Nov 182016
 

Your social media presence and behaviour can decide on your loan application

These days, there are several modern days’ money lenders like CashCare, GoPaySense and so, along with the online based credit card market places like BankBazaar and CreditMantri are using maverick or something irregular process in order to skip their applicant with the aid of social media. Their experts are instructed to keep monitoring the individual’s social media activities, data about location and so, in order to provide financial aids.

Your social media presence and behaviour can decide on your loan application

S.NoUnknown Facts about Social-Media Usage in IndiaDetailed Information
1Number Indians Using Social Media Actively Around 10% of India’s Population
2e-Commerce Sales driven via mobileAbout 41% (As per the record on 2014)
3India’s Popular Social NetworkFacebook (125 Million monthly active users)
4Revenue of Facebook per Indian userAround 15 Cents for every quarter
5Earning OpportunitiesPeople can able to earn via their social media profile

These new unorthodox metrics are helping these online lenders and credit marketplaces to carefully gather the financial and other related information of their borrowers and evaluate their creditworthiness more efficiently.

Innovative Methods of Covering Customers

This new age adaptation have offered these online lending businesses an additional ways of gathering financial and related information of their borrowers in addition to the traditional ways of reviewing the payslips and bank statements.

In this new methodology providing loans based on the activities of the applicant in online/social media is carried. And the activities of the person in social media will influence while getting financial aids from credit marketplaces or online lenders.  Beware, they not only review your financial conduct but also on your social media behavioural conduct.

S.NoUsage of Social-Media in Getting LoansDetails
1Determining terms for online loansSocial Media helps people to make decision on getting best loans
2Qualifying for traditional loansSocial Media profiles pages determines the business owners eligibility of attaining loans
3Marketing a crowdfunding campaignSocial Media an effective tool to market business campaigns started in Kickstarter, Indiegogo and GoFundMe

These types of unorthodox methods are followed in order to judge the non-salaried persons like freelances. They may have huge bank balances but are they credit worthy? Since they are non-salaried, online lenders follow their mobile usage pattern, GPS location, SMS alerts and social media activities.

For instance, to get an overview of how these methods work, look at this real example of how Early Salary has dealt with a fraud.

All of these online lenders and credit marketplaces ensure a safe play with the security of the data being used only for decision making purposes and not for any sinister purposes or is not at all stored with them

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