Social Lending From Quakle.co.uk

Quakle is an online website that offers users a fair way to both loan and borrow money helping them to avoid falling into the trap of aggressive lenders.

The Quakle system allows users to place loan requests online which are then funded by other people on the Quakle system. The specific borrowing conditions of the loan are set by the people themselves so they can ensure that the terms of the loan suit their individual needs. The beauty of Quakle that as with other social lending websites there is no financial middlemen.

Quakle also allow their members to create groups for people who happen to share the same social, cultural or any other kind of bond. These groups are a great way to form tight communities where members can help out each other through the peer-to-peer lending system.

How does Quakle work?

Quakle provide an online system that enables users to lend and borrow money to each other.

Members who are looking to borrow money will need to place an online loan request for an amount that is between £1000 and £21,000 along with a repayment period of between 12 and 36 months. The borrower will also have the option of setting the interest rate at which they wish to repay (the rate must be between 1% and 18%.

These loans requests are then listed in the system for 10 days. During this time the lenders are allowed to submit their lending proposals direct to the borrower under the conditions that they initially set. The lenders however do have the option to propose a lower interest rate or to offer a lower amount as their share of the loan rather than the full amount. It is therefore common that in most cases several lending proposals are submitted before a loan request is funded.

Quakle automatically calculates the repayment schedule and orders the necessary money transfers once the auction has been completed.

Quakle information for borrowers

• Fees: 1.5%
• Minimum/maximum borrowed: £1,000 / £21,000
• Average rate: 7-25%

Quakle information for lenders

• Fees: £0
• Minimum/maximum lent: £30 / £25,000
• Average rate: n/a
• Range of rates: 7% – 25%
• Default rates low/high risk: Estimated 1% for low-risk borrowers, 3% higher-risk borrowers