Nigerian FinTech company, Social Lender Named 2018 VentureClash Semifinalist

…Finance Technology company takes a step closer to winning Connecticut’s $5 million global venture challenge

SOCIAL LENDER

Social Lender, a lending solution based on social reputation on mobile, online and social community platforms, today announced that it has advanced to the semifinalist round of the 2018 VentureClash competition. VentureClash, managed by Connecticut Innovations, is a $5 million global venture challenge for early-stage companies in digital health, financial technology, insurance technology and the Internet of Things.

Social Lender was founded in 2015 and has signed up over 15,000 users on their platform and recorded less than 4.1% bad debt on loans facilitated through their platform.  Over 60% of Social Lender’s first time borrowers return to the platform for more transactions. The Company has signed partnerships with Financial Institutions in 2 Countries of Operations including: Sterling Bank (Nigeria), Absa Barclays Bank (South Africa), and iTrust (Nigeria) with a pipeline of 5 partners in 2 countries. Social Lender is accessible on multiple channels which include SMS, USSD and Web.

The VentureClash competition attracted nearly 300 applications from more than 20 countries around the world. Social Lender was one of 34 companies selected to advance to the next round.

“Each year, the application pool gets stronger and stronger for VentureClash, and this year is no exception,” said Matt McCooe, CEO of Connecticut Innovations. “We’re extremely excited about our semifinalists this year and look forward to getting to know Social Lender during the process.”

Social Lender claims to be building a social network of Trust, Credit and much more…

VentureClash 2018 finalists will be announced on September 7, and those chosen will compete at the VentureClash finals event, to be held on October 18, 2018, at the Yale School of Management in New Haven, Connecticut.

About Social Lender

Social Lender is a lending solution based on social reputation on mobile, online and social community platforms. Small cash requests are offered to members of Social Lender communities with a valid bank account. Cash requests are guaranteed based on the user’s Social profile and reputation.

Social Lender uses its own proprietary algorithm to perform a social audit of the users’ online, on mobile, on social media and other related platforms and give a Social Reputation Score to each user. Users can borrow from banks and other financial institutions based on their Social Reputation Score. Social Reputation Score can be improved by providing more information e.g. social reputation score is improved by the introduction of Social Guarantor who provides electronic personal guarantee on the personality of the borrower or the transaction.

Social Lender delivers cash guaranteed by social reputation in most cases within 10 minutes. In three steps, users are able to get quick cash from Social Lender. First, users access Social Lender’s platform using any of the following channels; Web, SMS, USSD, Mobile App (Partner App Add-On or Dedicated Apps), Partner Bank ATMs, APIs or Pay with Social Lender (E-commerce Checkout). Immediately a social audit is conducted on the user (with user’s permission) and the user obtains a social reputation score based on their digital fingerprint. Second, the user applies for cash using any of the available channels. Third, funds are approved based on partner specific business rules and funds is disbursed to the users’ verified Account (Bank Account or Mobile Money Account) usually within 10 minutes.

About VentureClash

Managed by Connecticut Innovations, VentureClash is Connecticut’s global venture challenge focused on early-stage companies. The challenge identifies high-potential companies in digital health, fintech, insurtech and the Internet of Things that will receive investments from a $5 million investment award pool. Learn more at www.ventureclash.com.

 

About Connecticut Innovations Inc.

Connecticut Innovations (CI) is Connecticut’s strategic venture capital arm and is the leading source of financing and ongoing support for innovative, growing companies. CI provides venture capital and strategic guidance for early-stage technology companies, and connections to its well-established network of partners and professionals. For more information, visit www.ctinnovations.com.

Post your Video Testimonial on Instagram or our Facebook page using #sociallenderreview and win 10,000naira. *

Have you borrowed using Social Lender in the past?    You stand a chance to win 10,000naira cash with Social Lender by sharing your testimonial in the video testimonial Campaign.

