FREQUENTLY ASKED QUESTIONS

 

FREQUENTLY ASKED QUESTIONS

How do loans between people on TuTasa work?

  • Investors put their money onto the TuTasa marketplace.
  • TuTasa connects the most suitable lenders and borrowers on the marketplace.
  • Borrowers get an instant loan offer set at the lowest possible interest rate of TuTasa’s marketplace.
  • Once a loan has been accepted, the borrower pays a set rate on a monthly basis until the loan has been paid off.

How can I apply for a loan with TuTasa?

We process all applications via email or phone.

  • Apply for your loan online here
  • Apply for your loan by phone here

Once your loan offer has been accepted, you’ll need to upload the required documentation or file it with a local paypoint agent authorised as instructed in your application. Check our requirements to obtain a loan below.

For further information please contact us.

Requirements to obtain a loan

Natural person resident in Argentina aged over 21 years old. It’s considered resident any individual who demonstrates a valid proof of address in the country.

Documents to be provided:

  • ID: National ID, passport or driving license
  • Proof of Address (invoice under your name maximum 3 months old)
  • Proof of Income

Accepted documents for Proof of Income:

  • Payslips;
  • Tax payments to the Revenue
  • Bank statement reflecting last 3 months income

Amount and duration of loans

  • Amount: from ARS 5,000 to ARS 200,000 (the maximum amount will be automatically calculated based on affordability checks during the application)
  • Duration: 6, 9 12 and 24 months

Can I borrow if being flagged on Equifax?

Being flagged on Equifax doesn’t mean on its own that you cannot get a loan. You’ll need to complete your full loan application at our website so our system can work out your credit score based on the data provided. You’ll be notified if you are eligible for borrowing by then.

How long it takes until I can collect my monies?

Immediately. After applying via phone or web and validating our credit score analysis, you’ll receive a real time loan offer. Should you accept the offer, you can complete the process online and receive a bank transfer, or pop-up to any PayPoint agency nationwide to provide proof of the paperwork required, sign the loan contract and collect your monies.

What’s the interest rate (APR) of my loan?

You’ll receive an indicative APR when starting your loan application. This APR will be adjusted on following stages as we conduct our credit analysis based on the data we collect from you and the credit bureaus. After validating our credit scoring you’ll receive a final loan offer detailing the amount, duration, APR, monthly quota and total to repay. Should you accept the offer, you then upload the required documentation and after that you can get paid via bank transfer or PayPoint agency.   

Who can borrow with TuTasa?

Anyone who meet the Requirements set here.

Is TuTasa an Argentine company?

Yes. It’s a Limited Company (Sociedad Anonima) trading as Tutasa AR S.A. CUIT Nº 30-71553930-2.

HOW IT WORKS

How do loans between people on TuTasa work?

  • Investors put their money onto the TuTasa marketplace.
  • TuTasa connects the most suitable lenders and borrowers on the marketplace.
  • Borrowers get an instant loan offer set at the lowest possible interest rate of TuTasa’s marketplace.
  • Once a loan has been accepted, the borrower pays a set rate on a monthly basis until the loan has been paid off.

How is the credit rating analysis performed?

We collect the following information from each borrower:

  • Personal data (age, address, marital status, etc)
  • Monthly income / expenses
  • Purpose of loan
  • Credit history, credit reports and other databases
  • Purchasing behaviour
  • Geolocation
  • Social Media

TuTasa has a proprietary algorithm, and consumes data from private and public databases, providing the borrower with a loan offer at the lowest possible rate of interest in TuTasa market.

Why borrow with TuTasa?

TuTasa might be a better way to borrow than other financial options because of:
  • We have competitive interest rates.
  • You can apply online or via phone without having to go to a branch.
  • Loan offers are provided instantly.
  • Web tracking of your loan.
  • Nationwide availability of our service.
  • Flexible application requirements.

How can I contact you?

Please contact us here.

Can I see the rates at which other loans are granted on TuTasa?

Yes. Login to your profile for further information.

Why are loans’ interest rates on TuTasa?

