How it works

1. What is SAVY?
SAVY is a virtual lending platform, implementing the peer-to-peer or marketplace lending model, which was developed in the UK in the middle of last decade.  It works like this: Internet users who are looking to invest money lend directly to other users who wish to borrow money.  They do this through our platform which, because of the technology used, acts as a powerful intermediary.  The platform not only brings together lenders and borrowers, but also reduces the risks for both sides, all while automating and simplifying the process.
 
2. How does SAVY work?
SAVY is an underwriting and brokering platform.  Lenders register on our site together with those who are looking for an easier way to borrow money.  Users wishing to obtain a loan are verified by the Bank of Lithuania’s policies for responsible lending regulations: analysis of credit history, income and financial obligations ratio, and so on.  After verification, borrowers become eligible for loans from lenders registered on the platform.  SAVY does not perform any direct monetary transactions.  We only carry out the risk assessment, underwriting and auction process, data which of course is transparent and available for all users.  The actual transfer of money from lender to borrower occurs on the integrated platform PaySera, which is an electronic payment service licensed by JsC EVP International.
 
3. Who are we?
The SAVY platform in Lithuania is managed by UK registered company New Chartered Limited.
 
4. Why choose SAVY?
Our service allows private individuals to borrow and lend to each other directly, without the use of traditional financial intermediaries such as banks or credit unions.  This ensures a lower cost spread of us, which means lower interest rates for borrowers, and higher returns for lenders!  
 
5. Why SAVY exists?
The Lithuanian market currently limits borrowers to banks, credit unions and consumer credit companies, as well as personal loans from family and friends. In this regard, we are lagging behind other European Union and western countries where the development of the Internet has created new alternatives, among them being marketplace lending platforms. At least one such platform is available in most EU markets, including Estonia and Latvia.  They not only create more competition which benefits consumers, but also bring greater transparency and reduce risks to the consumer credit market.  We believe in a positive, transparent and socially responsible lending environment.
 
6. How are you similar to other international platforms?
The world's first marketplace lending platform was founded in Great Britain was called Zopa.  It along with other major players in Western markets such as Lending Club and Prosper have proven the concept, with billions of euros of loans funded to worthy borrowers.  SAVY hopes to bring thousands of credit-worthy borrowers and investors in Lithuania the same great experiences that these companies have in Western markets.
 
7. Is SAVY regulated? 
SAVY is a technology platform, which, on the 14th of April, 2015, was added to public consumer credit lenders list https://www.lb.lt/viesasis_vartojimo_kredito_daveju_sarasas. SAVY is regulated by consumer credit law and the regulations of the Bank of Lithuania regarding responsible lending. The compliance of these legislations are supervised by the Bank of Lithuania. Therefore, like other financial institutions we assure the additional security of system participants by not allowing anyone to borrow - we check borrowers' credit history, reliability, debt-to-income ratio. In dispute, they are dealt both by the references mentioned in the link below:http://www.lb.lt/vartotoju_ir_finansu_rinkos_dalyviu_gincu_nagrinejimo_tvarkos_aprasas  and UAB Bendras finansavimas complaint handling rules: https://savy.lt/forum/viewtopic.php?f=21&t=6622. Currently, there are no laws protecting the interests of investors.
 
8. What services does SAVY provide?
Neither SAVY nor managing company UAB Bendras Finansavimas itself accept cash or issue loans through the company’s accounts.  In other words, the actual lending and borrowing process takes place between two individuals, whose mutual relationship is established by the Civil Code.  SAVY is responsible for the smooth operation of the technological platform and quality of loan underwriting.  After approval, all cash transfers between persons occur via the PaySera (UAB EVP International) electronic payment system.  PaySera is licensed by the central bank since 2012 in the area of electronic money payment services in Lithuania and other EU countries.  Each SAVY customer who wishes to sign up automatically signs up for PaySera as well.
 
9. What security guarantees do SAVY users have?
Even though the lending process occurs directly between individuals, SAVY has implemented a variety of safeguards which are based on Bank of Lithuania regulations for responsible lending.  We do this primarily because SAVY’s success depends on consumer confidence in the platform.  Here’s a concrete example: The system evaluates each borrower who desires to obtain a loan along with their credit history, and the platform only accepts persons who meet the criteria set out by the Bank of Lithuania.  SAVY protects not only the lenders of the loan, but also the interests of the borrowers.  For example, borrowers have the right to pre-pay the loan balance (in part or in full) at any time, with no penalties or fees, no questions asked.  Late payment penalties and fees are also confirmed and according to the Bank of Lithuania.   If the loan is not repaid on time, for whatever reason, SAVY takes over the administration of the debt recovery process.
 
“SAVY” and SAVY brand belongs to New Chartered Limited (registered UK co. 08959133, 54 Poland Street, London, W1F 7NJ).