Do I Have to Pay for a Subscription to Make a Payment?
Understanding how ZimpleMoney subscriptions work and who needs a subscription.
Borrowers do not have to pay for a ZimpleMoney subscription to make a loan payment on the platform.
ZimpleMoney's Subscription Plans are for lenders who want to automate loan self-servicing and collect payments from their borrowers with ease.
Lenders need a subscription to set up a loan contract. ZimpleMoney's Subscription Plans are tiered based on the number of loans in a lender's portfolio, as well as whether the lender enables borrower payments through ZimpleMoney.
However, there is at least one use case in which a borrower may want to pay for a ZimpleMoney Subscription.
In the event a borrower wants to create a loan contract for themselves within ZimpleMoney to simplify loan tracking (for example, if a borrower is working with a lender who is not adept at using computer technology but is open to having the borrower set up the loan contract digitally), a borrower may pay for a ZimpleMoney Subscription Plan.