FREQUENTLY ASKED QUESTIONS (LOANS FOR PRIVATE INDIVIDUALS)
HOW CAN I APPLY FOR A LOAN?
WHICH IS THE COST OF THE REGISTRATION PROCESS?
Registering is completely for free, and will only take you some minutes.
CAN I KNOW THE CONDITIONS OF THE LOAN BEFORE REGISTERING?
You can use our loan simulator to obtain an approximate conditions. The final conditions will depend on your solvency level, and you have to introduce your personal information so the software calculates it. Once you know your solvency and your interest rate, then you´ll decide whether to go on with the application or not.
HOW IS MY SOLVENCY LEVEL ESTABLISHED?
If you´re a private individual, Socilen will determine your solvency level thanks an algorithm taking into account all the socio-economical data that appear in your application. It is both an automatic and immediate process.
IS IT NECESSARY HAVING A GUARANTOR?
No, but it´s recommendable since it will improve your solvency level, and therefore your loan conditions.
WHICH IS THE MINIMUM AND MAXIMUM QUANTITY THAT I CAN BORROW?
If you’re a private individual, the minimum loan you can borrow is 1000 € and the maximum quantity will depend on your solvency level, with a maximum of 15000 €s. More information in the section income.
HOW MUCH TIME DO I HAVE TO PAY IT OUT?
You can choose the terms for your loan. The minimum period of time is 6 months while the maximum one is 60.
WHAT ARE THE COMMISSIONS SOCILEN CHARGES ME?
The commission we charge will depend on your solvency level. You can see the commissions in fees and commissions.
Once you have filled up the application form, you´ll be able to know exactly your solvency level and, therefore, the exact conditions of your loan before taking any choice.
ACCEPTANCE OF THE LOAN
HOW MUCH DO I HAVE TO WAIT TO KNOW IF MY LOAN IS ACCEPTED?
It is immediate in case of a private individual. In no time after sending your information, the system applies an algorithm with the socio-economical data provided by you and it responses you explaining if the loan has been or hasn´t pre-accepted, as well as your solvency level and the loan conditions for that solvency level.
WHAT IS THE MEANING OF A PRE-ACCEPTED LOAN?
It means that it´s a temporary acceptance provided by the system automatically according to the data you have introduced. You only need to upload the information we´ll be asking to check if those data are real or not?
HOW A PRE-ACCEPTED FORM CAN TURN INTO A FINAL ONE?
Our risk department will send you an e-mail applying for the necessary documentation to check if the information introduced is correct or not. It will also check your veracity in public databases, as well as your presence or not in database of defaulters. If the data are correct and your payment file is clean, our risk department will send you an e-mail explaining that your application has been successfully accepted.
CAN I CANCEL THE CONDITIONS OF THE PRE-ACEEPTED LOAN IF THEY DON´T INTEREST ME?
Yes, at any time prior to the publication of the loan, it´s possible cancelling the application from your user board. Once it´s published, you will have to get in contact with us to cancel it via email.
HOW MUCH TIME DO I HAVE TO MAKE A CHOICE?
You have 15 days to decide whether to accept the conditions of the loan that has been pre-accepted or not. Once that period has time has passed, if you haven´t sent the necessary documentation, we´ll proceed to cancel the application. If you want the loan after the period of time has passed, there´s no problem, you only need to start a new application from the beginning.
HOW MUCH TIME DO I HAVE TO CANCEL MY ACCEPTED LOAN DEFINITIVELY?
You can cancel your application at any time until the moment in which you accept your loan contract. Until that moment, it was simply an application at different stages, but it doesn´t turn into a definitive loan until the contract has been signed. From that moment and on, there´s a contractual relation, the application is signed in the website and the financing process carried out by investors begins.
WHAT HAPPENS IN THE DOCUMENTATION PROVIDED DOESN´T COINCIDE WITH THE INFORMATION OF THE APPLICATION?
If the information provided doesn´t coincide with the application, the loan is rejected by our risk department. You´ll have to start a new application with the correct information so the system can calculate again your solvency level.
RECEPTION OF MONEY AND PAYMENT
WHO LOANS ME THE MONEY?
The money is loaned by the users registered in Socilen. The platform publishes the accepted loans, and the users can invest a small quantity until to complete the loan that has been applied.
WHAT HAPPENS IN THE INVESTORS DON´T COVER THE QUANTITY THAT I HAVE APPLIED IN ITS TOTALITY?
If once the financing period of time has come to an end and the quantity of money applied hasn´t been totally covered, the loan is declared as cancelled. You can apply for a new loan but changing the conditions.
WHEN WILL I RECEIVE THE MONEY?
As soon as the loan is completely financed, the loan contract and the SEPA signed, we will send the money in your account.
HOW DO I RETURN THE LOAN?
In the beginnings of each month we´ll charge you, in the current account provided by you in the application, the corresponding monthly fee.
HOW CAN I CHANGE THE CURRENT ACCOUNT THAT YOU´RE USING TO CHARGE ME THE FEES?
To change the account, you have to send an e-mail to firstname.lastname@example.org
CAN I REPAY PARTIALLY MY LOAN?
You can repay your loan partially as many times as you want with a minimum quantity of 1000 € in each repayment. In case there are less than 1000 €, you´ll have to proceed with a total repayment.
HOW CAN I DO A PARTIAL REPAYMENT?
WHICH IS THE COST OF A PARTIAL REPAYMENT?
HOW CAN I DO A TOTAL REPAYMENT?
WHICH IS THE COST OF A TOTAL REPAYMENT?
It won´t cost you anything, they´re totally for free. For further information please check the fees and commissions.
WHICH ARE THE CONSEQUENCES OF RETURNING A BILL?
The Socilen work team will get in touch with you in order to find out the reasons of the devolution as well as for coming into an agreement for a new payment. Those days of delay generate a delay interest which will be: the interest rate of your loan, with an added 2% which goes integrally to the people who have loaned the money to compensate the delay.
We will also charge you 20 € due to the costs caused by the return of the bill, and 20 € in terms of notification expenses. See fees and commissions
También te cargaremos 20 € por los gastos generados por la devolución del recibo, y 20 € por los gastos de notificación. Ver Tarifas y Comisiones.
HOW DO I PAY A RETURNED BILL?
To proceed with the payment of the bills that have been returned, please get in touch with us email@example.com
Remember that the bills returned generate interests on the side of the investors. Don´t delay.
WHAT HAPPENS IN CASE MY PERSONAL CIRCUNSTANCES ARE DIFFERENT AND I HAVE PROBLEMS TO PAY THE MONTLY FEE?
Get in touch with us in firstname.lastname@example.org and we´ll find a solution so you can face the payments. Our first option is always coming into agreement to help you go through the situation.
However, take into account that the people who have loaned you their money have put their savings into risk to help you, they have trusted you. They have the right to retrieve their money and our work is to help them too to get it too so more and more investors trust this system.
WHAT HAPPENS IF I RETURN MORE THAN ONE BILL?
From the first non-payment, the Socilen work team will get in contact with you to come into an agreement and solve the problem. This is always our priority: helping you to pay for the loan. We´ll look together for a solution so you can pay the fees according to your economical situation of that moment. Only in case we don´t succeed in finding a solution, and there are several non-payments, we´ll cede the collection management to a specialized company which will proceed extra-judicially with the collection if necessary. Remember that investors are people just like you and that they have risked their savings to help you!