No, not everyone can apply for a loan through Cashare. The platform implements a strict screening process for all loan applications to protect both lenders and borrowers. These measures aim to minimize the risk of over-indebtedness and ensure financial stability for all parties involved.
Requirements for Individuals
Individuals wishing to apply for a loan through Cashare must meet the following criteria:
- Legal Age
Only adults are eligible to apply. Minors are excluded. - Financial Stability
Applicants who are undergoing private bankruptcy, are under guardianship, have active debt collection proceedings, or hold loss certificates are not eligible to apply for a loan. - Residency and Immigration Status
The applicant must reside in Switzerland and hold a valid residence permit. Individuals with expiring or uncertain residency permits are excluded. - Creditworthiness and Affordability
The requested loan amount must be reasonable based on the applicant's financial circumstances. A detailed affordability check ensures the repayment of the loan is feasible without leading to over-indebtedness. Applications that do not meet these criteria will not be published.
Requirements for Businesses
Businesses seeking a loan through Cashare are also subject to thorough scrutiny. This process includes:
- Creditworthiness
A detailed assessment of the company's credit rating using external data sources and internal evaluations. - Financial Capability
Verification of the company's financial stability and ability to repay the loan within the agreed timeframe. - Headquarters in Switzerland
The company must be registered and operate within Switzerland.
Reasons for Loan Application Rejection
A loan application will be rejected if one or more of the following conditions apply:
- The applicant is underage.
- There are ongoing debt collection proceedings, loss certificates, or private bankruptcy.
- The applicant is under guardianship or legal protection.
- The applicant holds an expiring or uncertain residence permit.
- The requested amount exceeds the limit deemed reasonable by the affordability check.
- The business or individual cannot demonstrate sufficient creditworthiness.
Through these strict criteria, Cashare ensures that the platform is accessible only to borrowers who meet the necessary requirements. This protects investors from unnecessary risks and borrowers from financial overextension.
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