TuTasa might offer cheaper rates than other financial options for the following reasons:
  • We operate exclusively online.
  • TuTasa is funded by lenders who expect the lowest rate of return. Investors compete with each other to offer lower rates of interest in order to match their loans as soon as possible.
  • TuTasa aims to democratise access to loans in Argentina, setting low fees and promoting competition among investors.

I already have a loan with TuTasa, I can request another?

No. You must apply for a new loan after completing the payment of your existing loan.

Can I get free loan estimation?

Yes. You can complete the application process – at the end of it you get a loan offer. You can choose not to accept this offer.

PAYMENTS

Can I repay my loan early?

Yes. In fact it would be better for you as you won’t pay interest on the outstanding balance.

Does TuTasa charge a commission to borrowers?

TuTasa charges a fee to borrowers and lenders as follows:

Borrower: for each loan drawdown (up to 10%);

Lenders: origination fee for each Lending Offers successfully matched into a signed-off loan (up tp 5%), plus a collection fee on interest repayment received (up to 5%).

These fees are included in the loan offer you receive, with no small print.

How much time do I have to withdraw my funds after approving the loan offer?

3 days. After that your loan offer will expire and you’ll need to apply again.

How can I pay my monthly quota?

You can repay your monthly repayments by:

  • Direct debit
  • Bank transfer
  • Cash at PayPoint agencies

LEGAL
How can I contact you?
Please contact us here.
What is TuTasa?
TuTasa.com.ar is an electronic platform that connects lenders with borrowers, reducing operational costs by skipping the middleman, aiming to benefit borrowers with lower rates and lenders with higher returns.
What are the risks of borrowing with TuTasa?
Same risk as with any other debt obligation: you need to ensure you have enough free cash at the end of the month to pay your owed repayment, as well as a back-up plan in case you become jobless or your income drops.
I already have a loan with TuTasa, can I request another?
No. You must apply for a new loan after completing the payment of your existing loan.
Can I get free loan estimation?
Yes. You can complete the application process – at the end of it you get a loan offer. You can choose not to accept this offer.
How much time do I have to withdraw my funds after approving the loan offer?
3 days. After that your loan offer will expire and you’ll need to apply again.
What do lenders know about myself?
Lenders cannot visualise borrowers’ details. TuTasa has strict policies of confidentiality and data protection. Check our terms of use and privacy policy for further details. Notwithstanding the aforementioned, TuTasa keeps full records of the loans contracts which include the details of lenders and borrowers involved.
Who can borrow with TuTasa?
Is TuTasa an Argentine company?
Yes. It’s a Limited Company (Sociedad Anonima) trading as Tutasa AR S.A. CUIT Nº 30-71553930-2.

 

 

 

 

 

FREQUENTLY ASKED QUESTIONS

What is TuTasa?

TuTasa.com.ar is an electronic platform that connects lenders with borrowers, reducing operational costs by skipping the middleman, aiming to benefit borrowers with lower rates and lenders with higher returns.

How do I lend in TuTasa?

  • Create a lender account;
  • Make a bank transfer to credit your online wallet;
  • Select a market to invest in (6 months, 9 months, 1 year and 2 years) and define the amount and minimum rate of interest expected for the loan.

TuTasa matches your lending offers with credit-worthy borrowers that meet same criteria. You’ll receive a monthly repayment of capital + interest which you can reinvest or withdraw.

Who can lend in TuTasa?

Any person of legal age with a bank account and available funds to make an investment. Your identity has to be verified and you have to successfully pass the checks established by TuTasa to establish the origin of the money invested.

What’s the minimum investment allowance?

The minimum deposit into your TuTasa account is ARS 5,000. The minimum lending offer allowed in each market is ARS 300.

How much ROI can I expect?

Each lenders defines the amount, maturity and ROI. TuTasa sorts lending offers from lower to higher ROI, as a result, lending offers with lower ROI are matched first. You can create an account here and check at what rates loans are being granted on each market. A good indicator is the Market Rate.

