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We know you might have questions about how Sparheel works, our fees, and how we create a community-driven lending experience. Below are answers to some of the most common questions. If you don’t find your answer, feel free to ask us directly.
Sparheel connects borrowers and lenders through a community-driven platform. Borrowers can access funds based on their trustworthiness and engagement, while lenders earn fair returns by funding loans with complete transparency.
We offer two types of loans: Simple Payment Loans, ideal for quick, short-term needs, and Installment Loans, which can be repaid over several months for larger financial goals.
Borrowers are charged a flat 10% fee on the loan amount. For example, if you request a $500 loan, you'll receive $450 after fees are deducted.
Your Borrower Score reflects your trustworthiness and repayment history on the platform. Making timely payments improves your score, allowing you to access larger loans and better terms.
Lenders pay a small service fee based on the loan amount they fund. For example, funding a $500 loan would incur a service fee of around $8.40.
Your next step toward financial empowerment and meaningful connections starts here.