THE PROCESS

CREATE AN ACCOUNT AND LOAN LISTINGS

You will be prompted to input some personal information, which will help us to give you the best rate and loan terms possible and protect you against potential fraud. We will check your identity and obtain your credit score. (This will not affect your current credit score.) We then assign your loan listing a Nexlending Rating, which is based on your general credit, your credit score from a credit bureau (Equifax) and another score developed internally by NexLending. You now have created a custom loan listing by giving your listing a title and adding a description of your loan and your financial situation.

Once your listing is completed a Nexlending staff will contact the vendor of your choice to make final arrangements for the required documents and initiate closing of the transaction.

INVESTORS COMMIT FUNDS TO YOUR ACCOUNT

Once your listing is live on NexLending.com, lenders will be able to view your listing and invest in it. At any time in this funding process, you can see the progress of your loans funding. The listing will stay active until either it is fully funded or the 3 day listing period ends.

Get your money faster
Submit all requested information and documents as soon as possible. Monitor your listings Verification Stage icons, which tell you and potential investors how far along your loan application is in the verification process. The faster the Verification process, the more attractive your listing is to potential investors.

RECEIVE YOUR MONEY

Once your listing is funded, the funds will be transferred to the Auto Sales Dealer or the Equipment Dealer directly or in the case of real estate the escrow account. Nexlending may conduct a final identity verification before funds are released. Nexlending will make monthly automatic withdrawals from your bank account in the amount of your monthly payment and as authorized by you as part of your loan agreement. If you choose, you may make an optional additional loan payment or pay off your loan early without penalty. If you make your payment with a paper check, manual check fees will apply.

Nexlending loan Limits

On Nexlending, borrowers create a loan requests between US$3,000 to US$50,000 (or its equivalent in Jamaican Dollars)

FOR AUTOMOBILES up to
US$75,000
for medical equipment and farm equipment, up to
US$100,000
for commercial and  residential real estate, up to
US$1,000,000

Investor lenders, invest as little as $55 in each loan listing they select. Investors will consider each loan based on the NexLending’s rating, the personal description, and other general characteristics such interest rate, term, amount of loan and purpose of the loan.

NexLending handles the servicing of the loan on behalf of the matched borrowers and investors.