Which are the accepted payment methods to deposit and withdraw my money?

At the moment we only enabled bank transfers.

What is the Contingency Fund?

To help protect the capital provided by the investors, TuTasa has created a Contingency Fund. Each debtor contributes to the Contingency Fund, thereby diversifying the risk of each loan and thus allowing for quicker pairing. The Contingency Fund aims to pay lenders in case of defaults. It aims to cover the capital of all loans, plus the first two interest repayments in case of defaults, creating a safer platform. You can reinvest monthly repayments automatically into new loans. The contingency fund is not a guarantee as it might be depleted. TuTasa works to keep reasonable levels of Contingency Funds. You can check on stats section here.

HOW IT WORKS

What is TuTasa? TuTasa.com.ar is an electronic platform that connects lenders with borrowers, reducing operational costs by skipping the middleman, aiming to benefit borrowers with lower rates and lenders with higher returns.

How do I lend in TuTasa?

  • Create a lender account;
  • Make a bank transfer to credit your online wallet;
  • Select a market to invest in (6 months, 9 months, 1 year and 2 years) and define the amount and minimum rate of interest expected for the loan.

TuTasa matches your lending offers with credit-worthy borrowers that meet same criteria. You’ll receive a monthly repayment of capital + interest which you can reinvest or withdraw.

Who can lend in TuTasa?

Any person of legal age with a bank account and available funds to make an investment. Your identity has to be verified and you have to successfully pass the checks established by TuTasa to establish the origin of the money invested.

What’s the minimum I can lend?

The minimum deposit into your TuTasa account is ARS 5,000. The minimum lending offer allowed in each market is ARS 300.

How does TuTasa work for Lenders?

Lenders select the amount, maturity the minimum expected return on investment (ROI). Lending offers are ordered from the lowest to the highest rate of return and then by date if lending offers are the same rate. Investors setting the lowest rates of return will be the first to be paired with applications and will begin to generate interest on their investment. If you have set a high rate of return and have not yet been matched, we recommend lowering the rate – ideally to the level of the market rate. TuTasa takes an automatic credit risk analysis combined with internal financial intelligence and supported by credit bureaus, providing loans to borrowers who meet the conditions set. If the borrower defaults, lenders money will be attempted to be recovered from the Contingency Fund. Each loan taken out contributes to the Contingency Fund, thus aiming to diversify the risk among all loans and facilitating a process of agile and secure pairing. The Contingency Fund is not a guarantee as it might be depleted. TuTasa works to keep reasonable levels of Contingency Funds. You can check on stats section here.

What is the Contingency Fund?

To help protect the capital provided by the investors, TuTasa has created a Contingency Fund. Each debtor contributes to the Contingency Fund, thereby diversifying the risk of each loan and thus allowing for quicker pairing. The Contingency Fund aims to pay lenders in case of defaults. It aims to cover the capital of all loans, plus the first two interest repayments in case of defaults, creating a safer platform. You can reinvest monthly repayments automatically into new loans. The contingency fund is not a guarantee as it might be depleted. TuTasa works to keep reasonable levels of Contingency Funds. You can check on stats section here.

Does TuTasa charge a commission?

TuTasa charges a fee to borrowers and lenders as follows: Borrower: for each loan drawdown (up to 10%); Lenders: origination fee for each Lending Offers successfully matched into a signed-off loan (up tp 5%), plus a collection fee on interest repayment received (up to 5%). These fees are included in the loan offer you receive, with no small print.

How is the credit risk analysis performed?

We collect the following information from each borrower:

  • Personal data (age, address, marital status, etc)
  • Monthly income / expenses
  • Purpose of loan
  • Credit history, credit reports and other databases
  • Purchasing behaviour
  • Geolocation
  • Social Media

TuTasa has a proprietary algorithm, and consumes data from private and public databases, providing the borrower with a loan offer at the lowest possible rate of interest in TuTasa market.

What are the default rates?

