Collateral Acquisition Process for Fund Me Wizly
1. Register: Download and Install our Collateralization App
2. Request Loan: They request a loan for a specific item (e.g., motorbike. solar pump, etc.) and let the partner bank defines the required collateral (10-100%).
3. Family & Friends Support: The platform automatically sends requests to the entrepreneur's family and friends (the beneficiary Is providing the list ), who can choose to contribute as a gift or loan.
4. Contribution Options: Participants can contribute anonymously or publicly and choose between gift or loan options.
5. Loan Approval: Once the required collateral is collected, the bank approves the loan within 7 business days and provides the item.
6. Repayment: Participants receive monthly notifications about the loan repayment. If the entrepreneur defaults, participants won't be reimbursed.
* No need to give: Participants provide a loan that the bank repays based on the entrepreneur's repayment.
* Transparency: Participants know exactly how their money is used.
* If the required amount isn't collected within 60 days, participants receive a refund minus a 5% administration fee.
* The platform keeps participants informed about the collected amount, remaining time, and amount needed.
* Fund Me Wizly is not a crowdfunding platform, but a tool for family and friends to support entrepreneurs.