Peer to Peer Personal Loans
You can get a Personal Loan through Carilend for:
- Home Improvement
- Consumer Goods Purchase (furniture, electrical, etc.)
- Getting Married
- Repay Credit Cards/Other Loans
“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”
Who can get a loan through Carilend?
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 earn a net salary of at least B$1800 a month
You have a good credit history
You are able to afford the loan
What will you need to supply?
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 picturePayslips and employment letter to validate your income and employment details
Current bank statement to confirm your banking details and salary credit
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:
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)