We expect defaults in Argentina for 2018 to be between 15-20%. The current default rates could be found here. Future defaults rates are based on several factors, including but not limited to:

  • The behaviour of good (repaying on time) and bad (defaults) users within the last 18 months;
  • The country’s macroeconomic environment. For instance, if unemployment rate goes up, default rates are expected to grow;
  • The amount charged by the Contingency Fund.

Figures are closely monitored and adjusted where appropriate.

How is loan risk assessed?

TuTasa runs in-depth checks to ensure the eligibility of borrowers. Below are some conditions that every borrower should meet:

Identity checks: borrowers must provide copy of their ID and show up in person at any Paypoint agent to sign the loan agreement. Alternatively, they need to provide a selfie. Borrowers should pass mobile validation checks, either via SMS or by having a short chat with TuTasa’s Cal Centre. Home address much match government records, otherwise proof of address is required (i.e utility bills).

Affordability checks: borrowers’ monthly repayment should be less than 30% of their net monthly income. Total outstanding debt in the financial system should not be higher than 6 net salaries. All borrowers need to provide valid proof of income less than 45 days old.

Credit checks: borrowers with negative records in credit bureaus are not eligible for a loan with TuTasa. If there’re no negative records, the borrower should pass the thresholds set by TuTasa’s credit policy. Premium contribution to the Contingency Fund might apply to borrowers in the riskier bands of TuTasa’s creditworthiness assessment.

What if a borrower defaults on the loan?

If the borrower defaults, lenders money will be attempted to be recovered from the Contingency Fund. Your capital is at risk, you might recover less money if Contingency Fund has no reserves.

What if the money from the Contingency Fund cannot pay for the defaulted loan?

TuTasa has a robust financial strategy with an experienced financial team that monitors indicators (KPI) in real time to ensure adequate levels of capital in the Contingency Fund. The contingency fund is not a guarantee as it might be depleted. TuTasa works to keep reasonable levels of Contingency Funds, you can check on stats section here.

How does the Contingency Fund work?

Each loan contributes a percentage to the Contingency Fund, thus aiming to diversify the risk. Each borrower contributes different percentages of the loan to the contingency fund, depending on the credit risk analysis performed by TuTasa. The Contingency Fund aims to pay lenders in case of defaults. It aims to cover the capital of all loans, plus the first two interest repayments in case of defaults, creating a safer platform. You can reinvest monthly repayments automatically into new loans. The contingency fund is not a guarantee as it might be depleted. TuTasa works to keep reasonable levels of Contingency Funds, you can check on stats section here.

What is the Market Rate?

Market Rate is the average rate at which loans are being granted in each market. The Market Rate is updated every day and is an indicator of the ideal ROI for your loan to be matched quickly.

Why lend and borrow with TuTasa?

TuTasa might be a better way to borrow than other financial options because of:
  • We have competitive interest rates.
  • You can apply online or via phone without having to go to a branch.
  • Loan offers are provided instantly.
  • Web tracking of your loan.
  • Nationwide availability of our service.
  • Flexible application requirements.

How can I contact you?

Please contact us here.

What is the minimum I can lend?

The minimum deposit into your TuTasa account is ARS 5,000. The minimum lending offer allowed in each market is ARS 300.

What are the maturities of the investments?

You can invest in five markets according to their maturity:6 months, 9 months, 1 year and 2 years.

Can I withdraw my money in advance?

You cannot withdraw money on loan. This is not permitted because of national legal restrictions. We might offer a secondary market in the future. If you need money you can borrow with TuTasa.

How can I reinvest my earnings?

After your registration to TuTasa, you can set your reinvestment instructions in the Reinvestments section. You can choose to reinvest capital only, interest only or capital + interest of your monthly repayments that kick-in. You can define the ROI and maturity of the reinvestment as well. More details can be found in your online profile.

How do I withdraw my money from TuTasa?

After you register to TuTasa, you can set you withdrawal instructions from the Withdraw section. Turn off your reinvestments to ensure that monthly repayments of capital + interest are not invested on a selected market but remain available for withdrawal.

How do I automate my lending offers?

After you register to TuTasa, you can automate your lending offers in the Regular Lender section.  

