It’s an exciting new way for people to borrow money from other people. The people providing the funding are investors who would like to loan money to creditworthy borrowers.
Borrowers get the recognition for their good credit behaviour by getting better rates. For investors, it offers an opportunity to invest in a new, attractive asset class with stable monthly income.
PeerPower is not a bank. Marketplace lending provides a viable alternative for creditworthy borrowers and fixed income investors to get a better deal. Part of the appeal is that PeerPower can provide better rates and returns without the infrastructure cost and complexity that comes from being a traditional bank or deposit-taking institution.
PeerPower offers fixed rate business loans – which means the interest rate doesn’t change during the term of your loan so your repayments will remain the same. In addition we don’t charge early repayment fees if you want to pay off your loan earlier than you originally expected. On the other hand, variable rate personal loan interest rates may go up and down during the loan term.
Secured loans require you to deposit something of value to the lending institution and this becomes the collateral or security until the loan has been repaid. Examples of collateral include your home, a car, investments or other assets that can be sold by the bank if the loan is unpaid. Secured loans are often lower as they provide less risk to the lender.
PeerPower offers unsecured loans. That means that you don’t need to provide a deposit or security when you apply for a personal loan. At PeerPower we offer lower unsecured rates for customers with good credit as this also lowers risk for our investors.
You are eligible for a PeerPower business loan if:
We charge a one-off admin fee, which is 3% of the loan size. There are no monthly fees or early repayment fees. So you have the security of a fixed rate loan, with the flexibility to pay it off early.
If you have forgotten your username please contact customer service on 02-026-3514 and they will be able to help you.
If you have forgotten your password, go to our Login Page and click on forgotten password. You will then be emailed a temporary password and a link to proceed. To continue you will need to remember the answers to your security questions. If you do not remember the answers to your questions, please contact customer service on 02-080-3990.
Repayments are calculated depending on your choice of loan terms along with the interest rate you receive on approval of your loan.
Your loan offer will set out your direct debit repayment schedule and if you require any changes to that schedule, please contact customer service on 02-026-3514.
Yes, absolutely. PeerPower encourages responsible borrowing and provides repayment flexibility. You can either pay out your loan early or make lump sum payments during the life of your loan with no extra fees or penalty. If you wish to pay off your loan completely then please gives us a call on 02-080-3990 so that we can give you an accurate settlement quote.
Yes. To do this please contact customer service on 02-026-3514.
PeerPower is working towards P2P licensing with the Bank of Thailand. This is expected to be completed by the fourth quarter of this year (2018).
If you are finding it difficult to make a payment, call us immediately. Whether you need short-term or medium-term assistance with your repayments, our customer service team can help. They can discuss options with you which may include flexibility with instalments due or an extension on your payment schedule.
Currently, PeerPower accepts investments from Accredited Investors, these are:
This is a new type of investment in the Thai market. We want to prove our systems, credit models and returns to investors and regulators before opening to retail clients.
The minimum investment is 10% of loan amount or 100,000 Thai Baht.
You can register to become an investor here
Loans that do not receive enough investor demand will not be funded.
Investors only receive a fractional part of each loan, so your total investment amount is allocated to smaller fractional parts of a much larger loan portfolio. This diversifies your investment across credit grades, geographies, industries etc.
Once you have funded your account and signed on the Investor Service Agreement, your investment will be deployed into loans as they are listed on the platform. The time to deployment will depend on factors such as the demand for loans, the size of your investment and your investment choices.
Yes, you receive a partial interest in the loan which entitles you to receive the interest and capital repayments for the proportion of the loan you have funded.
Investors may withdraw or re-invest the funds in your cash account, though you will not be able to withdraw funds that have already been allocated to a new loan or pending repayments.
Borrowers are creditworthy SME businesses that meet PeerPower’s stringent credit criteria. They must have a good credit record and satisfy a number of other behavioural and loan servicing criteria.
PeerPower’s credit team and loan origination system assesses borrowers’ creditworthiness (A,B,C grade) using best practice credit assessment techniques. Only borrowers who meet PeerPower’s stringent requirements are listed on the platform and made available to investors.
Borrowers are assigned a credit grade (A, B, C or D) based on a number of credit criteria, including their credit score. The credit grade determines the minimum and maximum interest rate range within which investors can bid. Interest rates change depending on market conditions.
As an investor, you can choose to invest manually by selecting individual loans yourself based on your risk profile. Or with our Automatic Investment function, you select the credit grade, term of loans, and the maximum amount you wish to invest in any one loan, and PeerPower takes care of the rest. Our allocation engine bids for loans on your behalf in accordance with your choices.
Investors currently receive between 6% and 12% as a gross return on each loan (after deduction of PeerPower’s Service Fee and depending on the borrower’s credit grade).
The interest rate is fixed for the life of the loan.
Loan repayments include both interest and capital. Repayments are made monthly. Borrowers can repay capital early without penalty.
Repayments are made by direct debit. Once funds are cleared, which may take up to 5 business days, investors may withdraw up to the amount in their cash account.
You may elect to leave your funds in cash, reinvest capital in further loans or withdraw your cash.
PeerPower charges investors a Service Fee of up to 1.25% of the principal repayment amount for originating and managing the loan through to repayment. The Service Fee is deducted from borrowers’ repayments and paid to PeerPower before returns are paid to investors.
The loans are not a liquid investment as there is currently no secondary market to sell loans. Loan investments are held for the term of the loan unless the borrower repays early (which they may do without penalty). However, loans pay a regular monthly income stream, which provides a steady cash flow.
The marketplace model PeerPower uses spreads risks across many borrowers by enabling investors to take fractional parts of loans. Investors do take on the credit risk associated with each loan and any loan default may result in a partial or full loss of the investors capital investment in that loan.
PeerPower adheres to strict credit control protocols and passes loans to a collection agency when a borrower is in default. If a borrower does not repay the loan, investors will lose their investment in that loan.