Frequently Asked Questions
Why should I join Frank?
People use frank to pay off high-interest loans, save for a rainy day, make capital improvements — really, for anything. What would the people you know do with a little extra cash?
How do I add friends?
One person signs up for Frank. They decide who they trust and add them as a connection. These are the people they would be comfortable supporting or having support from.
What if I don’t trust someone?
Then don’t add them as a friend. If someone asks you for money and you don’t want to support them, don’t worry about not adding them on Frank.
Add or borrow money
Why should I contribute money?
Frank is for sharing money with the people you want to support.
Will I make any money?
Don’t think of Frank as a financial investment. Support the people you want to support.
Can I veto individual asks?
No. Choose your Frank friends thoughtfully. It should only include people you really trust.
How much money can I take?
You can take as much as your friends have made available to you.
What can I use the money for?
Frank doesn’t restrict the way you use money. Still, it’s good to respect your friend’s original intent if there was one.
Will my friends know I borrowed money?
You decide whether your friend knows you took money. If you prefer to stay anonymous, Frank has an “incognito” option.
Put it back on your terms
Who sets schedules?
The person who takes money sets the schedule, as long as they think they'll put back within a year.
Will I pay interest?
Frank doesn’t charge interest. We do encourage people to add a tip when they’re done to thank their friends and family.
Where’s the contract?
Frank doesn’t use formal contracts. Your relationships with your friends is your contract.
How do I make payments?
Frank withdraws money from your account according to the schedule you’ve set.
What if I can’t pay the money back?
Frank sends you reminders if you miss one. Then we send reminders to others to see if they can help. Finally we’ll ask if everyone is they are ok delaying or forgiving it.
Should I include a thank you?
It’s not necessary, but we think it’s good practice. Thank you tips let your friends and family know you appreciate them.
How much do people usually give?
Frank keeps a running average of how much your friends and family have tipped so you’ll know.
Will the money I offer a friend be withdrawn immediately?
Yes. Once you pledge support Frank will automatically withdraw the money from your account so that your friends can have quicker access to it if needed.
How long will it take for the money to arrive?
It usually takes 3-6 days from when money is pledged to when it arrives in the supportees account, although in certain cases it can take longer. Verifying additional information can ensure a speedy process.
When do payments back to supporters happen?
Supportees decide the exact schedule. Payments are processed once a month.
How do you transfer the money?
All money is securely transfered through the ACH system and processed through our payments provider.
How secure is the Frank system?
Your security is incredibly important to us. Frank uses bank grade security systems and data encryption to protect you and guard against any unauthorized transactions and access to your personal or financial information.
Does Frank store my bank information?
No. Frank does not see or store your sensitive financial information. Frank works with industry leaders to ensure all your sensitive information is kept private and secure.
How is my Frank account protected?
Access to all services and data is strictly logged and monitored. All passwords are salted, hashed, and encrypted using bcrypt.
How strong is Frank’s encryption?
Extremely strong. Frank is protected using 2048-bit TLS/SSL asymmetric encryption, although, as stated above, all data, such as account numbers, and routing information is tokenized via Stripe (who have full PCI-DSS compliance) and Frank never stores actual account information on our servers.