1. Can we withdraw cash from the limits?
No, it's not possible to withdraw cash. The borrowing and lending are only limits against which cash must be raised.
2. How is the payment made?
Payments are made via OpenBanking, with the lender directly disbursing the full amount to the borrower's bank account.
3. How much does the platform charge?
The platform charges one month of interest to both borrowers and lenders for the same agreement.
4. Will the borrowing limit increase if the borrower pays back the loan?
Yes, the borrower's limit will increase upon repayment of the loan.
5. Is there an option to pay or break down these loans on a monthly or weekly basis?
Yes, borrowers can choose between interest-only payments or EMI (Equated Monthly Installments).
6. Does the platform provide information on payment schedules and methods?
Yes, borrowers receive a payment schedule and a link to pay when due. Lenders receive a list of receivables.
7. What happens if a loan application is not approved by the lender?
If the loan is not sanctioned and the application date has passed, the borrower can delete and resubmit the application with a fresh date.
8. How is the lender's limit decided?
The lender's limit is determined based on self-declared asset details submitted during registration.
9. What happens if the lender doesn't get their money back?
The platform pursues repayment using AI-powered debt collection, sending reminders via SMS and email, followed by legal notices and submission to the County Court for a CCJ if necessary.
10. What if the lender loses money due to multiple CCJs?
The platform may compensate lenders for losses on a case-by-case basis by buying out CCJs at a reduced rate.
11. Who pays the legal costs for court proceedings?
The lender pays the legal costs to initiate court proceedings, which are later recovered through CCJs.
12. How are interest rates set?
Interest rates are based on central bank rates, ranging from 5% to 12%.
13. Why is the URCASH platform unique?
The platform has low operational costs, enabling lower fees. Funds move directly between lenders and borrowers without incurring interest costs for the platform.
14. Can new residents with no credit history join the platform?
Yes, new residents with a UK mobile number, home address, and bank account can join with a default credit limit.
15. Will assets in other countries affect lending limits?
Yes, assets such as shares, fixed deposits, ETFs, and other easily liquidatable items can be considered for higher limits.
16. Do you provide limits to farmers?
Yes, limits are based on the type and number of farm animals.
17. Can someone act as a guarantor for higher limits?
No, guarantors are not allowed, but family members' transactions can be included to establish creditworthiness.
18. Are lender details exposed?
No, lender details are not shared with borrowers. Only borrower details are visible to lenders.
19. Can financial institutions, councils, or charities lend to vulnerable individuals?
Yes, the platform allows anyone to lend, but accounts undergo manual validation.
20. How much is a lender exposed to a single borrower?
The maximum exposure per borrower is £5,000.
21. How far in advance can a loan be requested?
Loans can be requested up to 90 days in advance, with repayment spanning 24 months from the loan date.
22. How does the lender assess borrower risk?
The platform displays borrower details such as age, employment, dependents, and transactions. Lenders may conduct additional inquiries.
23. What happens to loans if a borrower moves to another region?
The borrower must settle existing loans before creating a new account in the new region.
24. Are lending agreements stored, and can users access them?
Yes, agreements are emailed and stored in the database for retrieval and archiving.
25. How long is data retained?
Data is retained for seven years as per legal requirements and archived for performance efficiency.
26. Can borrowers submit multiple loan applications?
Yes, borrowers can submit multiple applications for different amounts and terms within their limits.
27. Can borrowers submit multiple applications with identical terms?
No, duplicate applications with the same terms are not allowed.
28. What happens if a lender is unavailable to process a loan?
The loan is reassigned to another lender when available.
29. Can a user be both a lender and borrower simultaneously?
Yes, users can act as both a borrower and lender.
30. Can users have accounts in multiple countries?
Yes, users can have accounts in different countries if registered with separate devices and bank accounts.
31. How secure is the platform?
The platform employs bank-level security, data encryption, and audits adhering to SOC2, NIST, and PCI-DSS standards.
32. Where are the platform's servers and data located?
All resources are hosted in their respective jurisdictions, ensuring compliance with data regulations.
33. Is lending via the platform FSCS-protected?
No, the platform does not provide guarantees or FSCS protection for lending.
34. How is communication handled?
Communication is enabled only between users and the platform for support. Borrowers and lenders cannot communicate directly.