Frequently Asked Questions (FAQ)
What is Credovita Flapp?
We are a deal flow manager platform that enables you to borrow and lend between friends and family— financing your needs from people you trust without the stress.
Who is eligible to use Credovita Flapp?
Anyone who can consent to a legal contract can use the platform.
Is the loan transaction made on Credovita Flapp a legal contract?
Yes. Under Philippine Commercial Law, the agreement that would be made via the platform would be counted as legally-binding, but if you would want a promissory note notarised by a Notary Public then that service can be availed of.
What are Credovita Flapp's responsibilities and obligations throughout the loan transaction process?
Credovita acts as the deal flow manager, witness to the transaction and contract, and then the designated custodian of the funds while in transit from lender to borrower and vice-versa; and the custodian of the official transaction records. We are obligated by the Terms of Service to ensure that the transaction conforms with all applicable regulations including the Anti-Money Laundering Laws, and Anti-Financing of Terrorism Laws.
What are the risks?
As with any kind of lending there will always be inherent risks of non-repayment and delays. We strongly advise all our users to exercise prudence and do their own due diligence even when lending to friends and family.
How does the money move around?
At the time of this public proof-of-concept, Credovita Flapp uses PayPal and Local Bank Account custodianship as the payment rails while we actively work on integrating automatic payments powered by our banking partners.
If I get stuck or have an immediate concern with a transaction I'm in the middle of, where do I go?
In case you have any questions or immediate concerns reach out through the following ways:
Is there an iOS or Android app?
Not yet, but this is coming up real soon so stay tuned!