Frequently asked questions

MONEYZEN is a peer-to-peer lending platform, which enables people to lend and borrow money to each other. The terms social lending and direct lending are used to describe the activity as well. The portal provides services to lenders (investors) as well as the borrowers.

The earned interest rates on the consumer loans are much higher than of the bank deposit. However, the risk of losing money is also higher compared to the bank deposit.

MONEYZEN is:

1. Simple, fast and flexible
Money moves fast in the financial portal and operations are simple and handy; you can choose the conditions most suitable for you.

2. Convenient
MONEYZEN is a web-based solution; you can perform all operations in a computer with secure internet connection.

3. Advisory
We approach your loan application personally and provide advice about getting the better loan terms.

MONEYZEN enables loans to 18-73 year-old persons, who have a regular monthly income and capability to fulfil their loan obligations in a timely manner. If your employment agreement contains a condition of probationary period, the probationary period must be completed to obtain credit. Loans are granted to borrowers who have diligent payment behaviour.

MONEYZEN is a peer-to-peer lending portal enabling direct lending between people. As a new and rapidly developing environment, it allows fast and flexible financial agreements without the assistance of unnecessary mediators.

MONEYZEN financial portal enables fast and simple applications of unsecured loans in the amount of 500 – 10 000 euro with a repayment period of 3 months – 3 years.

The loan period in the MONEYZEN financial portal is 3 months to 3 years (from three months to three years).

Applying for a loan is easy and convenient:

• Choose the loan amount and period you want.
• Select the suitable loan amount and period.
• The portal will search for the loan offer that best suits your needs.
• If the loan offer is suitable for you, accept and sign it. If the offer is not suitable for you, cancel the loan request.
• MONEYZEN will make the loan payment to your MONEYZEN virtual account.
• To use the loan amount, transfer it from your MONEYZEN virtual account to your personal bank account.

Based on the data provided to MONEYZEN, a credit score is assigned to the loan applicant, on the basis of which the MONEYZEN portal can collect personalised loan offers from investors. The credit score is the MONEYZEN portal’s score against which the portal mediates loan applications and offers.

MONEYZEN collects and thoroughly analyses information on each borrower’s payment and creditworthiness to determine the borrower’s actual financial situation and the suitability of the proposed solution to his/her credit interest. We therefore ask for your understanding of the background checks carried out by our loan officers.

Loan repayments must be made on time, in accordance with the loan agreement, from your personal bank account to the MONEYZEN virtual account.

The loan repayments will be automatically transferred by the portal from your MONEYZEN virtual account back to the MONEYZEN portal investors.

Please take care that your monthly repayments are made on time!

Life is constantly changing and sometimes situations can arise that none of us could have foreseen. If you need to change the terms and conditions, please contact MONEYZEN Customer Support.

We also ask you to contact us promptly if your contractual obligation – loan repayment – may be delayed.

You can find the instructions for digital signing here:

https://www.id.ee/en/rubriik/signing/

If the total amount of outgoing payments related to your transactions in a calendar month exceeds 15 000 € for a private individual and 25 000 € for a legal entity, direct identification (face-to-face) is also required. Direct identification is possible at the MONEYZEN office.

MONEYZEN reserves the right to request from the borrower finding a surety provider for the loan agreement. The conditions that are set for surety provider are the same as for the borrower.

Suretyship is a promise by one party to assume responsibility for the loan obligation of the borrower if the borrower defaults. Surety provider agrees to pay the loan debt instead of the borrower if the borrower has failed to perform the loan obligations. Loan guarantor’s liability is limited to the loan amount

An interest-only period is a temporary postponement of the loan principal repayments due to unexpected worsening of your financial situation. While applying you may be asked to upload your bank account statements.
Please note, during the interest-only period you do not have to pay the principal, but you still have to pay the interest and maintenance fee. Also, the total period of your loan agreement shall be prolonged by the number of months in the interest-only period.

You can apply for an interest-only period provided you do not have any overdue repayments and there are sufficient funds available on your virtual account for debiting the charge for interest-only period agreement. The length of the interest-only period can be from one to six months. You can apply for an interest-only period only once in six months.

Yes, you can apply for the change of payment date provided you do not have any overdue repayments and there are sufficient funds available on your virtual account for debiting the charge for changing of payment date. Note, you first repayment amount will differ after changing the payment date due to change in the interest amount.

Loan is a financial obligation which incures additional expenses (loan expenses). This means that, in addition to the loan principal, the borrower has to pay the loan-related expenses, which usually include the interest. Loans can be classified differently: based on the availability of security – secured or unsecured loans –, but also based on the period – short-term and long-term loans.

MONEYZEN credit score is the parameter characterising creditworthiness (ability to fulfil financial obligations) of the loan recipient. The calculation of credit score accounts for the payment behaviour and financial data of the borrower. Credit score is used to assess the ability of a private person to fulfill payment obligations. Generally, the higher credit score -the better ability of a private person to fulfil his/her obligations. In case of persons with lower credit score, the likelyhood of payment delays may be higher.

