My husband and I are currently cooking up an online business which will fulfill my longtime dream. Although it’s an online business, it still requires a small amount of capital for some paper works and machines necessary to the business. As I was looking at our financial options, a friend suggested Lenddo wherein I can get a personal loan without the hullabaloo of bank loan application.
What is Lenddo?
Lenddo is an online lending company that uses your social network connections as a measure of your credit score and paying capabilities. It was founded in 2011 by Jeff Stewart and Richard Eldridge. Other founders include Chief Scientist, Dr. Naveen Agnihotri and Americas CEO, Dan Gertsacov. You do not need to pay anything to be able to register at Lenddo and qualify for a personal loan, educational loan or housing loan. Lenddo offers a 100% online application for cash loans in the Philippines and Colombia.
Loan Application Process at Lenddo
1. Register at http://www.lenddo.com.ph/
2. Enter the needed personal information such as email address, past and present employment.
3. Connect your Social Network accounts with your Lenddo account and invite your family and friends to become your TRUSTED NETWORK.
Trusted Network at Lenddo means people that can vouch for your credibility and at the same time, you can also vouch for theirs. The Trusted Network works both ways- you vouch for them and they vouch for you. Having said that, I’d like to make it clear that Lenddo does not allow peer-to-peer lending. Your network will only be a there to act as guarantor and they will never know if you applied for a loan or how much.
Lenddo has their own investors to lend you the amount approved on your application.
Your Trusted Network should be diverse- from your family, co-worker and from another groups (church mate, neighbor, etc)
4. You must have at least 400 Lenddo score and 3 people on your Trusted Network who has at least 400 Lenddo score to be able to qualify for a loan application.
5. Lastly, you must be currently employed and can provide a bank account under your name.
For more details on Lenddo and how to apply for a personal loan, please refer to their FAQ.
At first glance, I was skeptical of Lenddo. I wish they provided seals of protection on their homepage since they will be getting very personal information from me and I don’t know a thing about their reputation or previous dealings.
A review from past and successful loan applicants could be very helpful to increase my confidence too!
So far I’m at 500 Lenddo score and awaiting my family and friends to accept my invitation for my Trusted Network and when they do, I will apply and see how things pan out. For now, please do let me know if you want to vouch for me so I can invite you to my Trusted Network. 🙂
I would like to say that I do not represent Lenddo. However, to answer your questions… I invited Lenddo representatives to look at this post and see if they can answer your queries.