Lender FAQs

Q. Who can become a Biztech Lender ?

A. Residents of Jamaica are eligible to apply to use the Service as a Investor. For other countries of residence, you are solely responsible for ensuring that your use of the Service does not breach any laws, regulations or rules in your country (including those relating to tax payable on any gross interest received). You must be at least 18 years old with a current account at a duly authorized financial institution that’s acceptable to Biztech. He / she should have a valid bank account and a valid PAN number.

Q. Can Lenders invest in more than one loans ?

A. Yes, a Lender can decide which loan to invest in and can invest in one loan or a combination of loans. They also determine how much to invest in each loan (minimum investment is $500).

Q. How do I invest ?

A. As an investor, you choose the credit grade and term of loans in which you want to invest and the maximum amount you wish to invest in any one loan when completing the Investment Agreement. Biztech takes care of the rest. Our allocation engine bids for loans on your behalf in accordance with your choices.

Q. Is there a minimum / maximum amount ?

A. In order to lend in the In Funding market, you will be required to make a deposit to your Biztech Client Account, the current minimum amount you can lend on a loan application is $500. You can fund a loan in multiples of $500. There is no maximum and Lenders can invest in whole or part loans. This can change in the future and our website will be updated with the new amount.

Q. How do Lenders contract with Biztech ?

A. Lenders are bound by the Biztech Lenders Agreement and are required to formally agree to the terms before they can access Loan Investments and invest via Biztech Lenders should read this document carefully and where necessary, take independent professional advice.

Q. For how long can an Investor invest ?

A. An investor can invest for a period of up to 3, 6 or 12 months etc. depending on the tenor of the loan. You can choose the Borrower according to the loan period that suits you.

Q. How do Borrowers contract with Lenders ?

A. Borrowers and Lenders will be required to sign direct Loan Contracts. Borrowers and Lenders should read this document carefully and where necessary, take independent professional advice.

Q. Can I access my money at any time ?

Once you have made an investment using the Biztech platform, your money will be locked in for the term of the loan; and Agreement. Any un-lent monies which are not committed to an active offer to lend can be withdrawn by requesting the funds from your account.

Q. Can I choose which loans I wish to invest in ?

A. Yes.

Q. Can a non-individual invest at Biztech ?

A. Yes, that can be done.

Q. Why does Biztech need to verify my details ?

A. In order to be compliant with the laws of the land and to prohibit any malpractices, Biztech conducts investor verification. We conduct a verification check of the data and documents provided by Lenders. In addition, we appraise each request to ensure that concerned Lender can afford to give out loans within the boundaries of statutory laws of Jamaica. We also make sure that Lenders do not use our platform to fund any prohibited actions or purposes.

Q. What information can be viewed about an investor ?

A. Once an investor has registered at Biztech, other registered investors and borrowers can see his / her profile in the format set by Biztech. However, contact information such as address or phone number will not be displayed in this profile.

Q. How and when is my loan interest paid ?

A. Loan interest is paid gross to Lenders from the Biztech Customer Funds Account on a monthly or quarterly basis, based on the Loan Contract and the marketplace. Each Lender is responsible for accounting for and paying any taxes due on such interest.

Q. What happens if Biztech dissolves ?

Biztech has made arrangements with a third party whereby it will take over the administration of the outstanding Loan Contracts in the event that Biztech is insolvent or ceases trading, to ensure that the Borrowers continue to make interest and capital payments as they fall due and the appropriate amounts are then distributed to the Lenders.

Q. Does Biztech Guarantee the loans ?

Biztech, does not guarantee the loans. We bring together and present all the information so that Lenders can decide which loans they wish to invest in, using their own judgement.

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 Investor?

A. If you’re a investor who included your bank account information as part of your Lender Sign Up, 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.

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 invested with 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. What is Biztech Auto - Invest?

A. Biztech Auto-Invest is a feature that helps you to automatically invest in loan listings without manually viewing and funding each loan. All you need to do is choose your lending criteria that will be applied each time loans get listed in the marketplace. If the loans match your criteria, your order will be placed.

Q. Why Biztech Auto - Invest?

A. With Biztech Auto - Invest you can setup your own lending criteria based on desired diversification & risk/ return expectations. You keep control and have the flexibility to change criteria any time. You can continue to manually fund loans while you are a user of Biztech Auto-Invest.

