Uniqfund will use its operation fund and capital to pay all funders when any loan default occurred.
In addition, Uniqfund is currently arranging a MAS licensed trustee to mortgage a property with a total of $5.6M market value. In the unlikely event that Uniqfund is unable to repay the funders with its own fund, the trustee shall trigger the enforcement process. If the outcome of the enforcement process is not satisfactory, the trustee shall dispose the property and apply the proceeds toward repayment of all default loans.
As of 9 June 2016, the total outstanding loan is about $460,000.
The Uniqfund Loan Process
The approved loan will be published online so registered funders can fund.
During the crowdfunding period (about 5 days), registered funders can:
Login to confirm the amount they wish to fund.
Transfer the amount from their bank account to the Uniqfund account within 24 hours.
If the target loan amount is fully funded before the end of the crowdfunding period, the borrower will sign the promissory note and receive the funds. (Otherwise, we will transfer the funds back to the funders’ bank accounts).
Funders can see their funding status online.
The borrower makes repayments according to the agreed schedule.
Funders receive their principal and interests within 3 working days after the maturity date.
Getting Started for Funders
Register a login account with your email address.
Follow the instructions in the email to create your password.
Enter your mobile number for immediate verification.
Enter your bank account info and upload a scanned copy of your National Registration Identity Card for our verification.
Once we’ve verified your Identity Card within 1-2 working days, you’re ready to fund!
Getting Started for Businesses
Submit your email and mobile phone number for verification.
Fill out a one-page form on our website.
Our credit assessors will process your application immediately.
We will notify you of the outcome within 5 business days, after receiving all supporting documents.
If you accept the interest rate we offer, you’re ready to crowdfund!
What Happens if a Loan is Defaulted?
We transfer 100% of the funders’ principal and all earned interest to the funders immediately.
We takes over the promissory note from the funders and proceed to recover the outstanding amount from the business.
In the unlikely event that we are unable to repay within 90 days, the trustee will dispose the property and apply the proceeds toward the debt.