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Social Lender is solving financial problems using Social Reputation Score

Social Lender has helped various people solve their financial problems through the micro-credit it provides based on Social Reputation. Here are tweets from some of the people who have been able to secure quick cash from Social Lender with their Social Reputation score. They were able to attend to one financial need or the other. Read more

Do you know that your Social Reputation Score determines your Credit Worthiness???

On Social Lender, Access to Micro Credit is simply based on Social Reputation. Social Lender leverages on your Social Reputation as collateral to offer micro-credit. Through your Social Reputation, A Social Reputation score is calculated and this determines if you are qualified to make a cash request. So basically the higher your Social Reputation Score the higher the amount you qualify for

Have you improved your Social Reputation Score???

 Don’t wait till you are in need of a loan before you improve your Social Reputation Score. With a qualifying Social Reputation Score, you can simply send an SMS to Social Lender to get cash in your account within 5 minutes. One of the ways to determine your social reputation is through your Friends, Family & Connections on the Social Lender Platform. Read more

How To Get A Bank Business Loan

There are times we need that extra push with regards to resource for business, we have plans to yield prospects which in turn would be helpful to our businesses. We want loans to help our SMEs but then how we go about it can be tedious. Banks generally offer loans with their lowest interest rates to SME’s (small and medium-sized enterprises).  The rate of interest is usually between 5%-9% over a period of 1-5 years. Be sure you have strategized and have made a budget to the amount you would apply and have a repayment structure on ground too. The amount you’ll be able to apply for varies vastly depending on the size of your business.  It is possible to obtain these loans as long as you have collaterals to support them.  Having said that, some banks have realized that the majority of start-ups have solid ideas but nothing to back them on their loan requests.  Take the time to do your research.  If you know that you have the next best thing at your fingertips, don’t give up on it purely because you lack the capital. Read more

Income Explained

Active Income

If you currently work for somebody else and receive a salary, then your income is active.  Here’s a basic equation for you in case you’re unsure:

Trading Time + Experience + Effort = Cash

Active income is the most popular type of income.  The amount of money you earn may change but the basic principle remains the same.

 

Passive Income

Passive Income is the income you receive without having to actively work for it. It means that you generate money with little or no effort on your part. It’s the type of income that entrepreneurs look for as it provides them with time to focus on other endeavors and it has the potential to generate excellent monthly returns.

It can be difficult to generate a significant monthly income without having invested a substantial amount of money. The key here is to start slow and build. You’ll be surprised how much cash you can put away when you set your mind to it. Does this sound like the answer to your prayers? Great! However, as fabulous as it sounds it isn’t as easy to achieve as you might hope. It’s going to take a lot of time and effort to earn totally passively.

Let’s Get Started

There are four steps to take in creating passive income:

  • You need a business idea
  • Identify how you could turn the income from this business into passive income
  • Create/make your product
  • Market your product

As you can see, creating a passive income stream may be ideal but it is no small task. It’s also very achievable, as long as you develop or improve on your entrepreneurial skills and creativity. Passive income only really becomes passive after adequate substantial labor-intense groundwork.

How to Grow Your Creditworthiness

Social Lender

credit worthiness

Your credit score is a mathematical representation that appears in a credit bureau report. This information is used to determine your credibility. The information is made up of elements like loans, overdraft, requests for new credit, outstanding debts, how you pay your bills, how much debt you have etc. This information about you is mostly used by financial institutions like banks, insurance companies, and service providers to access the likelihood of you being able to repay any credit given to you i.e your creditworthiness. Based on your credit score, you will either be accepted or rejected.

Social Lender

In order to improve your creditworthiness, there are five easy things you can do;

  • Pay your bills on time
  • Avoid having too much debt
  • Try to use only 35% of any credit limit you are given
  • Avoid making too many applications for credit at the same time
  • Only take credit when you really need to and when you are genuinely sure you can repay that credit at the stipulated time.

It’s important to obtain a copy of your credit report in order to make sure there are no corrections or amendments that need to be made. This will also help you maintain a healthy line of credit.

