It takes five to six banking days to complete the process. On day one Zimple sends member instructions to the members bank to initiate the payment, day two to four Zimple waits to clear the item, if the payment clears it is deposited on day five in accordance with member deposit instructions. Items are processed when the Federal Reserve is open: Monday through Friday. Payments initiated on Friday after 2:30PM PT are processed on the following bank day. Items initiated on a weekend are processed on the following bank day. Items initiated on a bank holiday are processed on the following bank day.

To set up an account all we need is an e-mail account and a password. This gives you access to our free loan tracking tools and free loan calculators. If you want to set up a financial agreement for us to track, we’ll need a little more information. You’ll need to provide us with you legal name, address, credit card, checking or savings account information and your social security number.

We need to validate and confirm that you are who you say you are. We also have to comply with the bank’s automated clearinghouse rules for transferring money between bank accounts. These rules are administered by the National Automated Clearing House Association, http://www.nacha.org, an association established to manage electronic payment processes.

You can use a PrePaid Debit card to make payments. Contact the “Issuer” on the back of the card or go online to get the BANK ROUTING NUMBER and the BANK ACCOUNT NUMBER associated with your debit card account. Then enter the new information into the ZimpleMoney system via My Profile and Linked Accounts. Select the option to ADD a new Checking Account when using the confirmed bank/prepaid debit card information.

Although Zimple is not a financial institution, Zimple may be required to comply with Federal law that requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

When a Client sets up an account with Zimple, we will ask for the name, address, date of birth, social security number and other information for each party involved with the transaction, which will allow us to verify the identification of the parties to the transaction. If a business is involved in the transaction, Zimple will ask for the legal name of the business and the address where the business is located.

The Patriot Act does not override Federal Privacy Laws.

No, Zimple does not run credit reports when you track loan payments. 

At this time we do not report payment history to the major credit bureaus. This feature will be available in a future release. When it is available we plan to make it available as an option. . People wishing to have their payment history reported can have it reported to help them build a credit history file. Those that do not want to report credit will have the option not to report payment history.

Keeping your personal information secure and transactions safe is the responsibility of our members and of Zimple. We take care in establishing procedures and selecting vendors that share our concern for secure and safe use of the Zimple system and Internet. To that end, we use Wells Fargo Bank as our bank clearing house, Authorize.net as our credit card gateway, and Latisys as our secure SAS 70 compliant data center.

Using Elavon and other electronic service providers, Zimple can cross verify personal and credit data provided by our members to verify their authenticity.  Additionally we will collect Government issued ID from all payment Members.

Zimple does not share non-public personal information.

Zimple will treat the information volunteered to us with utmost discretion. Our active customers, for example, can expect secure information storage and even annual notices regarding Zimple’s Privacy Policy and the status of their information. As for those people who aren’t full-fledged Zimple customers, we will not share collected information except as permitted or required by law. Even after a relationship with Zimple ends, Zimple’s duties and commitment to its Clients continue.

Zimple will continue to treat your information as though you actively remain our customer. Zimple will abide by applicable record retention and privacy rules even after the loan has been repaid or otherwise has come to a close.

At all times, Zimple will furnish pertinent information where compelled or in order to comply with relevant law, in response to a subpoena, court order and other judicial processes, or as required by competent regulatory authorities.

As many lenders or beneficiaries can participate in each financial contract. There is an added charge for each additional lender. The additional charge is to cover the costs of verification and processing the disbursements. If you have a contract with more than one lender or beneficiary please contact us at members@zimplemoney.com.

An unlimited number of borrowers can participate; however only one designated account each month can be used to make payments.

We understand that under some circumstances custodians or trustees do require paper checks. Accordingly, we can send checks for payment disbursements to custodians and trustees as required. There is an additional charge for writing and processing check payments. As for accepting checks, we really don’t see the value of doing so. For an additional processing fee you can make arrangements as well. For more information contact Zimple at members@zimplemoney.com.

Zimple has convenient tools to edit errors and correct mistakes. If you cannot make the changes you wish, contact us at members@zimplemoney.com to make arrangements to correct your files. In some cases we do require all member participants to authorize the requested changes.

We do not currently offer any benchmarked interest like prime-rate, ten-year treasury, Libor or other such published rates. This is a feature we expect to offer in the future. Until then we can make periodic adjustments with contract member authorization. This can be accommodated by uploading a .pdf file into the contract data vault and advising Zimple at least 5 days prior to the adjustment date.

All contract members have to approve any changes. We plan on automating the process to change terms. Today there are two ways to manage the process. You can start a new loan and cancel the old loan. Or you can contact Zimple and have all parties to the agreement provide written authorization to make changes to the loan. There is a loan modification fee that is charged to self administer or to have Zimple make the changes on your behalf. If you have specific requirements, contact us at members@zimplemoney.com.

1. Yes, you can cancel a loan at any time during the contract. There are no pre-payment or contract cancellation fees to Zimple. Each contract runs month-to-month and is independent of other accounts members may have in the Zimple system. Canceling the loan stops the billing and collection service Zimple provides and you are no longer charged the monthly transaction fees.

Tax reports can be downloaded for reporting purposes. Zimple plans on offering a 1099 print function in the future. We do not have a release date for that service.

You can pay off your loan anytime. Your loan payoff status is provided each day. Login, Go to My Portfolio > Click on the loan you wish to pay-off > See payoff amount in the Payment Summary box on the upper left > Select the Payment Tab > select “Principal Payment” and click submit to make your final payment.

Any party to the agreement can pay the fees. The person setting up the loan (loan originator) generally pays.

The details tab has the member details and key information associated with the contract. This is also the page where you set-up the account to accept payments and pay fees.

The ledger tab has the account ledger associated with the contract. This is where you would go to see the actual disbursements, payments, fees and loan balances.

Yes a tool for making adjustments to the contract ledger is available to you. If you cannot make the adjustments you can always contact Zimple at members@zimplemoney.com.

Yes, you can accept a payment directly from the payer. If you do, you need to make adjustments to the ledger to reflect the payment. If you have trouble making the adjustments, fax or e-mail a copy of the payment to Zimple and we can assist you in making the adjustment. Our fax number is 877-FAX-ZIMP or e-mail to members@zimplemoney.com.

Go to the contract then click on the Ledger tab. Go to the gold bar on the right to make corrections. If you have trouble making the adjustments, fax or e-mail a copy of the payment to Zimple and we can assist you in making the adjustment. Our fax number is 877-FAX-ZIMP or e-mail to members@zimplemoney.com.

Members making payments use the Payment tab. You’ll go to My Portfolio, select the contract, and then select the Payment Tab. The Payment Tab is the place where you can make a payment, pay fees and assign accounts from which to make payments.

Go to My Profile and locate the “Cancel Membership” link.