Borrower FAQs

Q. What information do I need to provide to apply for a Biztech Loan?

A. Borrower should be a resident of Jamaica and above 18 years of age. He/She should have a valid Bank Account and a Valid Tax Registration Number. Also he/ she needs to complete the loan application form. The loan application requires some personal information (such as your address, income and Tax Registration Number). Borrower should also provide a copy of his/ her credit score ( optional in some cases ) and submit the relevant documents in regards to income, expense, residential address, permanent address etc. These documents can only be accepted through an upload to our website. Please refer to the section, “Getting Started” for borrowers for further details.

Q. Why do you need my Tax Registration Number?

A. To verify your identity, we need personal information such as your TRN. See our Privacy Policy for more details.

Q. What if I am not working, can I still get a loan ?

A. If you are not working you can get someone else to take out the loan for you because you must have a source of income to repay the loans. In some instance we may make exceptions but you must be able to proof how you will repay the loan.

Q. Who can be a co-borrower ?

A. A co-borrower can be any person who agrees to part of the loan agreement along with the borrower. The co-borrower will have rights and obligations similar to that of the borrower. Though it is optional to have a co-borrower, it is generally recommended by Biztech to have a co-borrower as it may result in better interest rates, higher borrowing limit and better credit profile.

Q. What are the benefits of having a co-borrower?

A. A co-borrower who fulfills Biztech’s eligibility criteria is likely to help the borrower in getting lower interest rates and higher credit limit. If the co-borrower meets Biztech’s eligibility criteria, the borrower may get a better Biztech Score and hence, a lower Biztech Recommended Interest Rate which may help him / her get the loan funded at lower rates.

Q. How much can I borrow at Biztech and how much will the loan cost?

A. All of this depends on your individual circumstance. A first time borrower can borrow from $3,000 up to $40,000 for personal loans. Repeat borrowers who qualify can borrow more for personal loans. Please note that the loan amount should be in multiple of $500. You’ll be able to see available loan amounts, durations and pricing before submitting your Loan Request.

Q. How long will I have to pay it back?

A. A borrower can borrow for within 1 or up to 3 Months. The exact duration within the given timeline criteria is dependent on the mutual agreement of duration between both the borrowers and lenders.

Q. How should I choose my loan amount?

A. You can set your loan amount by typing/ entering the amount in numerical values. Please note that the loan amount has to be in multiples of $500. The minimum loan amount you can request is $3000. You can also choose the length of the loan by adjusting the loan bar menu up and down. Once that’s done, select the "Submit"button.

Q. How should I choose the loan length?

A. Select a repayment date that works best for you. We suggest choosing a pay date.

Q. Why do you need my income information or payslips?

A. The laws and our eligibility requirements require us to receive documentation that verifies your income. We can only accept this documentation through an upload to our website.

Q. What kind of bank account is required to apply for a loan?

A. To apply for a Biztech Loan, you’ll need to have a Bank account that accepts ACH transfers. Unfortunately, prepaid debit cards accounts cannot be used.

Q. Can I use a bank account that’s already being used by a different Biztech customer?

A. For security purposes, our system won’t allow that (even if the other person has a Biztech account but has never actually borrowed from us). If you’re receiving an error message that the banking information you’re entering is already in our system, you’ll need to provide a different account.

Q. Why was listing of a loan declined?

A. Listing of a loan may be declined by Biztech due to several reasons which include, deficiency / inconsistency found in the data and/or documents received, misrepresentation or weak credit profile etc. Please contact your Customer Relationship Manager for further details, however, it may be noted that Biztech is not obliged to provide reasons for rejecting a loan.

Q. How do I know if you have received all my required documents ?

A. Once application form is submitted you’ll receive an automatic response stating loan application has been submitted.

Q. Can a single borrower apply for multiple loans?

A. No, one borrower can apply for only one loan at a time and can have only one active loan, either under consideration or already funded. Once a loan has been repaid completely, the borrower can apply for a new loan.

Q. Can an individual be both a borrower and an investor at the same time?

A. Currently, a member can be either a borrower or an investor at a point in time. Once a loan is repaid, a borrower can become an investor. Similarly, an investor can start borrowing once he / she has been repaid for all his / her investments.

Q. Can a non-individual borrow at Biztech?

A. No, a non-individual cannot borrow at Biztech.

Q. In case borrower has defaulted on loan payments, or banks / financial institutions have rejected the loan application, can the borrower still apply to borrow at Biztech?

A. Yes, borrower can still apply at Biztech as we believe that banks / financial institutions do not have adequate resources to analyze each loan properly. However, please note that Biztech has its own proprietary Credit Score Model based on which eligibility is calculated. As historical financial behavior is given a large weight in this model, any past default / late payment will weaken the credit profile. We would also suggest a borrower to explain detailed circumstances to our Risk Management and underwriting team and provide supporting documents for better assessment.

