SympliFi is a mobile App that enables individuals living abroad to provide their loved ones back home access to credit for productive uses, instead of sending money. We partner with regulated banks in the home country to issue the loan backed by the individual abroad. Our technology enables a borderless transaction experience to ensure the transaction is completed seamlessly.
We work with regulated lending partners in the home country that partner with SympliFi to extend loans to your loved ones. The lender performs a quick credit check on the borrower prior to disbursement. The borrower is responsible for repaying the lender directly. If the borrower does not repay, the lender will make best efforts to collect from the borrower before they can request the collateral.
There are no fees, there are no FX costs whatsoever. Unlike money transfer companies, we generate revenue from our lending partners. As with any loan, the borrower back home will pay interest and standard processing fees to the bank issuing the loan.
We have partnered with Rapyd for our technology infrastructure, ensuring all transactions are fully certified to meet PCI, PSD2, and SCA standards as well as global fraud protection.
As a guarantor your credit score is never impacted. SympliFi and the lender have no additional recourse against you beyond the collateral amount that you provide, and there is no impact on your credit score in the country you live in. We do not report to any credit bureaus.
A guarantor is someone who helps a borrower secure a loan by agreeing to back up the loan and steps in to make repayments if the borrower doesn’t. Guarantors are usually friends or family members who know the borrower best. It is the responsibility of the borrower to repay the loan, not the guarantor. If the borrower does not repay the loan it may negatively impact their credit score and their ability to obtain a loan in the future.
Yes you can. As long as you meet the lender's loan and ID requirements.
During the onboarding process, we are conducting a Know Your Customer (KYC) check. The check is conducted automatically and per UK regulatory requirements regarding Anti Money Laundering.
We conduct a certification check on all our bank partners before they are allowed to join our platform. All financial services partners must submit a valid business license, a valid lending license issued by the country’s applicable regulatory body.