Asking for a loan is not easy. Financial institutions are faced with a
large number of applications, and those interested in obtaining a loan
don’t always have sufficient information. This leads to numerous
obstacles that make the process long and stressful. To face these
difficulties, we now have online alternatives. One example is social
platforms that help to connect applicants and banks.
One of the tools that operate with this approach is Weemba. Its operation is simple: a person who wishes to apply for a credit registers free and creates an anonymous profile, where he describes himself and indicates what kind of loan he needs. Through this platform, a user designs a funding request with the necessary information to obtain a credit, which is automatically shared with all registered banks.
This way, banks can search through user profiles – where users’ needs are presented without revealing their identity, to choose the ideal candidates for their funding. On the other hand, customers can be assured that their search will reach even previously unknown banks in an easy and simple way without the need of doing extensive paperwork or contacting each institution individually. Weemba, which operates in the U.S., Spain and Argentina, notes that 92% of its users receive at least one proposal from a bank in answer to their loan application.
It’s necessary to note that Weemba does not grant credits directly, nor mediates between clients and banks. It’s only responsible for helping both parties to find each other and get in touch. In this sense, Andrés Bello, President of Weemba Spain, explains that “Transactions are confidential; they are made between the entity and the customer. We aren’t an intermediary; we are a negation of the intermediary. In Weemba, a financial institution directly contacts a customer (from offices, central services or through agents), and we have no information of ongoing negotiations.” In addition, the respondent stated that “the only party that pays is the bank, not the user requesting funding.”
It’s also important to mention that Weemba does not have restrictions on the type of project for which you can apply for funds. “Our users apply for funding or any other type of investment; mortgages, consumer credit, credit for production, for companies or loan to change a car is totally free, and in this sense there’s no limit”, explains Bello. In addition, the company director in Spain clarifies that “the bank doesn’t pay for signing up or for sending contact requests. It only pays for the service when it gets access to a potential customer’s profile.”
There is no doubt that social networks have changed the way users interact, inform and entertain themselves. But online social platforms can have an even greater impact on people’s lives and can facilitate, for instance, access to a loan they so want. “Those seeking funding may experience a lot of frustration because they have to go through dozens of banks, present documentation, and waste time. The idea behind Weemba is to facilitate this process and increase chances for a person to get a loan”, says Bello.