Q. What is the interest rate ?

A. The Interest rate for loans varies according to the Biztech rating category that the borrower is categorized under.

Q. What is Biztech Rating ?

A. Biztech categorizes each of the borrowers in one of the six categories from A – F, A being the category with the strongest credit profile and F being the weakest. The Biztech Risk Category is assigned based on Biztech proprietary Credit Score Model which is driven by 30+ parameters such credit score from institutions such as Third Party Institutions, borrowers' socio-economic factors, financial behavior etc. This rating is visible to the borrowers as well as the investors.

Q. What is an Biztech Recommended Interest Rate?

A. An Biztech Recommended Interest Rate is ‘risk adjusted interest rate’ based on the Biztech Rating and is calculated for each of the borrowers by our Risk Management and underwriting team. A borrower can borrow at an interest rate which is higher than or equal to this rate. This rate is visible to all the borrowers and the investors.

Q. How is the initial interest rate set?

A. At the time of listing a loan, a borrower can set any interest rate equal to or above the Biztech Recommended Interest Rate. However, if the borrower does not accept the Biztech Recommended Interest Rate, Biztech will refund all the fees (except the fee for borrower registration / creating borrower account), if any, as per Terms & Conditions. The borrower can then increase this interest rate during the period of listing to attract more investors.

Q. Can a borrower change the interest rate set initially?

A. Yes. Once loan is listed, the borrower can increase the interest rate to attract more investors. However, please note that the revised interest rates will also be applicable to existing investors in that loan once a new investor has started contract. This is in line with our principal, ‘one borrower, one interest rate’ and we believe that this also leads to market based true discovery of borrower’s credit.

Q. How do I access the application form ?

A. Once you sign in there will be a pop up alert. Click complete application form and it will then take you to the application form section for you to fill out and submit the relevant details and information..

Q. Once the application form is completed how soon will I Know if I got through ?

You will know the status of your loan as soon as possible. You’ll receive a email, sms or message notification from your online account updating you on your loan status.

Q. Why is my phone number not being accepted?

A. For security reasons, our system will not allow multiple accounts to use the same contact information. If you have another number (either landline or cellphone) that you can use, please log in to your dashboard to update your phone number and complete the verification process.

Q. Why is my Tax Registration Number not being accepted?

You may already be registered in our system under a different email address, and for security reasons, our system will not allow multiple accounts to use the same personal information. The earlier account may have been created with Biztech directly or through one of our partners. If you don’t remember which email address you used previously, please search your inboxes for a welcome email from Biztechp2p.com and log in using that email address to view your most recent application status online.

Q. I did not receive my email verification. What do I do?

A. The email verification is in the first Biztech email you receive; the subject line reads “Biztech: Activate Your New Account.” If you don’t see it, please check your email spam or junk folder. If you still can’t find it, please get in touch using the Contact Us form and we’ll assist you.

Q. I did not receive my phone verification. What do I do?

A. Please request a code again by clicking the button that says “Call with Code”. Your phone should ring within seconds, and when you answer, your code will be read to you. You have the option to edit your phone number at this step. We cannot email or text your phone verification code.

Q. I repaid my Biztech Loan and would like another one, but my dashboard indicates I still have to wait a few more days. Why?

A. Once you’ve repaid your last loan and the funds have been debited from your account, there’s a required waiting period of four business days before you can apply for another loan. This gives your bank time to notify us of the transaction status.

Q. I was approved for a loan but never received the money because my bank account information is wrong. What now?

A. You should receive an email from us within a few days saying that, due to incorrect information, we were unable to deposit loan funds into your bank account. Unfortunately, since we can’t make any modifications to the banking information you provided at this point, your loan can’t be completed. We’ll email you when you're eligible to reapply.

Q. Why was I declined for a loan?

A. To view additional information about this decision, please log in to your dashboard.

Q. What information can be viewed about a borrower?

A. Once a borrower has registered at Biztech, his / her entire profile can be viewed by all registered investors and borrowers in the format set by Biztech. However, contact information such as address or phone number will not be displayed in this profile.

Q. Can a borrower change the loan amount after applying?

A. Yes, a borrower can change the loan amount BEFORE receiving any interest from any investor. He / she can write to customer support from registered email address. However, please note that the loan amount is decided after detailed discussion with the Risk Management and Underwriting Team. As the loan amount is one of the components of Biztech propriety Credit Score Model, the loan will have to go to the Risk Management and Underwriting Team again in case of any change. In such a case, the borrower will be required to pay an additional $500 as convenience fee.

