Peer to Peer Personal Loans

Responsible Borrowers who handle their money well and meet our eligibility criteria can obtain personal loans through Carilend. We will assign you a personal credit score and carry out credit checks to ensure you can repay the loan you request. Based on your credit score, we assign a personalized loan interest rate that reflects your individual capability.

You can get a Personal Loan through Carilend for:
  • Home Improvement
  • Consumer Goods Purchase (furniture, electrical, etc.)
  • Getting Married
  • Education
  • Travel
  • Repay Credit Cards/Other Loans
Loans can be obtained for other purposes too. Just let us know the reason for your loan when you fill out the application form.
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“We are here to change the way of lending and borrowing in the Caribbean and make it a better, safer and fairer process for all”

Mark Young, CEO and Co-Founder, Carilend

Who can get a loan through Carilend?

We promote responsible and fair borrowing by those who can afford it and are good with their money. To get a loan, you need to confirm:
  • You are between the ages of 21 and 65
  • You are a current resident in the Caribbean country you are applying from for a minimum of 3 years
  • You have a regular source of income
  • Your income is paid into a local $ bank account in the Caribbean country you are applying from
  • You have a good credit history
  • You are able to afford the loan

What will you need to supply?

To apply for a Personal Loan through Carilend you will need to supply the following information. So make sure you have it all handy to make your application process as quick and convenient as possible!
  • Your personal details – name, address, date of birth, email address and telephone numbers
  • Your employment/income details – employer, time employed, position, salary
  • Your personal finance details – income and expenses such as rent/mortgage costs, living expenses, other debt costs
  • Your supporting documents:
         Valid passport or driver's license to prove your identity along with a recent Selfie picture
         Payslips and employment letter to validate your income and employment details
         Current bank statement to confirm your banking details and salary credit
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Carilend – making Personal Loans in the Caribbean more convenient, fairer and more flexible

How is the cost of your loan calculated?

Total Amount Payable: This is the amount you will pay if you repay your loan in full over the full term agreed and make all payments on time. The Total Amount Payable consists of:

Amount of Credit: How much you request to borrow
Interest: What Lenders will earn for lending you their money. Interest is charged on the amount borrowed and the Carilend Fee.
Carilend Fee: This is what you pay Carilend. The fee is spread over the life of your loan and included in your monthly installment. It covers:

  • The arranging and managing your loan (B$150 in Barbados)
  • The Reserve Fund Fee which helps protect our lenders (Varies as a percent of loan amount depending on your credit score/Risk Grade)
  • The cost of insurance against common causes for default like critical illness, disability and death

Other useful terms to know:

Monthly Instalments: The Total Amount Payable is divided into equal, fixed monthly instalment payments over the life of your loan.
APR (Annual Percentage Rate): The total cost of your loan as an annual percentage. This is useful to compare loans.
Loan Servicing Fee: The amount we deduct from the interest you pay in every Monthly Instalment to cover the costs of managing your loan (currently set at 30% of the amount of each interest payment)
Late Repayment/Failed Direct Debit Fee: The fee payable for each time a loan payment is missed or paid late and/or a direct debit request is declined by your bank
Interest on late payments: The interest paid on loan payments that have been missed or paid late
 
 

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