How TruRate Works
What is required to borrow?
TruRate is all about trust. To borrow money, you need to be a TrustClub member and have enough Trust Points for the lender. The lender needs to trust you enough. Higher loan amounts require more Trust Points. The only way to get Trust Points is from other members assigning Trust Points to you. Find existing TrustClub members who are well connected inside TrustClub and ask them to assign Trust Points for you.
Note: When someone sends you Trust Points it means they vouch for you. If you can't pay back a loan, they will also lose Trust Points themselves. Find someone who trusts you enough, so that you can get Trust Points quickly.
How does lending work exactly?
- 1.Lender puts offer to the TruRate website
- 2.Borrower chooses an offer they like and contacts lender directly (Call, FB messenger, ..)
- 3.Lender and borrower connect via TrustClub
- 4.Lender checks the vouching chain to ensure the borrower can be trusted
- Ask the borrower for permission to validate the vouching chain first
- Contact first voucher and confirm the Trust Points
- If there are more vouchers, lender asks first voucher to check with 2nd, then 2nd asks 3rd and so on
- 5.Lender and borrower agree on terms
- 6.Loan is being transferred (in-person/gcash/bank/…)
- 7.Once the loan is paid back, all Vouchers loan receive their commission
What happens if a borrower does not pay back?
- 1.Lender contacts the borrower and asks for an update on payments
- 2.In case of bad outcome or no contact from the borrower, the lender informs the borrower of consequences of non-payment
- 3.Once the payment is clearly late
- The lender assigns negative Trust Points for the borrower
- The lender assigns negative Trust Points for the all vouchers of the borrower
- The lender finds any other vouchers for the borrower via TrustClub and informs them about the non-payment
- 4.If the payment arrives after assigning negative Trust Points, the Trust Points from the lender will be changed to neutral or positive again