PAYMENTS
How much ROI can I expect?
Each lenders defines the amount, maturity and ROI. TuTasa sorts lending offers from lower to higher ROI, as a result, lending offers with lower ROI are matched first. You can create an account here and check at what rates loans are being granted on each market. A good indicator is the Market Rate.
 
Which are the accepted payment methods to deposit and withdraw my money?
 
At the moment we only enabled bank transfers.
 
How much is the minimum to invest?
 
The minimum deposit into your TuTasa account is ARS 5,000. The minimum lending offer allowed in each market is ARS 300.
 
What are the maturities of the investments?
 
You can invest in five markets according to their maturity:6 months, 9 months, 1 year and 2 years.
 
Can I withdraw my money in advance?
 
You cannot withdraw money on loan. This is not permitted because of national legal restrictions. We might offer a secondary market in the future. If you need money you can borrow with TuTasa.  

LEGAL & TAX

What is TuTasa?

TuTasa.com.ar is an electronic platform that connects lenders with borrowers, reducing operational costs by skipping the middleman, aiming to benefit borrowers with lower rates and lenders with higher returns.

What are the default rates?

We expect defaults in Argentina for 2018 to be between 15-20%. The current default rates could be found here. Future defaults rates are based on several factors, including but not limited to:

  • The behaviour of good (repaying on time) and bad (defaults) users within the last 18 months;
  • The country’s macroeconomic environment. For instance, if unemployment rate goes up, default rates are expected to grow;
  • The amount charged by the Contingency Fund.

Figures are closely monitored and adjusted where appropriate.

What is the return on investment?

Check here the current and historic values.

What’s the procedure for loans in arrears or defaults?

TuTasa’s trained Call Centre is in charge of collecting late payments and managing defaults. We establish fluid contact with the borrower to understand if she’s facing any financial difficulties and provide assistance. In case of missed payments, arrears or defaults, lenders’ money is repaid from the Contingency Fund. TuTasa conducts and early debt management up to 90 days. Late payments incur in penalties charges. Borrowers are encouraged to catch up with payments and informed about the potential financial and credit history negative implications. Borrowers with willingness to pay but facing some unforeseen difficulties could be offered a loan refinancing. Subject to market conditions, eligible borrowers will be able to get a new loan with a lower monthly repayment that meets their current affordability criteria. The money from that loan is used to make a full early repayment of the previous loan in arrears. Loans with over 90 days arrears are treated as defaults, and special debt management proceedings are conducted, including the reporting to credit bureaus, and letters before action. Legal proceedings could be undertaken.

What is the tax treatment?

TuTasa only retains Income Tax in line with current legislation. TuTasa provides you with tax statements for the internets earned so you can file your tax returns accordingly. It’s recommended to validate your position with your tax advisor. Tax break-down below:

– Lender’s Income Tax: TuTasa retains income tax of interests received as follows: Argentina: 6% to registered taxpayers, 28% for non-registered tax payers Foreign: 31.5% for non residents, unless a double tax agreement between your country and Argentina applies.

– Lender’s Personal Assets Tax: TuTasa does not retain such tax and it’s not within the scope of the operations.

– Lender’s Gross Receipts Tax: Interests earned from Argentine-residents from loans issued in the country are taxed as Gross Receipts. TuTasa does not retain such tax.

– Lender’s VAT: Interests earned from both resident and non residents from loans issued to Argentine borrowers are taxed with VAT. TuTasa does not retain such tax for Argentine residents, only for non-residents.

– Lender’s Financial Income Tax: Does not apply to our operations.

– Tax on Banks Credits/Debits: Every bank transaction retains automatically such taxes. 

– Relationship with Tax Authority in Argentina (AFIP): TuTasa informs and files on monthly basis with AFIP on behalf of every lender the income tax generated from interests received though the platform’s loans.

Is TuTasa an Argentine company?

Yes. It’s a Limited Company (Sociedad Anonima) trading as Tutasa AR S.A. CUIT Nº 30-71553930-2.