You might want to be extremely wary of one startup that has decided to add a modern twist. This new startup, called Lenddo, is going to use social media in a completely new way when it comes to lending. If you go to a lending company such as this startup, beware that your credit worthiness could be based on your social networking sites. Shocked already? You should be, because this new start up is going to assess you through such sites as Facebook, LinkedIn, and Twitter. They will examine these sites and will even forgo collateral based on the peer information they find on the social networks. Banks ignore social media, but considering the troubles many have in the world today there is the thought that the middle class could be doing better if banks are willing to lend based on social networking information. Many middle class families are turned down for lending because they lack a good credit rating or at least the financial history and identity records needed.
The startup believes that social media can be used as a way to gain information about the person to ensure the bank that they have the proper risks to take on a loan. The CEO of this new startup stated they are going to make it a practise to offer small cash loans based on peer accountability. They will even offer low rates as long as the peers found in the social media support such an option.
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