Peer to peer lending in a nutshell is a process of matching lenders to borrowers. It allows people with extra money in their Easypay accounts to lend money for a commission. Interest is earned per borrow.
It also allows for borrowers to get money they can use to pay bills, send out to mobile money, pay for goods and so much more.
What is ‘Peer-To-Peer Lending (P2P)’?
Peer-to-peer lending (P2P) is a method of debt financing that enables individuals to borrow and lend money – without the use of an official financial institution as an intermediary. Peer-to-peer lending removes the middleman from the process.
It is also known as “social lending”. source investopedia
EasyLend – Lend Money
The EasyLend feature allows you to lend money to other Easypay Users for an interest. Once Money is added lent, it cannot be withdrawn for thirty days.
Interest or Commission is earned per borrow. Commission settlement can vary depending on the borrower and his settlement period. The most common scenario is 24hrs from when money was borrowed.
The commission settlements are mostly performed at midnight. Commissions also vary depending on whether a merchant borrows from you or a standard user.
How do i view and withdraw my commissions?
Any easypay user can lend money.
EasyBorrow – Borrow Money
For all methods of topping up your wallet, check How do i topup / refill my account?
The EasyBorrow feature allows you to borrow money to pay for bills when stranded or out of cash. The more you use this feature the more it unlocks the amounts it can disburse to you. It should be noted that merchants and standard users get different tiers.
To access the EasyBorrow or Easylend feature in Easypay App;
As a standard user, you have to have transacted at least (eg in Uganda UGX 10,000). The Merchant has to have transacted at least UGX 1,000,000. The transaction considered here is total amount in paying bills.