 

Social Lender is Touching Lives

Social Lender is helping people live better lives by supporting them with small loans using their social reputation. Take a moment to view what people are saying about Social Lender as they talk about their experience.

“Social Lender helped me start a recharge card business” by Hallmar Chibuzor Paul

Read more

Planning Your Financial Freedom

 

 

There are many successful and wealthy people out there who came from humble beginnings. You only need to study a few of them to agree that it’s not all about being born with a silver spoon.. It is very possible to be financially comfortable and successful even if you are currently working a 9 to 5 job. Success is all about planning. We all know the saying ‘it takes money to make money’ but that doesn’t mean you can’t start from scratch and build your way up, creating wealth and thereby a lifestyle you deserve. Having said that, it’s important to be aware that this isn’t for the work-shy. It will take hard work, planning, education, willingness to change and determination.

 

NO QUICK FIX

There is no easy and speedy way to financial freedom. Any scheme or so-called business opportunity that appears too good to be true usually is. Be selective in your choices in terms of business opportunities. Be sure that you believe in your product, you know your target market and that the business model works in your marketplace. Direct Sales and MLM (multilevel marketing) do work and there are some extremely reputable companies with great products but recruiting and team building takes time and effort. Extra income can come very fast if you remain dedicated. What you are aiming to create is Passive Income. This means that your money is always working for you, even while you sleep.

One of the smartest and fastest way to becoming financially free is investment. Many people fear that word “investment” and some believe investing is for the already rich. This is far from true. In the past, the upper 1% invested primarily in stocks and shares. Nowadays with the evolution of the internet, investment platforms such as Crypto Currency have made great changes to the way investment works. Whichever investment(s) you choose, start small and only invest an amount you can afford to lose. Remember that investment does have some elements of risk.

 

PERSONAL DEVELOPMENT

You’ll definitely need some money to get you started. How much that would be, will depend on the path you choose to follow. However, money alone is not enough. It’s essential you equip yourself with the correct mindset. The way you think has a huge impact on your personal successes and failures. If your glass is always half empty as opposed to half full, then your negativity will definitely be to your detriment. There are many self-help books you can read to help improve your positivity. Once you apply this education to your life as a whole, it will have positive effect on your wealth acquisition goals.

 

START WITH THE BASICS

Set aside a percentage of your income for investment. It doesn’t matter how small it may be nothing is too little. This money is for investment not saving. When you save your money in a bank’s savings account, your returns are negligible. Depending on where you are in the world, the banks have different types of investments. Many of them can be started with a relatively small sum of money and have much better returns. You will be able to build on your initial investment.

Look at your spending habits and plan a way to limit your daily impulse purchases. If you take a critical look at your spending, you are sure to find expenses that can easily be cut down or removed all together. Unnecessary spending like nights out, alcohol, fast food, etc are usually a good place to start. Also consider looking at ways to reduce your taxes, earn more and possibly downsizing to a smaller home. By doing this, you’ll be able to free up more cash to invest. Planning is essential in discovering ways to freeing up and eventually realizing financial freedom.

Have you used Social Lender in the past to obtain Microcredit???

Have you used Social Lender in the past to obtain Microcredit??? Then stand a chance to win N10, 000!!!

How to Participate:

• Make a video (60secs) of yourself, telling us how social lender helped you and why you think people should join Social Lender

• Post your video on any of our social media pages on or before 12 midnight on Sunday, the 28th of January, 2018

• 10 videos will be shortlisted, re-edited and reposted by 12 noon on Tuesday, 30th of January

• The shortlisted and reposted video with the most engagements (i.e. likes, shares and comments) by 12noon on the 6th of February, 2018 wins!!!

Please note:
– This competition is only open to past Users of SocialLender.
– The decision of Social Lender Team will be final.
– Social Lender reserves the right to use the submitted testimonials on our website and other publications.

Not Interested in the Prize? We invite you to submit your User Feedback all the same.

Access to Microcredit is now social!

Visit www.sociallenderng.com for more information.

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