1. What types of loans are available through Fund Me Wizly?
- Micro-loans for essential items like motorbikes, laptops, equipment, training, etc.
2. What items can I purchase with a Fund Me Wizly loan?
- Items directly related to your business or educational needs.
3. How much collateral do I need to provide?
- The partner bank determines the required collateral, ranging from 10% to 100% of the loan amount.
4. How long does it take to get approved for a loan?
- Typically, within 7 business days after the required collateral is collected.
5. What are the interest rates on Fund Me Wizly loans?
- Interest rates vary depending on the loan amount, repayment terms, and collateral provided.
6. How do I make loan repayments?
- You make monthly repayments directly to the partner bank according to the loan agreement.
7. What happens if I default on my loan?
- Defaulting on your loan can negatively impact your credit score and prevent you from accessing future loans.
8. Can I use Fund Me Wizly to access multiple loans?
- Yes, you can apply for multiple loans as long as you meet the eligibility criteria.
9. How do I track the progress of my loan collection?
- The platform provides real-time updates on the amount collected and the remaining time to reach your goal.
10. Can I choose which family and friends receive my loan request?
- You can choose specific individuals to receive your loan request or send it to your entire network.
11. How do I contribute to a loan request on Fund Me Wizly?
- You receive an automated request and can contribute through your preferred bank channel via the platform's secure billing system.
12. What are the different contribution options available?
- You can contribute as a gift (non-refundable) or a loan (repayable by the entrepreneur).
13. Can I contribute anonymously?
- Yes, you can choose to contribute anonymously if you prefer.
14. What happens if the loan is not fully funded?
- You receive a full refund minus a 5% administration fee if the target amount isn't reached within 60 days.
15. How do I receive updates on the loan repayment?
- The platform provides regular updates on the entrepreneur's repayment progress.
16. What are the risks involved in contributing to a loan?
- As with any loan, there's a risk that the entrepreneur may default, resulting in potential loss of your contribution.
17. Can I contribute to multiple loan requests?
- Yes, you can support multiple entrepreneurs by contributing to their loan requests.
18. How do I track the impact of my contributions?
- The platform provides information on how your contributions have helped entrepreneurs achieve their goals.
19. Is there a minimum or maximum contribution amount?
- The minimum and maximum contribution amounts vary depending on the loan request.
20. What are the fees associated with contributing to a loan?
- There are no fees for contributing to a loan as a gift. For loan contributions, a small processing fee may apply.
21. What is Fund Me Wizly and how does it work?
- Fund Me Wizly is a platform that helps entrepreneurs access micro-loans by leveraging their family and friends' bank collateral.
22. Who is eligible to use Fund Me Wizly?
- Students, young entrepreneurs, and women entrepreneurs with a viable business plan or educational need.
23. Is Fund Me Wizly a crowdfunding platform?
- No, Fund Me Wizly is not a crowdfunding platform. It focuses on leveraging family and friends' bank collateral for micro-loans.
24. Is Fund Me Wizly a registered financial institution?
- Fund Me Wizly partners with licensed financial institutions to provide loan services.
25. How does Fund Me Wizly ensure the security of my information?
- The platform uses secure encryption and adheres to industry-standard security protocols to protect user information.
26. What are the benefits of using Fund Me Wizly?
- Entrepreneurs gain access to essential financing, while family and friends can support their loved ones' success.
27. How can I contact Fund Me Wizly?
- You can contact Fund Me Wizly through our website, email, or social media channels.
28. Where can I find more information about Fund Me Wizly?
-Contact our customer support.
29. What are the future plans for Fund Me Wizly?
- Fund Me Wizly plans to expand its services to more countries and support a wider range of entrepreneurs.
30. How can I get involved with Fund Me Wizly?
- You can register as an entrepreneur, contribute to loan requests, or partner with Fund Me Wizly as an investor or financial institution.