Your Social Networks Can Help You Get A Loan From Lenddo

In times of crisis, like these week-long rains and floods we have experienced, we need an immediate source of cash especially if we have less or no savings at all. We tend to seek money from the loan shark and with closed eyes embrace the interest as high as the sky. We can't wait until payday as there are needs to attend to. I was thinking of borrowing from a co-worker the other day until I learned about this online community that can help me with my immediate need of cash.

Lenddo is an online platform where people are encouraged to build a community of trusted network. With trust present you can build good relationships thus helping each other with his/her needs (financial.) With just a few minutes of browsing the site and reading the FAQs I already had an idea how it works. Lenddo is based on micro financing concept that have sprouted in the rural as well as the urban areas in the Philippines some 10 years ago.

I remember mother joining micro financing institutions here and there to sustain my school expenses. The idea of micro financing is that groups are formed and they meet each other at least once a week. A member of the group can borrow a certain amount from the micro financing company with his/her co-members as guarantors. Should a member fail to pay when credit becomes due, the guarantors would share the unpaid principal plus interest if any so that the next scheduled borrower could get his/her loan. In short, trust is the key to micro financing schemes. I have a friend who works at the Development Bank of the Philippines and he said banks like DBP have set aside a considerable amount for micro financing projects because they believe it would soon lift up the Philippine economy.

Watch the following video to understand more:


Lenddo from Lenddo


It took me less than 15 minutes to join Lenddo Philippines and achieve the score needed for me to apply for a loan. All I need to do next is to invite 3 more people to join. It is easy, you will just have to fill out the necessary information about you, your education and wok. Here's the link to my profile if you want to see it: https://www.lenddo.com.ph/members/dashboard


I just linked my Facebook, Yahoo and LinkedIn account and my Lenddo score went up to 510. So if my three invited friends register and join my trusted network, fill out the necessary information and scored 400 each, I will qualify for a loan and the processing time would be overnight. Yes, that's just one business day!

In the US and other countries, credit rating is very important to get approved in a business loan or a fast cash loan application. Credit score is computed using many factors from one's credit history (payment history.) Generally, the higher the credit score, the lower the risk of poor payment performance or non payment. But it does not follow that if you have high/low credit score you will be a good/bad debtor (borrower.)

I was kind of reserved at first, entering my personal information, with all the identity theft and internet hack issues. But not to worry, I will also do this should I opt to apply for a credit card/bank loan any way. The only difference is that Lenddo is all online. The reason for sharing more information will earn more Lenddo score is that Lenddo would of course want to know about you as a debtor and for references check. This is so normal except that it is done online.

If you have still doubts and for details as to how the loan would be released, you can check the website. Read everything and sign up only when you've understand the concept. Simply, Lenddo is an online creditor and you just need to be employed and have at least 3 trusted people join, each to score 400 Lenddo score (can be easily achieved once personal information is supplied.) and of course the reason for your loan to be able to qualify.

Trust that I'd be writing a post as soon as I get my loan. I really am in need of cash this month for my daughter's prescription glasses. Good luck to you who might be reading this post. If you will just read what's in the website it is easy to understand. If you have questions related to this post, just comment below so I can walk you through.


3 comments

Popular Posts