Lendwithcare operates as a crowdfunding platform, where thousands of lenders come together each month to collectively fund the various loan requests featured on the website.
Thanks to this system and the large community of active Lendwithcare lenders, we typically see strong lending activity across all profiles, with loans being fully funded anywhere between a few minutes to a few weeks. It is very unusual for a loan to remain unfunded beyond this timeframe but if we do find a loan is struggling to get fully funded, we actively promote it through social media and email, which usually results in the loan being fully funded quickly.
However, if the time between us receiving the loan request and it reaching its funding goal becomes too long (typically beyond two months of active fundraising), here’s what would happen:
- For Lenders: Each lender that contributed towards this loan would be notified by email that the loan request had been cancelled. They would have their contribution refunded in full into their Lendwithcare account, which can then be used to support another entrepreneur.
- For Entrepreneurs: Some loans are initially disbursed to entrepreneurs by our local partners before being uploaded to the Lendwithcare website. When the loan is funded, it then frees up the capital originally lent to their client, allowing them to support another entrepreneur. Our local development partners understand the small risk involved; if a loan is not fully funded, they will not receive the funds from Lendwithcare to re-lend that money to someone else.
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