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.

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.