What is Hundy?
Hundy is a mobile-first, peer-to-peer lending marketplace that provides fair, friendly loans of up to $250 in California. Hundy borrowers can set up an account and request a loan in less than 5 minutes, and will receive their funds within one business day.
Why would I use Hundy to get a loan?
If you’re in the half of the US population who lives paycheck-to-paycheck and doesn’t have great credit, then Hundy is for you. Most small-dollar loans are high priced, predatory debt traps while friends & family loans can come with a high social cost. Hundy gives everyone access to a network of peers, which helps bring those costs down and removes much of the awkwardness from asking for money (and paying it back).
Who should use Hundy?
You should use Hundy if you have an immediate expense that can be deferred for up to one month, and will be able to pay the loan principal and fees back on time. If due to unforeseen circumstances you are unable to pay the loan back according to schedule, we'll give you up to two more months to pay back the loan. All we ask is that you communicate with us along the way as you work through any issues and you'll soon become a valued member of the Hundy community.
Where can I use Hundy?
Hundy is currently available in California. We will be expanding to other US states shortly.
Why do I have to log in with Facebook?
We require you to use Facebook to sign up or login in order to streamline the onboarding process and to help verify you’re a real person. Don’t worry, we don’t currently share or post your information to Facebook and will never do so in the future without your permission.
How much does Hundy cost?
The maximum it will cost you on Hundy to borrow $100 is $3.75 per week for up to 4 weeks. That cost (per $100 borrowed) can go down from there as you continue to pay off your loans on time and participate in the Hundy community.
Does using Hundy affect my credit score?
While completing your account set up, Hundy offers an Instant Credit Check option that generates a “hard pull” credit inquiry, which could negatively impact your credit score. However, we also offer an Alternative Credit Check that DOES NOT AFFECT your credit score and we recommend you use that option if you’re at all concerned about your credit. If you fail to pay back a loan, we do not currently report delinquencies to the credit bureaus, though we reserve the right to do so, and may do so in the near future.
Why should I pay Hundy back?
Because Hundy is very good to those who are good to us ☺ First, by paying your loan off on time you earn the ability to request larger loan amounts. If you are automatically approved for a loan when you first sign up, the loan amount is fixed at $100. If you then make all payments on time and can wait 2 weeks, the next time you need a loan, you will get a credit limit increase, and from there it goes up to a maximum limit of $250. Second, you will earn points for paying your loan off on time, which you can use to get discounts on future loans. Third, we realize you shouldn’t need to be a borrower on Hundy forever. So once you make it up to the top tier, you’ll be eligible to become a lender on Hundy with special terms compared to our dedicated lenders, giving you a fast track to reliable investment income.
Is Hundy a lender?
Hundy is a lender in California and is licensed by the Department of Business Oversight pursuant to the California Deferred Deposit Transaction Law (FILE NO: 10DBO-63863). Hundy uses the new provisions of the JOBS Act to create a crowdfunded credit facility enabling unaccredited investors to participate as lenders.
How is Hundy different from a Payday lender?
First, Hundy is more convenient, transparent and affordable without any of the hidden fees or predatory pricing practices that are typical of the payday lending industry. Second, Payday lenders are designed to take your money month after month, whereas Hundy is building a community-driven lending platform, which should help get your costs down, and your credit limits up, as you do good things within the Hundy community.
How is Hundy different from P2P lending marketplaces like Lending Club and Prosper?
First, the minimum loan size these companies offer is typically no less than $1,000. Second, they pass their loans to banks that then sell off pieces of each loan to individual investors (primarily large institutions). On Hundy, we gather a pool of money from individual investors just like you and then use that pool of money to fund loans to individuals just like you, without banks or middlemen.
How do I become a lender on Hundy?
Hundy will be accepting both accredited and unaccredited investors as lenders. Please contact us at email@example.com to get on the waitlist and let us know which type of investor you are.
How do I contact Hundy?
You can reach us at: firstname.lastname@example.org