This website is an "Online Peer to Peer Borrowing & Lending Marketplace for Unsecured Personal Loans". It is where people who wish to borrow money, "Borrowers", are matched with those who wish to lend money in order to earn interest, "Lenders".

Using the combination of a sophisticated online ID authentication service, credit checks and bespoke credit scoring models, we carefully verify the ID, the creditworthiness and the credit reference of the Borrower. We analyse the available data and allocate a credit score. Our credit risk decision engine then decides whether the Borrower is an acceptable credit risk.

The Lenders themselves decide what level of risk they are prepared to accept. They allocate their funds in small chunks over many loans and across multiple Risk Grades and terms. Loans are automatically matched with Lenders' money by comparing the Borrower’s loan details, such as amount and term, and Risk Grade to the Lenders’ Lending Preferences. If the two are compatible, then a match is made!

This site is managed to effect such transactions for both Lenders and Borrowers in an easy, fair and safe environment for the user participants.

Firstly, we aim to have the lowest default rates in the unsecured Peer to Peer borrowing and lending industry in the Caribbean. We will achieve this by implementing stringent Borrower verification checks, creditworthiness tests and affordability assessments before a loan request is approved and funded.

Secondly, we have implemented a Reserve Fund. The Reserve Fund is used to compensate Lenders if there are late or missed repayments, arrears or even defaults by Borrowers. The ultimate objective of the Reserve Fund is to ensure that Lenders receive all the principal and interest repayments that they are expecting. This ensures that Lenders view this site as a safe place for their savings. This directly benefits Borrowers as there will be more Lenders, and hence more Lenders' money available for Borrowers!

The Reserve Fund is built up from contributions made by every Borrower at the time they take their loan. If a Borrower defaults, the Fund will usually repay the Lenders but reserves the right not to. If the claim is paid, you will be repaid. 

Whilst we will continually assess the fund to ensure it is sufficient, please note that the Reserve Fund is not an insurance product, is not enforceable and does not guarantee that the funds available in the Reserve Fund will cover every default. Whenever you lend money or invest, your capital is at risk, but with our multilayered risk management approach, we aim to minimize that risk.

In addition to the Reserve Fund, we have taken out Third Party Insurance to cover for the most common forms of default. This insurance will cover unforeseen Borrower default due to total and permanent disability, critical illness or death.

This website is owned and managed by the team at Carilend Ltd who together have over 150 years of business experience, particularly in financial services and widely across the Caribbean. 

For more information, please read about how we Manage Risks.

You can rest assured that your money will be safe!

It costs nothing to register as a Borrower or Lender.

Borrowers will pay interest on the amount of money they borrow based on their individual credit score and how long they want to pay back their loan. The more creditworthy they are, the lower the rate. In addition to interest, we charge a fee to cover:

1. The costs of the necessary regulatory and other functions (ID verification, credit referencing, risk decision processing, anti-money laundering, etc.).
2. A contribution to the Reserve Fund, which helps to protect Lenders against loan defaults.
3. Insurance against common causes for default, such as critical illness, permanent disability and death.

For more details on how the cost of your loan is calculated, please see Peer to Peer Personal Loans.

There are no fees for Lenders! If you leave your money invested in the loans until they are fully repaid, there are no fees. The only time we would charge you a fee is if you want your money back early before the loan is fully repaid. Then we would charge a small fee for matching your loans to other Lenders in order to get your money back to you.

For more details on this, see Enhance Your Returns.

Loan requests are created by the Borrowers and summarise the borrowing requirements, such as the loan amount, term and purpose, and financial details of the Borrowers, including monthly income and expenses and existing loans. The loan request is then scrutinised and checked in detail by us. We perform various credit and other reference checks, and we verify Borrowers' ID and income. Following these rigorous validations, the credit decision engine assigns a credit score and Risk Grade to the loan request, which ultimately lead to the accept or decline decision. At Carilend, we take our responsibility seriously, and we will not approve a loan request unless we are confident that the Borrower can afford it, based on the information provided.

After a loan request is approved, loans are automatically matched with Lenders' money by comparing the Borrower’s loan details, such as amount and term, and Risk Grade to the Lenders’ Lending Preferences. If the two are compatible, then a match is made! 

When the total of matched Lenders' commitments equal the amount of the loan required, the loan is fully funded. The loan offer with all the terms, including amount, interest rate and monthly payment amounts, is then sent to the Borrower for acceptance.

Carilend facilitates the matching of Borrowers’ loan requests to Lenders' money using our automated system. Loans are automatically matched with Lenders' money by comparing the Borrower’s loan details, such as amount and term, and Risk Grade to the Lenders’ Lending Preferences. If the two are compatible, then a match is made!

For more information on how Lenders' select their Lending Preferences, please see Flexible Investing.

