FAQ’s & Answers

 

What is SympliFi?

SympliFi is an online platform that provides access to sustainable financial solutions for diaspora around the globe. We connect diaspora that are looking for long term financial solutions in their home country, either for self or family, to regulated financial services partners in their country that can provide the solution. Our platform enables a borderless transaction experience to ensure the transaction is completed seamlessly.


What services can I access on SympliFi?

Our first product is Access to Credit. We enable diaspora to secure a loan in their home country with a regulated lender in their country. The type of loans we provide access to are for productive uses, such as to start or grow a business back home, education financing, or healthcare services. To facilitate the transaction, the diaspora will have to guarantee the loan by providing a cash collateral, which we process. The diaspora can also help a family member in their home country get a loan by serving as a guarantor.

We will be launching new products in the near future such as insurance.


How does the Access to Credit product work?

If you want to apply for a loan for yourself:

  1. You complete the request form on our website - select ‘Get a loan’

  2. We connect you with a bank partner in your home country of your choosing or we can connect you with the best option

  3. The bank partner contacts you directly to complete the loan process

  4. We send you a secure link to process your guarantee collateral using your debit card; the funds are held in a U.K. custodian account

  5. Funds are disbursed

  6. If the loan is repaid in full the collateral is transferred back to you at no cost; in the event of default, any amount owed to the bank is secured from the guarantee collateral

If you want to guarantee a loan for a family member in your home country:

  1. You complete the request form on our website - select ‘Be a guarantor’

  2. We connect you with a bank partner in your home country of your choosing or we can connect you with the best option

  3. The bank partner contacts the borrower to complete the loan process

  4. We send you a secure link to process your guarantee collateral using your debit card; the funds are held in a U.K. custodian account

  5. Funds are disbursed to the borrower

  6. If the loan is repaid in full the collateral is transferred back to you at no cost; in the event of default, any amount owed to the bank is secured from the guarantee collateral

You can also have your family member contact or visit one of our bank partners in their country and ask for a SympliFi loan to initiate the process.

What are the benefits of the Access to Credit product?

There are many benefits:

  1. Our products are focused on helping build prosperity in the diaspora’s home country. Our Access to Credit product can help diaspora access local funding to launch a micro or SME business back home if they are looking to eventually return home, or to help fund an existing business.

  2. By gaining access to local funding for the business, the diaspora is building valuable credit history with a local bank that can provide stable access to additional capital to support the growth of the business long term.

  3. Our platform eliminates the traditional obstacles and high costs of funding a business back home. We provide a completely digital customer journey so you can secure the loan from the comfort of your home. You can apply online on our platform, complete the loan directly with a local bank, process your guarantee on our platform, and have the funds disbursed to you in your home country, without leaving your house or catching an expensive flight.

  4. You can help a family member back home start a small business or pay for school fees by serving as a guarantor, easily and in a matter of minutes.

  5. Our service is fee-free for diaspora users!


What is a guarantor?

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.

With SympliFi, a diaspora can act as their own guarantor for a loan in their home country.


How does SympliFi ensure the bank partners are accredited and safe to work with?

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.