Q. Am I eligible for Auto - Invest?

A. Yes. Every Biztech lender is eligible for Auto - Invest.

Q. Can I fund loans manually after I enable Auto - Invest?

A. Yes. Being a Biztech Auto Invest user, you can continue to fund loans manually also.

Q. How safe is to investment at Biztech?

A. Biztech has placed stringent screening criteria for each loan to increase the safety of an investment. It collects various documents from the borrowers pertaining to their identity, address, income, credit rating etc. In addition, both the borrowers and the lenders are bound by legally enforceable Loan Agreement. During the process of signing the Loan Agreement, Biztech may also conduct physical verification of the borrower. With a strong process in place, we expect to have robust loans listed at Biztech. However, these loans are still subject to default risks. Hence, Biztech will also take services of reputed collection agencies to recover any default.

Q. How long does it take to find the borrowers?

A. This primarily depends on investor’s return vs. risk requirements. However, an investor may also change their interest rates in order for the loans to meet investor’s requirements.

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's proprietary risk scoring model which is driven by data from third party institutions, borrower's 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 borrower by our 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. What is a Loan Agreement and why is it important?

A. 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. This agreement is legally enforceable and each party is bound by it.

Q. Can an Investor cancel the commitment to fund a loan?

A. An investor can cancel the commitment only in case there is misrepresentation / fraud committed by a borrower. In no other case, an investor will be allowed to cancel the commitment. In case an investor does so, Biztech may impose severe penalty on that investor including barring him / her from conducting any new transaction on the portal.

Q. Can an investor lend to more than one borrower?

A. Yes, an investor can lend to multiple borrowers at a time.

Q. How can an investor increase the size of Wallet?

A. An investor can increase the Wallet size. Please note that Wallet size can be increased in the multiple of $500 only.

Q. Do I have the option to get repayment in my Biztech account with Biztech funding instead of my bank account?

A. Yes, Investors have the option to get repayments in Biztech Account which can be reinvested to grow money further. You will have to select this option or contact us to request this.

Q. What is the benefit of choosing repayment option in Biztech account?

A. You can maximize your returns by reinvesting the EMIs received every month. If the fund is available in your Biztech account then you will not have to transfer the funds from your bank account before the disbursal. Simply select the borrower for investment and funds will be transferred from your Biztech account to borrower after physical verification and documentation is done. Also, number of transactions to and from your bank will reduce considerably.

Q. Can I withdraw money from my Biztech Account, if I do not wish to invest in any borrower?

A. Yes, you can withdraw money from your Biztech account any time you want to. You will have to make a withdrawal request by logging into "Withdrawal" section or contacting us.

Q. How is repayment schedule calculated?

A. Depending on the type of loan product, repayment schedule is calculated based on reducing balance method and is part of the Loan Agreement. However, the first repayment installment may be different depending on the date of disbursal.

Q. Can an investor expect loan prepayment?

A. Yes, an investor can expect partial as well as full prepayment. No prepayment penalty will be imposed on the borrower in such a case.

Q. What happens in case of delay in repayment by 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 will be imposed on the borrower which will be payable to the investor(s). Please refer to the relevant Loan Agreement for details.

Q. What happens in case of default in repayment by borrowers?

A. In case of default, Biztech will facilitate the collections through empaneled agencies. Investor(s) may also proceed with legal proceedings on their own for which Biztech may provide requisite support if sought by the investor(s).

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. 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.

Q. 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

Q. Where is Biztech based?

A. We’re headquartered in Kingston, Jamaica

Q. How am I helping others achieve financial success? How will this benefit me?

A. Biztech provides a unique opportunity to help borrowers get loans at a better rate of interest and in the process help Lenders earn a higher interest rate than what they would if they kept their money idle. The process is mutually beneficial and is a win-win situation for both parties. However, please read the Terms and Condition to understand the risk involved.

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.

Q. What is Biztech?

A. Biztech is an online peer-to-peer lending marketplace with an aim to bring together screened borrowers and savvy lenders so that both can benefit financially.. We assist lenders to achieve better returns by creating their own loan portfolio of screened borrowers. We use technology to lower costs and deliver an incredible experience. This facilitates borrowers in getting competitive interest rates.

Q. Is Biztech a money lender?

A. Biztech is not a money lender and does not lend money. Biztech has created a peer-to-peer lending marketplace in which we connect screened borrowers to savvy lenders who are looking for a better returns compared to savings account and fixed deposits.

Q. Where can I find legal terms and policies?

A. At every stage of the online process, we display the legal terms and conditions which should be read carefully before making any decision.