Our system will assign each Borrower a credit score, based upon the information provided in the application. The credit score will be used to allocate a Risk Grade. These grades are a guide to the relative creditworthiness, affordability and stability of each Borrower, and they are used to assign a risk-adjusted interest rate to the loan. 

For more information on credit ratings, please see Flexible Investing.

The Reserve Fund is used to compensate Lenders if there are late or missed repayments, arrears or even defaults by Borrowers. The ultimate objective of the Reserve Fund is to ensure that Lenders receive all the principal and interest repayments that they are expecting. This ensures that Lenders view this site as a safe place for their savings. This directly benefits Borrowers as there will be more Lenders, and hence more Lenders' money available for Borrowers!

The Reserve Fund is built up from contributions made by every Borrower at the time they take their loan. If a Borrower defaults, the Fund will usually repay the Lenders but reserves the right not to. If the claim is paid, you will be repaid. 

Whilst we will continually assess the fund to ensure it is sufficient, please note that the Reserve Fund is not an insurance product, is not enforceable and does not guarantee that the funds available in the Reserve Fund will cover every default. Whenever you lend money or invest, your capital is at risk, but with our multilayered risk management approach, we aim to minimize that risk.

For more information about the Reserve Fund, please click here.

The link from that email may have expired. You can have the email resent by going to the Carilend website and logging in using the Username and Password that you signed up with. This will cause the email to be resent and you can use the link in the new email to confirm your email address.

If the link is not clickable, you can copy and paste the link into a new internet browser. 

If neither of these solutions work, please contact the Carilend Team at info@carilend.com.

We aim to operate at the highest standards for Lenders and Borrowers. While there are currently no specific regulations covering Peer to Peer lending in the Carilend Ltd countries of operation, Carilend Ltd has chosen to operate under the required UK standards, as if Carilend Ltd was operating in the UK under Financial Conduct Authority Regulation. These standards are widely regarded as the most progressive and advanced regulatory standards worldwide, and they are being modeled by many other global regulators. Carilend Ltd intends to operate under any relevant and governing regulatory standards which are legislated and adopted in its countries of operation.

In the UK, there is a trade organisation called the Peer-to-Peer Finance Association ("P2PFA") which has drawn up Rules and Operating Procedures for companies operating in this marketplace. Carilend Ltd has voluntarily chosen to adopt the UK P2PFA Operating Procedures in its business as a recognised standard of best practice in the industry.

Carilend Ltd’s company registration number is 40546, and the registered office is located at One Welches Plaza, Welches, St. Thomas, BB22025, Barbados.

Employees of Carilend Ltd may use this site for lending or borrowing on exactly the same basis as any other user. Directors of Carilend Ltd may not borrow on the site, but they may lend, again, on exactly the same basis as any other user.

We will never disclose any personal data, other than what is required for the correct running of the site. Full details of what information we require for you to become a Lender or Borrower, how we use that information and what will be made available to other members or third parties are all set out in the Terms & Conditions that users confirm agreement to upon registration.

Our Privacy Policy is set out in the Privacy Policy section of the Terms & Conditions.

You can rest assured that your personal data will be safe and secure with us, and we will protect your privacy.

On this site, there is no identifying data available to anyone. For Borrowers and Lenders, only usernames are seen by others, and if created correctly, it is not possible to identify any particular person from such data.

There are extensive facilities for managing your borrowing and lending. Below is a summary of the facilities:

General Account - Describes in detail the flow of money in and out of your account; states your current balance; similar to any other bank statement 

Borrowing Account - Contains all information about your loans, such as: actions required, active loan requests, current loans details, declined and rejected loan requests, Lender contracts, repayment plans, instalment history, individual loan accounts and direct debit repayments scheduled

Lending Account - Contains all information about your lending, such as how much you have available to lend and how much has already been lent out; describes the sources and uses of funds, the amount that has been repaid, the interest earned, fees deducted and not yet deducted and amount in processing

Loan Book - Provides a summary of your involvement in past and present loans; lists all loan details, including amount, term, interest rate, Borrower and loan status (ok, late, arrears, default)

As you continue to borrow and lend, you will receive confirmation emails for all your actions, such as document verification, loan approvals, loan acceptance or rejection, late payments or deposits processed. You can customise which optional confirmation emails you wish to receive by using the Email Preferences tab on your Carilend account.

For Borrowers, there are no taxation effects, but for Lenders, there may be taxation effects depending on your location.

For a Lender lending in Barbados as an investment activity, as opposed to a business, we will deduct Withholding Tax from the gross amount of interest earned and make payment as required to the Barbados Revenue Authority.

At the end of the tax year, you will be able to download an annual interest income statement. This will show the total gross interest you've received over the tax year and the withholding tax deductions we’ve made and paid on your behalf.

If you wish to register a complaint, you should send an email, containing your name or username and brief details of your complaint, to info@carilend.com. Our Customer Service Team will normally acknowledge your email with an email by close of business the following business day. The detailed process for handling complaints is set out in our Website Terms of Use.