Q. How can a Borrower change bank account details?

A. After registration a borrower can change the bank account details by contacting Biztech and payment of $1000 as convenience fee. However, if the Loan Agreement has been signed, change in account will also be subject to the Loan Agreement.

Q. Can a borrower withdraw the loan request?

A. Yes, a borrower can withdraw the loan request BEFORE receiving any interest from any investor. He / she can write to Customer Support from the registered email address.

Q. How long does it take to find investors?

A. This primarily depends on investors interest in the loan. A borrower may increase the interest rate to make the loan more attractive to investors in terms of risks adjusted returns.

Q. Can a borrower’s loan be removed even after getting commitments from the investors?

A. Under normal circumstances, this should not be removed. However, if at any stage, it is found that any information was misrepresented or false, the loan will be cancelled. In addition, a heavy penalty may be imposed on the borrower including being permanently barred from accessing Biztech and conducting any new transaction at Biztech.

Q. What is a Loan Agreement and why is it important?

A. Loan Agreement is a legally binding and enforceable document between the borrower and the investors. It clearly outlines the recourse for all possible events as envisaged by Biztech. The events include, investors not funding the loan, delay in repayment, defaults etc. The agreement is signed after paying requisite stamp duty to make it legally enforceable. Each party is bound by it.

Q. When does the money get transferred to a borrower's account?

A. Once a loan is closed by the borrower, the requisite documents have been collected, the verification process has been successfully completed and the Loan Agreement has been signed, the investors are obligated to transfer the money within the next working day.

Q. What if one or some of the investors renege on the obligation to fund the loan?

A. While Biztech takes all care to have strong and committed investors to fund the loans, at times due to some unseen circumstances an investor may renege on the obligation to discharge the commitment to fund the loan. In that case, Biztech may impose severe penalty on that investor including barring him / her from any conducting any further activity on the portal. Also, Biztech puts all possible effort to rope in other investors to fund the remaining amount.

Q. How do I check my loan balance and due date?

A. Please log in to your dashboard to view your loan details. You can also check your email to view the emails Biztech sends out showing repayment schedule, repayments made thus far and amount due.

Q. How is repayment schedule calculated?

Repayment schedule is mutually agreed by borrowers and lenders as per loan agreement.

Q. What are the modes of repayment?

A. A borrower can make all the payment by Salary Deduction, Authorized withdrawals, cheque, or any other method of payment as mentioned in the Loan Agreement. Borrower has the option to opt for auto deduction of the amount from his bank account to Repayment Account. Every period the due amount will be deducted automatically from borrower’s account.

Q. Can I pay back my loan earlier than the due date?

A. Yes, a borrower can choose to prepay the loan fully or partially and as many times as he / she wishes as per the options available at Biztech. No prepayment penalty will be levied on the borrower for any early repayment. You can submit an early payment up to midnight the day before your payment is due.

Q. I can’t make my loan payment on time. What are my options?

• Single-payment loans
  • Extend your loan: log in to your Biztech account. If you see an Extend button on your dashboard, you can extend the duration of your loan. This must be done no later than noon the business day before your due date. If you have already extended to the maximum duration (or do not see an Extend button), please get in touch using the Contact Us Form for other available options.
  • Enter into a payment plan: log in to your Biztech account. If you have a Payment Plan button on your dashboard, you can enter into a plan, there is no penalty fee. This must be done no later than noon the business day before your due date. If you do not see the Payment Plan button, please get in touch using the Contact Us Form for other available options.
• Installment loans
  • Modifications to payment schedule, such as extensions and payment plans, may be available for installment loans. If you cannot make your scheduled payment, please get in touch using the Contact Us Form .

Q. What happens in case of delay in repayment by the borrowers?

A. In case of delay (i.e. missing the due date as per repayment schedule mentioned in the Loan Agreement) in repayment, additional interest as mentioned in the loan agreement will be imposed on the borrower which will be payable to the investor(s). Please refer to the Loan Agreement for details.

Q. If I pay off my overdue loan, can I get another Biztech Loan?

A. Once you pay back your Biztech Loan, you are eligible to apply for another loan with us.

Q. Will paying late affect my credit score?

A. Some installment loans are credit-reporting and late payments may negatively affect your score. Prime loans will be automatically reported to the credit bureaus.

Q. What happens if I can’t pay back my loan?

A. If you’re having trouble, we’d like to help. Please Contact Us regarding a possible extension. In case of default, Biztech will facilitate collections and recovery through empaneled agencies. Investor(s) may also proceed with legal proceedings on their own.

