Frequently Asked Questions
How do I ask for money?
In the Request Money Forum, create a post. Include the amount requested and any additional information that is not personal or identifying that you think might help your request. We will notify you when payment is coming your way.
How do I give money?
If you see a request you like, click on the Make Offer button. After you and the borrower approve the negotiated terms, you’ll send the loan. We will notify you when the loan is repaid. That’s it.
What do you do with my personal information?
We use your personal information to verify that you are who you say you are. All personal information is destroyed if you decide to cancel your membership. (You will have to re-submit everything to join again.) None* of your personal information is accessible to other members or third parties, not even your name. Your username and stars will identify you.
*If you are a borrower and renege on a loan, some of your personal information will be made public.
Why was I rejected?
Although we perform background and credit checks, your history on how you treat yourself and others is more important to us than anything else. If you were rejected, your application did not have enough proof* of this. You are encouraged to submit a new application after three months.
*Proof can vary, but often it is a letter from a counselor or doctor confirming you as someone they are advising, a change in your work or home situation, enrollment in school, volunteer records, etc.
How do you rank borrowers?
We use a star system to rank borrowers. Initial star ratings are based on your debt/income ratio and your likelihood of repayment.
What is your star system?
Our proprietary algorithm assigns stars to borrowers. We use stars to show the level of risk a borrower may be to a lender. A borrower’s stars are only visible to lenders, not to the public or other borrowers. One star is the most risky and four stars is the least risky. Regardless of your background, you can easily earn four stars if you demonstrate a consistent record of paying back loans.
Are there any requirements for receiving loans?
You can come from another planet, but must be a current US citizen (at this time), and have a paying job.
Do I need to provide a reason for needing money?
You don’t need to, but lenders are more willing to help borrowers when they know why.
Can I borrow more than one loan at a time?
Borrowers cannot have more than one loan out at at time.
is there a referral program?
Yes. If you refer someone, you will receive 2% off the processing fee of your next loan.
What happens if I don’t pay a loan back?
You are always welcome to use another service to borrow money. To offer borrowers a safe place for small loans, there are consequences for hurting others and being dishonest. If you do not repay your loan in a timely manner and were not approved for an extension by the lender before the loan’s due date, 1) you will be banned from CamelCredit’s services for life, 2) you will be publicly identified on multiple platforms (regardless of whether you file for bankruptcy), 3) you will be reported to the major credit agencies, and 4) your owed amount will be sent to a collections agency.
What happens if my lender does something illegal?
We aim to be an ethical credit organization, and do not support predatory or illegal credit behavior. If you believe your lender behaved inappropriately, let us know.
As a borrower, what if I can’t pay the loan back in the time I said I would?
We understand that sometimes things happen. Contact us at firstname.lastname@example.org with your specific situation before the loan’s due date. We will do our best to work with you on a case-by-case basis. Please understand that depending on the situation, we may not be able to extend payment terms.
As a lender, what if the loan isn’t paid back to me on its due date?
Even though we vet all of our members, this is a real risk that exists. As a lender, you must agree to take this risk to lend money on our platform. We cannot promise anything, but still contact us at email@example.com and we will see what we can do.
I have other questions!
Feel free to email us 24/7 at firstname.lastname@example.org.