#SocialLender : Are You in Need of Cash? Social Lender Gives You Access to Soft Loan Based on Your Social Media Reputation
Since last week, a Hastag #SocialLender has been trending viral on social media. Addicted Nigerian twitter users have been wondering what is the reason behind the viral hastag, but we can finally know the reason now.
Lagos based IT company BinCom, has unveiled first product called ” Social Lender ” which is a social lending service based on your social media reputation.
Social Lender, is a product that is targeting Nigerian, by accessing soft loan based on their social media reputation.
Are curious to know how the platform determine your reputation on social media, you ask? In fact what is your social reputation anyway? I asked you too.
According to the company reported that your social media reputation will be determined by their algorithm software :
“there is a proprietary Algorithm and software to rank available social profile according to several predefined parameters. The algorithm pulls information from the social media platform about the user (based on access granted by the user) to generate a Social Reputation Score. Every user is given a Social Reputation Score in percentage.”
The algorithm software will analyzes your social reputation score and it will score your social reputation online in-order for you to start accessing soft loan, you can access the soft loan by signing up with your Facebook or Twitter accounts.
Currently leading commercial bank Sterling Bank, is first bank to get on board on the product, while others banks will get on board in 2016, according to the parental company Bincom representatives Bade Adesemowo, in a chat with TechCabal says that:
“The run with Sterling Bank has been very successful so far. None Sterling Bank Account holders can also borrow using the Mobile Money option.”
However, on Sterling Bank, you can borrow up to N10,000, but first timer borrower are limited to N3,000. While transaction fee charge are N300 or N500 based on your loan request.