Symplifi loan app review
Do you have one of those uncles or family members living in the U.K that whenever you ask them for financial support always say things are tight? Well, here’s Symlifi loan app with a solution for you that you probably haven’t yet thought of.
Most of us in Nigeria often assume everyone living abroad are swimming in money. And why won’t we? They are living in much better organized societies with much more opportunities. Instead of asking such family and friends for money, have you ever thought of asking them to transfer some of those opportunities back home?
What is SympliFi?
SympliFi is a mobile App that enables individuals living in the U.K to provide their loved ones back home in Nigeria with access to loans for their businesses, instead of sending money. The idea is simple but genius, your relative living in the U.K puts a refundable amount in the app, say $500 to stand as a guarantor for you to get a business loan starting from N250,000 for your productive uses here in Nigeria. One you repay your loan, your relative in the U.K gets back their $500 and thus, all shall prosper!
This app eliminates the need of using property as collateral and also eliminates the burden of begging people abroad for money, who might not be as financially buoyant as most of us often assume.
How does Symplifi works?
- The process is pretty basic, after a prospective borrower submits a loan request on the app with one of their lending partners
- The person abroad backing the loan receives a confirmation message before the loan request can be processed
- After confirmation is received from the person abroad, if they are a first time customer they will receive a link to download the SympliFi App and top up their SympliFi wallet for the amount of the refundable collateral required to back the loan
- The collateral is securely held in your SympliFi wallet for the duration of the loan. It doesn’t move.
- The bank contacts the borrower to disburse the loan; the person abroad starts earning cashback on the collateral in their wallet
- When the loan is repaid in full the collateral is released back to the guarantor, plus the cashback earned; in the event of default, any amount owed to the bank is deducted from the collateral.
How do I apply for a Symplifi loan in Nigeria?
To get started, head over to the Google Play Store iOS store to download the Symplifi loan app. Once you download the app, you should also encourage your guarantor to create a wallet.
FAQs
What are the benefits of the service?
Keep your money. No money sent, no money spent. The collateral securely stays in your wallet. When the loan is repaid, you’re free to move the money. No fees, no FX costs.
Earn cash back. Earn 1% or more cash back on your collateral whenever your loved one accesses a loan.
Unlimited access to loans. Your borrower has access to unlimited loans, anytime they need cash – with just one collateral.
Who issues the loan to the borrower?
They work with regulated lending partners in the home country that partner with SympliFi to extend loans to your loved ones. The lender performs a quick credit check on the borrower prior to disbursement. The borrower is responsible for repaying the lender directly. If the borrower does not repay, the lender will make best efforts to collect from the borrower before they can request the collateral.
Does Symplifi have any fees?
There are no fees, there are no FX costs whatsoever. Unlike money transfer companies, they generate revenue from their lending partners. As with any loan, the borrower back home will pay interest and standard processing fees to the bank issuing the loan.
Is Symplifi Legit?
Symplifi is safe and legit. They are a British company based in London. Though they do not disburse funds to borrowers, they thoroughly vet their lending partners. Their office is located at Unit 6 Queens Yard White Post Lane,
London E9 5EN
Simplifi Financial Solutions Ltd Company Number 10872479 from the Registrar of Companies for England and Wales.
Payment and e-wallet services provided by Rapyd (trading name CashDash UK Limited) authorised and regulated by the UK Financial Conduct Authority as an eMoney Institute (EMI) with license number 900769.
Who owns Symplifi
The company was co-founded in 2019 by Maurice Iwunze and Gregoire Lecomte. Maurice Iwunze currently serves as the CEO of Symplifi.
