FAQ

The most popular questions

Suretly is a provider of an international crowdvouching platform. Our mission is to make loans available for millions of people and help short-term lenders to expand their business. Our work is based on the global experience of financial institutions and short-term lenders, along with our own unique IT developments. Along with Suretly service, you can now help people around the world in gaining affordable loans, by acting as a guarantor for a small portion of the loan amount. Borrowers pay a fee for the guarantors' service. Guarantors can find information about borrowers in the Suretly mobile app (available in Play Market and App Store), as long as vouch for them using the app.

Lenders issue short-term loans to their clients in the countries where Suretly legally operates. They accept surities of third party as a pleadge. We have automated this process and make it possible to find guarantors in a matter of minutes online. Guarantors from different countries provide their services for a small fee, and borrowers get access to the secured loans, which allows to reduce the interest rate and improve credit history.

The guarantee amount is from €2 to €10 for each surety.

To become a guarantor, you need to register by completing an application, provide your ID details, and also roll up funds to your account at a minimum of €2.

To vouch for the borrower, you must provide your ID detailes
This data must be entered once and then changed if necessary.

You can vouch for a person from any city in the countris available in the app.

You can log into the app by using a phone number. You will receive a confirmation number. Moreover, there is an additional security measure, when you can set a password to log in to the app or login with touch id (if your device supports such function).

If you don't receive e-mails from Suretly, follow these steps:
1. Check the spam folder.
2. If there are no emails in your spam folder, please contact our Support Service: [email protected]

If you don't receive SMS while logging in or registering, click the ‘Send Again’ button. If you still get this error, please contact Support Service: [email protected]

For guarantors

To replenish the account quickly and to withdraw money, it is our recommendation that you add a bank card. To do this, go to the ‘Account’ section, enter the details of your bank card and click ‘Bind’. A small amount will be taken from your account and returned after a while to ensure the account is active. If necessary, you can also quickly delete your card.

Register in Suretly app, roll up funds to your account. In the app you can observe profiles of borrowers who are searching for guarantors at the moment. Choose profiles that suit you. In case the borrower finds the required quantity of guarantors and then receives the loan, each guarantor will immediately gain a small commission. If the loan is repaid, you earn money. However, if the loan is not repaid (we give additional three days for repayment to be made on top of the original loan term), the loan amount will written off from guarantors's (only the amount they guaranteed – from $2 to $10).

All borrowers are divided into seven groups - from A to G, depending on the credit history. The statistics of returns is available in real time for each group. The lower the rating of the borrower, the more he is ready to pay for guarantors' service, but at the same time, it is more likely that the borrower will not fulfill the commitment.
For borrowers of group A (low risk), it is 4-5% of the guaranty amount, respectively, with a guaranty of $10 the profit will be about $0.5. For borrowers of group G (very high risk), it is up to 30%. Thus, with a guaranty of $10, your profit can go up to $3.3.

Statistical data assists in predicting the theoretical probability of loan repayment by the borrower of the specified group. For example, thanks to statistics, you can find out the relative number of repayments in each group of borrowers for the past periods of the system’s operation. This figure tends to some constant value, which will possibly (but not necessary) remain the same in future. Therefore, another example which is obtained from statistical data: we are aware that borrowers in Group B returned loans in 92.2% of cases, these statistics allow the guarantor to assume that with a large number of guaranties he will lose about 7.8% of the total amount of his sureties. Accordingly, the guarantee fees should cover possible losses.

Each approval from the guarantor serves as a guarantee of granting a loan and is €2 - €10. So, for a loan to be approved, the entire amount must be guaranteed by dozens of guarantors. The more guarantees you have, the closer your statistics to the overall statistics of the system. It allows you to predict the risks of defaults (non-returns) more accurately and to increase the relative profit. For example, when offering only one surety of €300 to a random borrower, it is almost impossible to predict the probability of a default, even with statistics of non-returns among similar applications. At the same time, by offering €2 sureties to 150 borrowers, there is a strong statistical possibility of the level of defaults not exceeding the general statistical data, and therefore the risk of losing the entire amount of sureties is incomparably lower (and even tends to zero).

If a borrower doesn't get the required number of guarantors in the allotted time, the application gets closed, the sureties get declared as failed, and the previously frozen funds on guarantors’ accounts get unfrozen.

Unfortunately, in this case, we will write off the amount for which you have vouched, from your balance. Which is precisely the essence of the surety : if a borrower doesn’t fulfil his obligations, you must fulfil these obligations. Please, don't take defaults personally, because each guarantor inevitably meets such borrowers, and your task is not to minimize their number but to calculate the cost of your services correctly so that the profits from successful sureties would cover the losses from defaults. It is also worth to mention that the unpaid loan will necessarily affect the borrower's credit history - all financial institutions that we work alongside will inform the credit bureaus of borrower’s country regarding the unpaid loans.

For security reasons, we don't provide contact information of borrowers or guarantors. All personal data in the system is secured. The only information you will receive is the name, age, gender, country and the permanent city of residence. Also, a photo of the borrower will be available.

Replenishment of balance and withdrawal of funds are available in your Account.

Guarantors don't pay a fee for a surety.

In the 'Sureties' section, you can see the current status of each of your sureties.

You cannot back out of a guaranty.

The application for a guaranty cannot be canceled.
However, if the borrower does not collect the required number of guarantors, or decides to refuse a loan or receives a denial from the lender, the guaranty application will be automatically canceled.

When you swipe right the borrower's card or click the corresponding button, you will have to agree with the terms of the Surety Agreement (click on the checkbox).
You can tick "Do not show the window with the terms of the Agreement again" so that you will not view any more Agreements.
If you vouch for the first time, you will also be asked to enter the identification data.

There are no such limitations. You can vouch for any number of borrowers.

For borrowers

Loans are provided in the currency of the borrower's country.