When not to use SimaJun 14, 2020
We think Sima is great, but it isn't the best tool for everything. Here are some situations in which we'd recommend you do not use Sima.
- Don't use Sima to lend money to someone you don't know.
If a stranger on the internet asks you to send them money using Sima, don't do it. We can't reverse transactions once they are complete, and you should only be lending money to people who you know and trust.
- Don't use Sima to borrow money from people you don't know.
If you take on a debt from someone you don't know, they may make demands of repayment that you're unable to meet. If you're unable to make the agreed-upon payments, you could face legal action from the lender. It is much better to borrow from people with whom you have an existing relationship.
- Don't use Sima if you need to borrow money from a corporate lender.
Sima is a payments platform for individuals, not companies. Any businesses whose primary business is lending are not allowed to use Sima. If someone claims to be a company lending through Sima, please report this to us at [email protected]
Don't lend if you might need the money back sooner than expected.
Don't borrow if you might not be able to repay the loan.