Social Lender is a special kind of financial help for people in Nigeria who might not have everything needed for a regular bank loan. They’re working hard to make it easier for more Nigerians to get financial services. Let’s learn more about them.
About Social Lender:
Founded by Faith Adesemowo and Bade Adesemowo in 2015, Social Lender’s goal is to make it simpler for people to access financial services. They started by teaming up with Sterling Bank, and now they’re a vital part of helping people get money quickly.
How It Works:
Social Lender does things a bit differently. Instead of asking for lots of paperwork, they use your social media activity to see if you’re trustworthy for a loan. They have a special computer program that looks at your social media profiles to figure out if you’re eligible for a loan.
No Need for Collateral:
Unlike other loans, Social Lender doesn’t ask for something valuable from you as a guarantee. All they need is your information, and they’ll use that to decide if you can get a loan. Your social media reputation is like your promise to pay them back.
Using a Social Guarantor:
If you have a friend or family member who can vouch for you, it can boost your chances of getting a loan. This person is called a social guarantor, and they promise that you’re a reliable person.
Getting a Loan:
Getting a loan from Social Lender is really easy. You can do it just by sending a text message! You can also use their app, a special phone code, or visit their website. It’s made to be simple for you.
Growing Service:
As of February 2018, Social Lender already had 15,000 users. They’re not just in Nigeria – they’re also working with ABSA Bank in South Africa.
Conclusion:
Getting a loan doesn’t have to be hard. With Social Lender, you don’t need to worry about lots of paperwork or giving away something valuable. They use your online reputation to help you out. Give their services a try and see how they can make things easier for you.