iScripts SocialWallet

FAQ

1. What is iScripts SocialWallet software? How to start a P2P money lending platform using the software?
iScripts SocialWallet is a fast, powerful and accurate web based billing solution.
You can simply install the software on your server to connects individuals in need of credit with individuals willing to lend within a single window. As a marketplace owner you can manage both users (borrowers and investors), loan requests and listing, payment flow, interest rate, commission fee, generating reports, and other functions directly from the administration panel.

2. What are the available business models of iScripts SocialWallet software?
It’s a Financial Technology (Fintech) business model - Peer to Peer (P2P) Lending similar to applications like Prosper, LendingClub, Kiva, etc. This business model helps marketplace owners to make money by charging borrowers an origination fee and investors a service fee.

3. How to check personal loan rates in iScripts SocialWallet?
You can check your personal loan rates on the rate calculator from home page of SocialWallet website by simply putting some values like loan amount, reason for borrowing, your personal information (address, telephone number, e-mail), source of income and other information.

4. Is it possible to check borrower credit score in the iScripts SocialWallet software? How to do that?
Yes, the application can check borrowers’ credit score with the help of integrated Credit Score API by credit reporting agencies. As a marketplace owner, you will have access to get the detailed credit information of a borrower.

5. How the loans are approved in iScripts SocialWallet software?
As a marketplace owner, you will be able to accept or reject any loan request from borrowers based certain criterias like credit score, credit history, source of income and other information.

6. How the payments are managed in iScripts SocialWallet software?
As of the now, payment are managed through offline channels. But we can customize it based your requirements.

7. What all are the available reports in iScripts SocialWallet software?
You can get the following reports as a marketplace owner: list of users, borrowing activities of borrowers, investing activities of investors and payment reports.

8. Can an investor invest in multiple loan applications at a time?
Yes, investors can diversify their investments by lending to multiple borrowers in small amounts at a time.

9. Is there any minimum investment amount?
As a marketplace owner, you will have the ability to manage the minimum investment amount. However, by default the minimum investment is $25 and the maximum is the requested loan amount or amount-left on that loan application.

10. How does the platform/admin set and manage the service fees?
The marketplace owner can set and manage the origination fees for borrowers and a service fee for investors. This can be zero, by a percentage or fixed amount.

11. How do borrowers know the payment history?
In the application, there would be a specific section for knowing entire payment history. Borrowers can view the payment related information from this area. It includes the loan amount received and loan repayment history.

12. Is the mobile application available for borrowers?
Yes, SocialWallet mobile app is available for borrowers. They can access all activities offered on web application via this mobile app.