Question 1

What is a Honeycomb Wallet?

Accepted Answer

Your Honeycomb Wallet is a free and secure digital wallet that allows you to store repayments from your investments. Similar to offerings from your bank and other institutions (PayPal, Venmo), the funds in your Wallet are yours, and can be used to invest in campaigns or transferred to your bank account at any time.

Question 2

Is it crypto?

Accepted Answer

No, it is not cryptocurrency. The funds in your wallet are real dollars, held by a real bank, which you can reinvest or transfer to your own bank account.

Question 3

Why should I use a Wallet?

Accepted Answer

When you use the Honeycomb Wallet, loan repayments arrive more quickly than if they were to go to a traditional bank. Plus, you can reinvest those repayments with lower fees than with other payment types.

Question 4

Why is it cheaper to invest when using my Wallet?

Accepted Answer

Honeycomb's processing fees for Wallets are lower than processing fees for traditional banks. By forgoing the banks in favor of the Wallet, we are passing those cost savings on to you.

Question 5

Is the money my money?

Accepted Answer

Absolutely, and you can choose to transfer your funds to your bank account, or use them to invest in additional Honeycomb campaigns with lower investor transaction fees.

Question 6

How do I move my Honeycomb Wallet funds to my bank account?

Accepted Answer

From your dashboard, select Honeycomb Wallet, then Transfer Funds. The funds will arrive in your bank account in 2-4 business days.

Question 7

Is my Wallet secure?

Accepted Answer

Yes. All data is encrypted in transit and at rest, and your funds are held securely in our partner bank.

Question 8

Is this like PayPal or Venmo?

Accepted Answer

Yes, and other banking wallets.

Question 9

Who provides the Wallet technology?

Accepted Answer

Our financial technology partner is Dwolla, who provides this service for many major technology companies.

Question 10

Can I reinvest my Wallet funds to other campaigns?

Accepted Answer

Absolutely, and Wallet investments enjoy a lower processing fee than investments from bank accounts.

Question 11

Can I move my Wallet funds to another investor?

Accepted Answer

No. Your wallet funds may only be transferred to your bank account on record.

Question 12

Can I choose to have my payments go to my bank account instead of my Wallet?

Accepted Answer

Yes. Contact support@honeycombcredit.com and we'll get this set up right away, though you’ll be missing out on faster repayments and lower investment fees.

Question 13

Can I transfer funds into my Wallet from my bank?

Accepted Answer

Not yet. At this time, repayments are the only way your wallet funds are populated.

Question 14

Can I set up my Wallet to automatically transfer to my bank on a recurring basis?

Accepted Answer

Not at this time. You can log in and transfer the funds at any time, or contact support to have repayments routed directly to your bank.

Frequently Asked Questions