Traditionally, the calculation of credit score is based on income, expenses, existing obligations and monthly repayments of them. Credit score calculation includes other factors, such as profession, information related to the employer and duration of employment, level of education, marital status and number of dependants – these are all circumstances that influence financial income and expenses.

The reason for assigning the credit score is the assessment of the ability of loan applicant to fulfil financial obligations. The better your ability to fulfil obligations, the higher your credit score. Because the possibility of non-repayment of the loan is very low in case of persons with good solvency, the interest rate offered to those persons is usually lower than in case of persons with higher risk.

Traditionally, the calculation of credit score is based on income, expenses, the balance of existing obligations and amount of monthly repayments of obligations, the number of dependants is also taken into consideration.

MONEYZEN investors usually make lower interest rate offers to applicants with higher credit score.

The easiest way of improving the credit score is to analyse your expenses in order to reduce them. Taking additional loan obligations will reduce the credit score.

The option of increasing the income is more complicated, but for interpreneurs it is also a possibility to improve the credit score.

Keerulisem on sissetulekute suurendamise võimalus, kuid ettevõtlikel ja nutikatel on ka siin võimalus seeläbi krediidiskoori suurendada.

Yes, payment defaults affect the credit score. The applicants with settled payment defaults have a lower credit score compared to those without defaults. Granting a loan to an applicant with outstanding payment defaults is unfortunately not possible.

MONEYZEN credit score is personal and can be seen by the loan applicant only.

Submission of a loan application in the MONEYZEN peer-to-peer lending platform is followed by calculation of your credit score. If your credit score is lower than 500, your loan application will not be submitted to investors for making loan offers. In case of a higher credit score, the peer-to-peer lending platform will find all offers of the investors complying with your credit score and loan period and will rank them based on affordability – the offer for loan applicant is composed based on the most favourable conditions of the investors. The offer is submitted via e-mail.

A loan offer is valid for 3 days.

No, MONEYZEN does not grant loans in cash.

Having accepted the loan offer and concluded the loan agreement, MONEYZEN will transfer the amount to your MONEYZEN virtual account. You can transfer money from the virtual account to your personal bank account.

You can confirm the money transfer from virtual account any time, but transfers to your personal bank account will be validated from Monday to Friday from 9 am to 5 pm.

The borrower is obligated to ensure availability of the neccessary amount on the virtual account in order to fulfil the loan agreement condition. The portal administrator debits an instalment specified in the payment schedule automatically from the personal virtual account of the borrower.

In the case of early repayment, up to 1% of the outstanding principal balance is due if the loan agreement is more than one year to maturity and 0.5% of the outstanding principal balance if the loan agreement is less than one year to maturity.

Yes, MONEYZEN is ready to consider refinancing of customers’ obligations from quick loan companies at more favourable conditions. The preconditions include responsible payment behaviour of the customer, the availability of constant and regular income and the age of 18-73 years. Refinancing is possible in case of accurate payment behaviour and good solvency.

If you have always fulfilled your financial obligations in time, it should not affect the loan decision of a bank. Consumer loan is a common financing method as well as any other loan or leasing. If necessary, MONEYZEN can issue relevant confirmation to our customers that explains the lack of debts and obligations to MONEYZEN.

No. While processing the loan application our loan administrators verify the data and identity of every loan applicant. The ID card PIN-codes are personal information that should be kept secret from anybody else, including your family members.

The greatest risk in borrowing is a situation, in which the borrower cannot fulfil the loan obligations in time. This situation is bad for the lender as well as the borrower. The lender must make additional efforts to receive the loan installments, while for the borrower repayment of the loan will become more expensive due to the fees related to late payments and penalties.

Life is constantly changing and sometimes unforeseeable situations can occur. In case there is a risk that the contractual obligation of loan repayment could delay, please contact our loan advisors at +372 600 2919.

In case of late payments, the MONEYZEN debt administration procedures will be applied, which include sending the notice of debt through various channels, the borrower is charged for the notices of debt. The borrower should inform MONEYZEN of the possible delay and date of debt liquidation.

The data submitted to MONEYZEN is confidential and shall not be disclosed to third parties. The data is stored in highly secure servers, which can be accessed via restricted security measures.

The MONEYZEN fees are specified in personal loan offer. Concluding the loan contract, you will have to pay a contract fee, which includes fee for the credit score and the ZenFund payment. A loan shall be repaid in monthly installments. For using the loan amount you shall pay interest and the loan administration fee. In case of late payments, the penalty and reminding fees will be charged according to price list.

1. Fulfill your financial obligations in time.
2. Try to minimise financial obligations, especially those with high extra costs (high interests or fees).
3. Do not make snap decisions when taking financial obligations.
4. Consider new obligations carefully, accounting for your income and expenses.
5. Consult with specialists before making a financial decision.

The complaint can be submitted according to the Order of submission of complaints which is part of the general conditions of MONEYZEN.