• 2 days prior to running the direct debit, the Marketlend system sends an e-mail to each customer advising them of the amount of the direct debit to be processed against their account.
• All direct debits are processed directly into the Trust Collections Account – minimising co-mingling risk.
• Dishonoured borrowers receive an e-mail notification of their direct debit dishonor, 1 day after the monthly direct debit run.
• The Direct Debit is re-run the following day. A $50 dishonour charge applies.
• Marketlend follows up and seeks to resolve the issue to enable the Direct Debit to run successfully on the second occasion. If payment is offered to a supplier it is not entitled to accept any payments from the customer directly. The supplier is obliged to direct the payee to make any payment directly into the Trust.
• To the extent that the Trust received payments from borrowers relating to non-purchased Trust receivables, these will be held on Trust for the supplier and remitted on next invoice payment date, subject to any dilution setoff.
•  A direct debit dishonour report is also produced and sent to Marketlend 1 day after the monthly direct debits are run.

Systems that work harder for you

Marketlend is the innovative online peer-to-peer platform that provides a credible P2P lending alternative to the present rigid financial system. A range of processes and systems in our peer to peer lending platform that maximise transaction efficiency and minimise risks support a solid legal structure and rigorous collection protocols.

Marketlend’s marketplace lending platform is enhanced through the use of a customised bureau system hosted by specialist third party provider. This ensures super quick delivery of:

• Credit automation
• Borrower ratings
• Investor portfolio management
• Reporting for the Marketlend Platform