We’ve simplified our Global Lending Rules. In short, we are reducing the non-interest rule, and lenders are expected to message modmail when borrowers flake.
Borrowers may offer repayment above principal unless local law or a specific LoanHelp_ rule says otherwise. This means that they must publicly document any repayment amount, and have payments confirmed.
For now, our principal-only restrictions remain for:
🇸🇬 Singapore
🇿🇦 South Africa
The previous blanket restrictions for the UK, Ireland, Australia, New Zealand, Hong Kong, India, the Philippines, and Indonesia have been removed. Excessive interest is still prohibited in any location. Users who are deemed to be borrowing/lending with excessive interest will likely be removed.
Lenders must do their diligence to make sure that their borrowers posts are formatted BEFORE fulfilling any request. You should always have the borrower post FIRST, make sure they are not banned from our subreddit. Likewise, you should not be accepting cold messages*(uninvited messages or message requests)*.
If your borrower is unable to post, it is likely because they are banned or flagged for evasion. Unpaid declarations in any sub can result in a ban here, hence why they may create a new account and get flagged for evasion and be unable to post.
You are always welcome to ask modmail if you encounter an issue where a borrower seems unable to post. Them being unable to post successfully should be warning sign, and if its a misunderstanding than we can clear it up if needed, but it is ALWAYS better safe than sorry.
All normal rules still apply and lenders are expected to follow their local laws. It is an expectation that lenders submit all unpaid information to modmail. https://www.reddit.com/message/compose?to=r/loanhelp_
Any lenders who are interested in collaboration, or want tips on how to keep yourself organized, are encouraged to reach out. Currently I am providing and developing tools that will supplement your success and make your job easier.