Questions from Borrowers

You should create a borrower account first and verify it so that it can be activated. Its free to register and verify your account. You should also consider buying insurance for your account so that we can guarantee compensation to the lenders who respond to your loan requests. You will be able to post a loan immediately your account is activated but it will best if you earn maximum trust credits by the time you post your request. You can learn all about trust credits here https://socin.org/trust-credits
Anyone who uses the internet, is over 18 years of age has government issued identity documents can post loan requests. However, you should confirm whether there are laws in your country that prohibit you from borrowing or receiving loans from private individuals in your country or other countries. One important thing to note; Lenders are not here to waste their money so you will be more successful if you have some sort of collateral for the money you borrow.
Loans for any legal/ethical purposes can be listed. Remember, you will be working directly with the lenders. It is your duty to ensure the request you post will be interesting to potential lenders.
This is a relative question so there is no specific answer. Because you are borrowing from individuals, it is up to them to decide how much they can afford to lend you. In addition, the amount of insurance you have will determine how much you can borrow. For instance if you have coverage worth $1000 you should expect loans around this range. The minimum you can borrow is $100
Its a one-time payment. For example, if you want an insurance cover of $1200, you will pay $50. This amount will be tied to your account and will appear next to the loan requests that you post. You can pay more if you want to increase the amount of coverage you have. The amount paid remains fully refundable for up to 2 years in case none of the lenders funds your loan requests. So you don't lose money by setting insurance. See terms of service for further details about refunds
No. Only one loan can be borrowed at a time. This also means that only one loan request can be published at a time.
No, sending documents is optional. A lender might request documents and another might not. One thing every borrower should note is that what you claim to earn won't really matter as much as the amount of insurance you have. The fact that you earn a certain amount doesn't really mean you will honor your promise. Insurance covers the lender in case you do not pay back what you owe.
Its not a must. You can list your loan without insurance, although less than 1% of lenders are willing to lend without insurance so its a huge gamble.
The interest rate charged depends on the individual lender your are borrowing from. When you list your request, you should quote a rate you are comfortable paying. You will also receive offers with different interest rates so that you can pick one that you are comfortable with. If none of the interest rates offered suits your needs, you can negotiate with lenders so that they lower their rates before you accept an offer. However, we charge a 4% loan sourcing fee for each loan This is paid by the lender before sending you the money you have borrowed. This fee can be added to the total amount to be repaid or it can be deducted from the amount you borrow.
You will be able to specify the repayment schedule you want when listing the loan so that lenders who are comfortable with non-monthly repayment schedules can make offers.
We offer a unique Peer-to-Peer lending service that allows anyone to seek financial help from people in different parts of the world. You can borrow from your neighbor across the street or a stranger across the oceans thousands of miles away. Borrowing here also gives you a lot of freedom. You can choose the kind of collateral you want to provide, the amount of interest you want to pay, the repayment schedule among other things.
We have created an insurance pot. Every member who borrows here contributes 4% of the amount borrowed to this pot. This is the money we use to repay lenders in case of default. Since 50% of all loans go to trustee borrowers, there is always enough money to compensate lenders in case some of the other borrowers are unable to repay what they have borrowed.

Questions from Lenders

Yes. You must be a legal citizen/entity in your country. We will ask you to submit documents to prove your identity when you register for an account. You should also have enough money to cover whichever loan(s) you decide to fund. If unable to provide the funds, you will lose the facilitation fee you pay before funding each loan.
Ideally you can lend to anyone who posts a loan request. However, to ensure you do not lose your money, you should consider lending to people who have verified identities and insurance cover. The cover ensures that Socin can compensate you in case the borrower fails to honor your loan agreement. You can also choose local lending. With this option, you lend to people situated close to you.  With this option, the borrower can sign a legal document that you can take to court in case the borrower does not repay. The borrower can also provide collateral that you can hold on to until the loan is fully repaid.
It all depends on how much you have, how much you are willing to tie down to a specific loan and the kind of return you are looking for. It is also good to diversify risk by funding more than one loan
The amount of insurance the borrower has is the most important consideration. TCR rating should help you establish the reputation a borrower has at Socin. Other considerations include the repayment schedule and the % interest the individual is willing to pay.  Rating/comments from other lenders if the borrower has borrowed loans in the past can also be considered.
There is a joke that lending money to a friend, you end up losing both. Yes, you can but we might impose some restrictions.
Yes in some rare cases where we believe fraudulent activities are being carried out such as building fake reviews, financing illegal activities or even cases of money laundering, we can prevent you from using the platform. 50% of all insured loans must go to trustee borrowers.
You don't have to reveal any information unless you want to.
You will pay $1 to send a proposal to any listed loan request. You will also pay a 4% loan facilitation fee before funding the loan. You will recover all these fees with repayments made by the borrower. You can agree with the borrower that you deduct the fees upfront or add them to the repayments.
You and the borrower will agree on the most appropriate means to send the lian money as well as the repayments - could be direct bank transfer, PayPal, skrill, mobile money etc as long as the method shows tangible proof of money exchange. Our platform only acts as a reporting and tracking system. When you send money to the borrower you have to report on the platform and the borrower will acknowledge receipt. Repayments will be reported by the borrower and you will acknowledge receipt.
Socin insurance will take over and pay you back your principle. Insurance payments kick in 90 days from date of default. You will be paid back the amount loaned in 24 equal monthly installments.