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How Duck9 works
How Duck9 works
Duck9 works for college students
College students get on the path to being debt-free early. Duck9 helps by first boosting your FICO score. Graduating with a FICO score of 750 is our goal for you. You can do that with Duck9's help. For example, we SMS you reminders for bill due dates. For example, banks send out statements late so that you'll pay late and thus YOU incur late fees. Banks love late fees.
Students pay late because of lost bills, lost mail and misplaced bill envelopes. Duck9 catches these common pitfalls and reminds you for FREE.
We even give you $100 to lend for FREE if you attend a four year university. You, as a college student, get paid either 9% or 12.8% and if you pick the 9%, you $100 that we give you is never at risk.
Register here to get on a path to a FICO of 750
Duck9 works for borrowers
For borrowers, Duck9 has the goal to get you out of credit card debt.
Once you've registered and been accepted as a Duck9 borrower, Duck9 sends you loan offers. Make sure you respond to both the SMS confirmation and the email confirmation. Borrowers can expect better than average loan rates that start at 15%. You must be a college student to borrow.
Borrowers that default on loans or "charge off" (charge-offs show up as a 9 on your credit report) will have debt reported to Trans Union, Equifax and Experian and be sent to collection agency. Borrowers will keep their privacy and only be known to Duck9 employees and lenders. At no time with personally identifiable information be available publically.
Duck9 works for lenders
For lenders, Duck9 presents extremely competitve interest rates- perhaps above markets.
A lender doesn't assume the entire risk of one borrower. A lender buys 1/200th of a loan. This is proven as the least risky lending model. You have two choices 9% guaranteed or 12.8% unguaranteed. Both rates are adjustable to the return but at the lower rate the principal is never at risk.
Duck9 deposits are not FDIC insured even at the guaranteed 9% rate. Duck9 guarantees it and not the FDIC. This lending is not authorized by any government agency and you lend at your own risk.
Duck9 borrowers have the option to pull their money out at any time.
More about lending | More about borrowing
Who's Duck9 and How did it Start? >>
The big idea: peer-to-peer money
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