What is Quakle?
Who can borrow or lend money?
Why is it different?
Are there prerequisites before I can use the website?
What is the social rating?
How can I contact you?
Can a business use the Quakle platform?
What is a user group?
Who manages the user group?
What is the Quakle pricing scheme?
Can I lend and borrow at the same time?
Is there a limit to how many times I can borrow?
How is the interest rate set?
What is a news channel?
I am unable to register, why is that?
How can I complain?
How do I close my account?
What is Quakle?
Quakle is an online facility which enables people to lend money directly to people.
Who can borrow or lend money?
UK-resident individuals older than 18 years of age. Borrowers need to meet our minimum credit grade requirements.
Why is it different?
Quakle is different from the traditional credit providing systems and from the other peer-to-peer lending websites, in that it focuses on social criteria to handle a credit market on its website. No financial middleman is implied because we believe it is fairer, as vulnerable people usually pay unsustainable interest rates. And cutting out the high intermediary costs is really advantageous for both the lenders and the borrowers.
Are there prerequisites before I can use the website?
Yes. Members of the Quakle website have to be registered with us. They also need to be ID checked and to give us their bank account details, have your passport or driving licence with you when you submit the ID check. ID checks are Anti-Money Laundering (AML) compliant and may appear in your credit reports.
What is the social rating?
Quakle provides borrowers with a different rating system which focuses on human and social criteria. Your Quakle rating varies according to your actions and social behaviour on the website. Quakle believes that social bonds strengthen confidence and make borrowers more likely to repay. In addition we are convinced that getting dozens of people to trust you is, at least, as much difficult as building yourself a high credit score. It is then the responsibility of a lender to choose whether to lend money to borrowers who are active members of user groups and have a good social rating.
How can I contact you?
The best way to contact us is via email: [email protected]
Can a business use the Quakle platform?
No. Our Member Agreement states that you cannot lend money in the course of a business.
What is a user group?
A user group is created by a community of people who share the same social, cultural or any kind of bonds or interest. User groups are important because they give substance to the credit market. Learn more.
Who manages the user group?
The user group is managed by a leader – usually the founder of the group – who has the power to accept new members in the group. Learn more.
What is the Quakle pricing scheme?
Quakle takes a commission of £100 paid by the borrower. Quakle does not charge the lenders for providing the service. Small fees also apply to late borrowers. Learn more.
Can I lend and borrow at the same time?
Lenders can only lend money. Borrowers can both lend and borrow. Quakle will however consider the membership termination of members who borrow exclusively to re-lend on Quakle
Is there a limit to how many times I can borrow?
No. But you can only have one loan at a given moment. This means you have to fully reimburse your loan before you can borrow again.
How is the interest rate set?
The interest rate is agreed between the lenders and the borrowers. The lenders make interest rate proposals within the limit set by the borrower in a loan request. The interest rate so agreed is an annual nominal rate and is different from the APR.
What is a news channel?
A news channel is a news flow created and fed by its members about a particular subject.
I am unable to register, why is that?
Make sure you use a valid email box. If you do not receive our automatic registration email please look for it in your spam box or use a different email provider.
How can I complain?
You can complain about Quakle by sending your complaint to [email protected] Your complaint has to be clearly identifiable as such, for instance write the word ‘complaint’ in the message reference. Quakle will then handle your complaint according to our complaint handling policy which we disclose to any complainant.
You can complain about a member of the Quakle website in the same way. Quakle will do its best to settle disputes between members. Complaints against individuals cannot be referred to the Financial Ombudsman Service.
How do I close my account?
If you wish to close your Quakle account tell us about at: [email protected] You cannot close your account if you are bound with any other member of the Quakle website, i.e.: you have a loan.
