 2017 23:12:42 GMT
someone should please help me with an answer to this question: If i manage to pay up the insurance cover for my loan and no lender funds my loan request at the expiration of the request, what happens to the insurance i paid? Thank you You have raised a very good point because it's not a guarantee that getting insurance = getting funds from lenders. Its true, the insurance is for the account as akisora has said but what happens if you never ever get loans (assuming you are very unlucky)? I'll be crawling through the info later to find out what happens in the end because borrowers should not lose money just because lenders fail to give them loans |
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enuel
New Member
At the shop
Posts: 46
Member Type: Borrower
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Post by enuel on Apr 11, 2017 0:07:57 GMT
The insurance paid by borrowers is attached to the individual account, and not the loan request. So when the loan request expires it doesn't mean that the insurance is gone. You just post a new one until you get funding. Thanks for the information. |
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enuel
New Member
At the shop
Posts: 46
Member Type: Borrower
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Post by enuel on Apr 11, 2017 0:09:00 GMT
someone should please help me with an answer to this question: If i manage to pay up the insurance cover for my loan and no lender funds my loan request at the expiration of the request, what happens to the insurance i paid? Thank you You have raised a very good point because it's not a guarantee that getting insurance = getting funds from lenders. Its true, the insurance is for the account as akisora has said but what happens if you never ever get loans (assuming you are very unlucky)? I'll be crawling through the info later to find out what happens in the end because borrowers should not lose money just because lenders fail to give them loans I would love to know what you find out. |
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Post by anitawest on Apr 11, 2017 12:55:41 GMT
Everyone should read the Terms of use. It is clearly stated in the terms that fees paid by either borrowers or lenders can be refund under the set conditions.
The actual words are:
Refunds Policy
Please read this policy carefully.
26.1. Fee Refunds
The fees charged here at Socin.org can only be refunded under special conditions and within specific from the date of the original payment as follows.
26.1.1. Insurance Payment (borrowers)
The amount(s) paid by the borrower as insurance can be refunded in case the borrower has not managed to get a loan from any of the lenders. The refund can only be claimed if 90 days have elapsed since the original payment date but not later than 2 years.
26.1.2. Loan fees (Lenders)
The 4% loan fees charged before loans can be processed is fully refundable in case the loan is not delivered to the borrower due to unforeseen circumstances (i.e. the borrower is not able to collect the funds or if We terminate the borrower’ account). This fee can only be refunded within 1-30 days from the date of the original payment.
We recommend contacting us for assistance if you experience any issues posting loan requests.
26.1.3. Contact us
If you have any questions about our Refunds Policy, please contact us by email: info@socin.org
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Post by andrewjames on Apr 11, 2017 20:31:11 GMT
Everyone should read the Terms of use. It is clearly stated in the terms that fees paid by either borrowers or lenders can be refund under the set conditions. The actual words are: Refunds Policy Please read this policy carefully. 26.1. Fee Refunds The fees charged here at Socin.org can only be refunded under special conditions and within specific from the date of the original payment as follows. 26.1.1. Insurance Payment (borrowers) The amount(s) paid by the borrower as insurance can be refunded in case the borrower has not managed to get a loan from any of the lenders. The refund can only be claimed if 90 days have elapsed since the original payment date but not later than 2 years. 26.1.2. Loan fees (Lenders) The 4% loan fees charged before loans can be processed is fully refundable in case the loan is not delivered to the borrower due to unforeseen circumstances (i.e. the borrower is not able to collect the funds or if We terminate the borrower’ account). This fee can only be refunded within 1-30 days from the date of the original payment. We recommend contacting us for assistance if you experience any issues posting loan requests. 26.1.3. Contact us If you have any questions about our Refunds Policy, please contact us by email: info@socin.org I rarely read through entire terms of service that's why I missed this. But I guess that is settled |
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Post by anitawest on Apr 12, 2017 11:21:38 GMT
Its very important to read every word before doing anything else. It can save you a lot of trouble in future
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enuel
New Member
At the shop
Posts: 46
Member Type: Borrower
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Post by enuel on Apr 17, 2017 0:45:50 GMT
Everyone should read the Terms of use. It is clearly stated in the terms that fees paid by either borrowers or lenders can be refund under the set conditions. The actual words are: Refunds Policy Please read this policy carefully. 26.1. Fee Refunds The fees charged here at Socin.org can only be refunded under special conditions and within specific from the date of the original payment as follows. 26.1.1. Insurance Payment (borrowers) The amount(s) paid by the borrower as insurance can be refunded in case the borrower has not managed to get a loan from any of the lenders. The refund can only be claimed if 90 days have elapsed since the original payment date but not later than 2 years. 26.1.2. Loan fees (Lenders) The 4% loan fees charged before loans can be processed is fully refundable in case the loan is not delivered to the borrower due to unforeseen circumstances (i.e. the borrower is not able to collect the funds or if We terminate the borrower’ account). This fee can only be refunded within 1-30 days from the date of the original payment. We recommend contacting us for assistance if you experience any issues posting loan requests. 26.1.3. Contact us If you have any questions about our Refunds Policy, please contact us by email: info@socin.org Thanks for the reference. |
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