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BorrowFlex - Peer-to-Peer Lending Platform for Short-term Loans - How it works

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howitworks

What is BorrowFlex?

BorrowFlex is a service that enables peer-to-peer borrowing and lending among friends or people sharing the same interest.  The service enables responsible borrowers to get short-term loans from people they know, understand their situation, and trust them.  The borrowers can use the money to pay for the necessary expenses such as rent, doctor visit, utilities, car repair, etc.

BorrowFlex is NOT a lender.

When do I use BorrowFlex?

Unexpected events do occur.  The borrowers may simply not have enough money at the moment to pay for an expense.  The borrowers may have had an unexpected expense that leaves less funds available for another expense. The borrowers may have a temporary hardship. Their credit scores may be temporarily affected.  Whatever the situation may be, the borrowers may use BorrowFlex to get help from the people they know (also referred to as peer lenders) and receive the needed money at any time. 

What do I need to use BorrowFlex?

The borrowers and the peer lenders need to have digital wallets.  Currently, BorrowFlex supports PayPal wallet.  Click HERE to open a PayPal wallet.  Using the digital wallets help speed up the transfer of money from the lenders to the borrowers, essentially enabling the borrowers to receive the needed money almost immediately once the lenders agree to lend.

How do I set up a borrow request?

BorrowFlex provides a streamlined process to guide the borrowers through a series of intuitive steps to set up the borrow requests.  BorrowFlex can be used with desktops, laptops, tablets or smart phones.

What about loan documentation?

BorrowFlex stores information related to the borrow request and the resulting loan.  We make this information available to both the borrowers and the peer lenders.  This enables loan validation and keeps everyone on the same page throughout the life of the loan.

How is BorrowFlex different from PayPal?

PayPal enables its users to make payments or transfer money funded by credit cards, debit cards or bank accounts.  When none of these funding options is sufficient for you to cover an expense, BorrowFlex provides the borrowers an alternative funding method by borrowing money from the people they know.  BorrowFlex helps the borrowers set up and keep track of the details of the borrow requests.  BorrowFlex helps the borrowers and the peer lenders manage the loan resulting from the borrow request.  BorrowFlex enables everyone involved to maintain and share loan-related documents to avoid misunderstanding. 

How is BorrowFlex different from loans offered by banks or investment clubs?

BorrowFlex enables the borrowers to borrow from their peers based on trust and established bond or relationship.  They understand the borrowers' situation and the need to borrow.  They also know how trustworthy the borrowers are.  They are more willing to help.  Loans obtaining from the banks or investment clubs require the borrowers to disclose financial and employment information.  

How is BorrowFlex different from Quick Cash or Pay Day services?

Quick Cash or Payday Services may have short repayment period, typically two weeks to reflect the borrower's next possible payday.  A flat fee is charged.  For example, in a payday loan, a $15 fee is charged for each $100 loan to be repaid in 14 days. 

How much is the interest rate on the loans formed using BorrowFlex?

All loans established using BorrowFlex have an interest rate that is based on the current prime rate.  This is beneficial to the Borrowers because the rate may be much less than the rates charged by the banks or by the professional investors.  This also beneficial to the lenders because the lenders can help without sacrificing any interest that the lenders could earn by keeping the money in the savings account. 

Additional questions?

Please send your questions to This email address is being protected from spambots. You need JavaScript enabled to view it. .

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