Social Lender Loan – All You Need to Know

Social Lender is a financial solution for Nigerian individuals seeking a loan. It is a viable lending option for individuals who do not meet the typical requirements for aconventional loan.

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They are pioneering leaders in the effort to make financial services more accessible to more Nigerians. This initiative continues to gain traction, making these services more accessible and affordable for Nigerians.

In 2015, Faith Adesemowo and Bade Adesemowo founded the company. Social Lender was founded with the intention of facilitating easier access to financial services.

It has become a conduit for individuals with limited access to funds to gain immediate access to funds. Initially, Social Lender targeted institutions, with Sterling Bank being the first to board the product idea.

First, Social lender provides financial assistance by evaluating an individual's creditworthiness based on their social reputation.

It has an algorithm that generates credit scores based on the user's social media activity, profiles, and reputation. It determines loan eligibility.

These scores are generated by this proprietary software and algorithm based on the predefined parameters for deservingness. A loan service that awards you credit based on your social media reputation is the best that can be offered.

Social Lender does not require a collateral. They only require your data to ascertain whether or not you qualify for a loan.

This information must be reliable, and your social reputation score would serve as your guarantee. It ensures loans based on the network, reputation, and social profile of the user.

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The service then enables users to borrow from banks and other financial institutions based solely on their social media reputation.

The social reputation score improves when a social guarantor is present. The social guarantor provides an electronic personal guarantee regarding the borrower's character.

The procedure of obtaining a loan from a social lender is straightforward. The procedure has been made as simple as sending a text message by social lender. It can lend money to users through text messages.

This service works with clients who can easily obtain a loan via the app, USSD code, text message, or website.

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As of February 2018, approximately 15,000 users were registered with social lender. It operates in South Africa with the assistance of ABSA Bank.

Conclusion

Obtaining a loan can be a tedious procedure; providing the appropriate documentation and collateral is not always possible, and you may not even have these.

Social lender can instantly change all of this for you. Their current services make it simple for anyone to obtain loans based on an assessment of their online reputation.

Consider their services for easier access to financial aid.