We have our own set of policies, which we scrupulously use when assessing a borrower or a lender’s registration application at the time of P2P borrowing or P2P investing. We also have the discretion to reject your registration process if you fail to submit the required documents.
When you register at Otter Financial for P2P loans, you will be entitled to input your name, password, email address, PAN and also respond to the security questions. However, let us clarify that any of your personal details are non-transferable. Since the display name that you choose will be very much visible, try not to opt for names that are disturbing, impertinent, promotional and deceptive. We reserve the right to edit such names without prior notice if we find it to be misleading in any way.
You are responsible for keeping your PAN, password and answers to security questions highly confidential. If you ever authorise anyone to make use of your account, keep in mind that we will hold you responsible for any impracticable actions taken by them. However, feel free to notify us without any delay if you ever encounter theft, breach of security or losses.
We request you to agree on not using Otter Financial on certain conditions:
In ways which might cause damage to the website or be a reason for interruptions when accessing the site
For deceitful activities, which is a criminal offence before law
To use or send offensive, illegitimate and derogatory materials, which are detrimental to third parties because of the objectionable content that it possesses
Something that causes operational disruption to other anonymous users and which has a negative impact on the overall operational service of Otter Financial
We also hold the right to terminate the use of service if we ever get a hint of prohibitions violated by the user
Signing up as a Lender
The eligibility criteria for a lender, who wishes to forward small business loans in Ireland, will be:
To invest funds either as an individual or in partnership or as a limited company
Have to be 18 years or above holding a European Union (EU) bank account
For those holding a partnership, each of the collaborators has to fulfil the age criterion and occupy a stable place of business in EU
Registration with Companies Registration Office (CRO) is compulsory for those lending as a part of any limited company
The registration process has to be completed as a ‘Lender’
To stick to our agreement, the individual should strictly follow our lending procedure
Once we accept your registration, followed by the creation of your Otter Financial Account, you are free to lend the amount of your choice to the bank account that we maintain at a licensed credit institution, solely for lenders. We accept every method of payment, be it through credit, debit cards or via bank transfers. As soon as we receive your funds, we will immediately display it in your Otter Financial account as the sum available for the lending purpose.
Signing up as a Borrower
In order to avail a business loan in Dublin, a borrower has to meet the following eligibility criteria:
Can either be a sole trader or work in partnership or be a company
Must not be a consumer bearing interests outside the business. This signifies that the borrower should not match the definition of a consumer under the Consumer Credit Act 1995.
If you approach us as a sole trader, make sure you are a permanent resident of Ireland
If you are holding a partnership, ensure that 50% of your associates are natives of Ireland and that your business occupies a permanent place in the country
Your business should be an active one with at least 1 year of experience in the Irish industry
Register your organisation at the Companies Registration Office (CRO) prior to approaching Otter Financial for a loan. In addition to this, ensure that you have at least 2 years of experience as a partner, or a sole trader or as an organisation.
We expect you to follow the borrowing procedure and comply with our Agreement