TO MAKE loans even more accessible, a lending company has taken its services online.
Lenddo, a microfinance social networking firm, is a startup company that provides its clients with easy access to loans through its website, lenddo.com.ph.
It was founded by Jeff Stewart and Richard Eldridge in 2011 “to help the emerging middle class use their social connections in building their creditworthiness and access to local financial services.”
Lenddo Philippines director for sales and marketing Erika Aquino said the accessibility of loans depends on a person’s creditworthiness and they determine it by the social networks an applicant is using.
Aquino said that before Lenddo members are granted loans, they need to connect their system to their active Facebook, LinkedIn, Twitter, Yahoo, or Gmail account.
She said the company’s data scientists will work on an algorithm to determine a person’s creditworthiness and will assign each member a credit score or a “LenddoScore.”
Aquino said the score will depend on how often the borrower uses his social network account. The people connected to the member can also affect his ratings as they will also vouch on the person’s credibility.
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