Q. What happens to the loan in case of closure of Biztech due to any reasons?

A. The loan is between the borrower and the lenders and hence, it will stand as it is. There will be no impact on it.

Q. I forgot my password. What do I do?

A. Click forget password and follow the instructions there to reset it.

Q. How do I update my email address?

A. Please log in using the email address you used to open your Biztech account, and then use the Contact Us Form to send us your new email address. We’ll be happy to update your records.

Q. How do I update my phone number?

A. Please log in to your account and then use the Contact Us Form to send us your new phone number. After we call that number to verify it’s valid, we’ll update your account accordingly. For security purposes, you cannot use a phone number that’s already associated with another Biztech account.

Q. How do I update my mailing address?

• If you’re a new customer who has not yet completed an application, please email us a utility bill from the last 30 days to update your address.
• If you currently have a loan out with us, you will need to wait until it’s paid. Then you can update your address through your dashboard.
• If you’ve had a successful loan with us in the past and don’t have one out now, you may update your address through your dashboard.

Q. Can I delete my Biztech account?

A. We are required by law to keep a record of all client information submitted as part of any Biztech loan application. However, rest assured that we safeguard customer information. For more information, please see our Privacy Policy.

Q. How do I change my bank account information if I’m a loan customer?

• First-time customer: If you’re a first-time applicant who included your bank account information as part of your loan application, you’ll need to update it over the phone with a rep from our Customer Insights team. Please request a callback at 876-781-6503.
• Current customer with an outstanding loan: Bank account updates must be done at least five business days before your next payment due date. Please request a callback at 876-781-6503; we must make your update over the phone.
• Current customer who’s in between loans: Please log in to your account and update the information on your dashboard.

Q. Can I use a bank account that’s already being used by a different Biztech customer?

A. For security reasons, our system won’t allow that (even if the other person has never actually borrowed from us). If you’re getting an error message that the banking information you’ve entered is already in our system, you’ll need to provide a different account.

Q. How can I contact Biztech?

A. Log in to your Biztech account and use the Contact Us Form

Q. Why is my Account taking forever to load ?

A. This could be due to a number of reasons mainly poor network connectivity. To solve this problem. Please ensure your wi fi connection is stable and signal is strong and then try to reload page in a new window or tab.

Q. Is Biztech a legitimate company?

A. Biztech is licensed to operate and conduct business. View Biztech information in the Companies Office Directory. Biztech does not share or sell customer information to third party marketers or spammers and our systems are protected with Encryption security. For more information, please view our Privacy Policy.

Is Biztech a scam?

A. No. We’re an online peer to peer lending business headquartered in Kingston, Jamaica. Unfortunately, scammers sometimes use the Biztech name and pretend to be us. If you’re contacted by anyone who says they’re from Biztech and asks for money to complete a loan transaction, it’s a scam. We never require money in advance. If you’re not sure who you’re talking to, please do not provide any information or money. Call us directly at 876-781-6503 or email us at info@biztechp2p.com.

Q. How do I know Biztech website is secure?

A. You can verify this by checking for a green padlock in the upper corner of your browser’s address bar (a picture of a padlock or the word "secure" on a webpage is not sufficient). You should also make sure the URL in the address bar starts with https (the "s" stands for “secure sockets layer,” meaning data is encrypted). These characteristics on a website mean all communication is encrypted and secure. In addition, note that the identity of Biztech in Kingston, Jamaica has been verified by COMODO Extended Validation Secure Server CA. For information see our Privacy Policy.

Q. I think that I may have been the victim of identity theft. What should I do?

A. Please reach out to us directly via email at info@biztechp2p.com and we’ll set up a time to speak with you to investigate your claim. In general, we recommend the following to help prevent future instances of scams, identity theft and/or fraudulent activity:

• Update your email addresses and passwords with other financial institutions and/or email providers - particularly if you used the same password across multiple sites
• Watch out for generic-looking requests for personal information
• Keep your antivirus and anti-malware software up to date
• Don't get pressured into providing sensitive information
• Never enter personal information in a pop-up screen
• Check your online accounts and bank statements regularly
• Check the accuracy of your credit report with the major credit bureau providers

Where is Biztech based?

A. We’re headquartered in Kingston, Jamaica

Q. Does Biztech help build credit?

A. Repayment history is one of many factors that helps determine your credit score. Biztech will keep this history for reporting purposes to the credit bureaus. Keep in mind that there are other alternatives for credit building such as secured credit cards or lines of credit.

Q. Why are Biztech Loans a better alternative to payday loans?

A. We provide a safe, transparent loan experience for people who need to borrow money easily. Biztech Loans are offered exclusively online and on your mobile device, so our service is convenient, fast and easy to use. With the Biztech Build up System, you can earn points that may lead to the ability to apply for loans at lower rates for longer periods of time. We also offer free financial education courses to learn about credit reports, how you can improve or repair credit scores and the essentials of saving.