How Does Social Credibility Help You to Get Various Loan Offers

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As per recent study by 2019, the user count of social network is going to be around 258.27 million. In India top most social media sites are YouTube, Facebook. It is estimated that only in Facebook the user count will hit 319 million by 2021 in India. Here come the smart lenders and various financial institutes who are taking help from the social sites and various social apps like WhatsApp to find out millions of peoples’ social credibility and worthiness to get a loan. They get the information and try to present various loan deals suitable for you. These is how social credibility helps the lenders to bring some amazing deals to you-

Impacts of Big Data and Social Presence

There is no doubt that all the search engines, social networking sites and applications are huge databases where all of our conversations, pictures, comments are stored. Even what you type in the search engine is also saved. It helps with the data analytics of which big data, public data and streamlined data are parts. Every single information is open to developers and the data analytics team. Even when you are doing finance related tasks online, all those data are stored inside the big database. These help lenders to determine if you have the right credibility to get approved for a loan or should be rejected.

Every bank or lenders need information about the company you work for, your designation or standard salary mark to give any loan like instant loans unless you are a student and applying for education loan.

Information from Social Platforms

If you put your job description on LinkedIn, lenders can easily find your details in the bio. These helps the lenders save time to scrutinize all the information and determine whether you can be approved for a loan. Lenders also get a certain idea on how much your income is. It determines for the lenders whether you are meeting the threshold to get a loan they are providing and if you can repay the amount on time. Social sites also tell what type of person you are, your lifestyle and more interestingly how much you spend on things or traveling for pleasure or work. Lenders get all kinds of information required to determine your loan approval.

GPS and Its Functions

Global Positioning System or GPS trace your location details when your mobile network is on. It helps lenders to verify your home and office address making the scrutinizing process speedy and paperless. Your credit score also build upon your online shopping and the amount you spend in a month. So, when you pay for bills of cellular data usage it also affects the credit score.

These are the ways social sites or social apps are building up resumes for money lending companies by cataloging information of their target customers’ credit scores and also credit history. As of now, not all financial companies are using these mediums to get to their potential customers but a very few. Though it is sure that as the online users are increasing all the financial will embrace the benefits of social data analytics to reach out to their customers and verify their potentiality before giving loans.