1. The borrower submits a loan request on our website with one of our lending partners
2. Once submitted, for security reasons, the person abroad backing the loan receives a confirmation message before the loan request can be processed
3. After we receive confirmation from the person abroad, if they are a first time customer they will receive a link to download the SympliFi App and top up their SympliFi wallet for the amount of the refundable collateral required to back the loan 
4. The collateral is securely held in your SympliFi wallet for the duration of the loan. It doesn’t move. 
5. The bank contacts the borrower to disburse the loan; the person abroad starts earning cashback on the collateral in their wallet
6. When the loan is repaid in full the collateral is released back to the guarantor, plus the cashback earned; in the event of default, any amount owed to the bank is deducted from the collateral

• Keep your money. No money sent, no money spent. The collateral securely stays in your wallet. When the loan is repaid, you're free to move the money. No fees, no FX costs.
• Earn cash back. Earn up to 5% cashback on your collateral whenever your loved one accesses a loan.
• Unlimited access to loans. Your borrower has access to unlimited loans, anytime they need cash – with just one collateral.

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. 

• For your financial protection. The refundable cash collateral helps us verify that you have the financial capacity to serve as a guarantor, and that you trust the borrower to repay the loan. You are not responsible for repaying the loan, and we have no additional recourse against you beyond the refundable cash collateral. When the loan is repaid, you receive your cash collateral back in full.  
• To improve the terms of the loan. Providing the small refundable cash collateral enables the borrower to access loans from our lending partners at better terms - lower interest rate, longer duration.  
• You earn cashback on the collateral. We pay you a cash back reward on the refundable collateral held in your SympliFi wallet, whenever your loved one accesses a loan. The more you help, the more you earn.
  

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.

• Extend the collateral. You can instantly extend the collateral so the borrower can continue to access more loans. 
• Help someone else get a loan. You can invite someone else to apply for a loan and use the same collateral to back them on the loan. 
• Transfer the money. You can transfer the money back to your bank account or any bank account in the country you reside in, for free.‍
• Keep the money in your wallet. You can safely keep the money in your SympliFi wallet for future transactions.
  

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.