Social Lender is a social lending solution using Social Media platforms. Small cash requests are offered to members of My Social Media communities with a valid My account. Cash requests are guaranteed based on the user’s Social profile and reputation.
To begin the process, the User’s Social Media information/profile is assessed based on a proprietary Social Algorithm to calculate a user’s Social Reputation Score. Users are eligible for a cash request with a minimum social reputation score (see scoring) and cash requests are granted on a case by case basis after extensive Social Audit on the requesting user is carried out by one of our Social Credit Officers
Some of the factors that affect Social Reputation Scores and eventually getting a cash request include:
User’s whose social reputation doesn’t add up to the required minimum may be able to augment their score by requesting for a guarantor on the system. The more guarantors a user has on the system, the higher the eligibility for cash requests (regardless of the social reputation score). Possible list of guarantors are retrieved from a list of user’s friends (or followers) who are also using Social Lender Application.
Cash Requests ranges from a minimum of 1,000 Naira to a maximum of ₦ 0(maximum of 3,000 Naira for first time users). The maximum amount increases overtime based on frequency of successful transactions.
The Cash Request is paid directly to the Requester’s My Account. This account is verified as part of the registration process on the platform. Users are credited via existing and regular banking platforms and maximum duration of the cash request is 30 days with a service charge of 100 Naira per transaction
Cash Request can be repaid using existing banking channels including mobile money, bank or online transfer, physical banking, Online Bank Transfer, Deposit in branches, online payment switch, Mobile Money Transfer and other payment options available in the country of operation.
In a situation where a user is not be able to re-pay the cash request by the end of a 30 day period, user must roll over the cash request , this will be recognized as a new cash request. However, the user must pay the service charge by the end of the 30 day period regardless of repayment of the principal.
If a cash request becomes ‘Unserviced’, we shall commence our cash request retrieval process as indicated in the Social Lending Agreement.