The existing loan practices in the Philippines makes it difficult for us Filipinos to apply for a loan because it entails a lot of our time going back and forth submitting requirements, filling up a lot of forms, submitting documents, collateral, photocopies and sign tons of loan documents.
Personally, I don't believe in loans but there are times that we all need one. Like when I was operated on ruptured brain aneurysm last year, the rupture was so sudden that we were caught unprepared for medical emergency that costs more than a million pesos. So, we had to avail of a loan from my aunt. We were lucky my aunt gave us the money, no question asked. But not everyone have a generous auntie. If I will be getting a loan from the bank, I guess it would take sometimes before they could process my loan and I don't think they will grant me one from my hospital bed, don't you think so?
What will you do, in case you find yourself in a medical emergency? Some people I know ask for loans from government agencies but it takes too long for the loans to be released and the process was so tedious that they are already so stressed-out before they get their loans. So I did a little research on-line and found an institution that could now ease our financial stress. We could now avail of a quick, easy, hassle free loan from Lenddo.
And because Lenddo is new to us I made my own version of FAQ, so we will all understand how this Lenddo thing works.
What is Lenddo?
Lenddo is the world’s first credit scoring service that uses your online social network to assess credit worthiness. That is why Lenddo only provide loans for employed individuals. It’s a convenient way to access low-interest loans, and processing is in just 24 hours.
Lenddo provides loans to specific purpose such as the following:
How to be a member?
To be a member, you need to
register first. Upon joining -
Lenddo asks for member information such as:
- Contact
- Employment
- Financial information
- And connecting your Social Networks
to Lenddo which will allow Lenddo to use this information for loan
assessment.
How to be eligible for a loan?
To be eligible for a loan,
you have to comply with the following minimum requirements.
- Have a Lenddo score of at least 400 points in your score
- Have three (3) Trusted Network each of them should have at least 400
points as well.
- You need to be employed.
- TIN number
- An SSS or GSIS number
- Current bank accounts.
Please note that compliance with these requirements does not guarantee approval.
What's the difference between basic community and trusted community in my network?
The people on
your trusted community are the ones that can vouch for you. They are the
ones that can prove you are credit worthy. The basic community is a
group of people you know but don’t necessarily trust.
How does Lenddo process loan applications?
Everything are completely electronic with Lenddo and you can sign up at your own convenience. Their registration process takes no more than 15 minutes and depending on your
country's regulations you can usually respond within 1 business day, no
more waiting for weeks only to be denied!
How long to process a loan?
Within (1) one business day if the information provided by the member is complete and this includes your profile and loan purpose information.
How does Lenddo assess my credit?
Lenddo uses your social media (i.e. Facebook, Gmail, twitter, LinkedIn, Yahoo, MSN, etc.) to determine the strength and integrity of your social network and that you are who you say you are.
What collateral must I put up for a loan?
Lenddo does not require any physical collateral. They leverage on your reputation with your friends and family as collateral. In an extreme case, if you fail to repay your loans or are late on repayments, they reserve the right to lower your credit score, notify members of your network and reduce the credit score of those who referred you.
How much loan could I get from Lenddo?
Lenddo give a minimum of Php 5,000 and a maximum of Php 43,000.
How much is the interest rate?
Interest rates are
dependent on your Lenddo score and local rates
What are the payback periods?
Terms range from 3
months to One (1) year.
In what form does Lenddo release the loan?
Once your loan is approved,
Lenddo directly deposit the funds into your specified bank account.
I think this is a great opportunity for those who like a simple convenient loan without the hassle.
Lenddo saves trees by going completely paperless.
Lenddo's way will guide your path to be more credible in your financial dealings. Through
Lenddo people would be more responsible, credible and get easy access to loans. I think
Lenddo will improve more lives by giving more
financial tips/ investment methods to everyone to
Ease our financial stress.
