Frequently Asked Questions
1. What is Social Reputation Score?
This is a proprietary Algorithm and software to rank available user profiles according to several predefined parameters. The algorithm pulls information from online, mobile, and social media platforms about the user (based on access granted by the user) to generate a Social Reputation Score. Every user is given a Social Reputation Score of a percentage ranging from 1% to 99%.
2. How much can I request?
Cash Requests on Social Lender range from a minimum of 1,000 Naira to a maximum of 100,000 Naira (maximum of 10,000 Naira for first few transactions, maximum of 3,000 Naira for first-time users without Social Guarantors). The maximum amount increases over time based on the frequency of successful transactions.
3. How much am I charged for the cash request?
Transaction Charge is calculated per service requested and is dependent on the disbursement amount. This is charged as part of the Repayment amount. It is also possible to get a much lower transaction charge to designated partner bank accounts on Social Lender.
4. What makes me eligible to request financial service?
Some basic information about the cash request is obtained from the User at the point of Cash Request.
Before a cash request is granted, the solution will carry out an extensive Social Audit on the Applicant, including reviewing the social reputation of the applicant and the applicant’s Guarantor(s) (where applicable).
The solution makes the final decision on every cash request. Some users may be asked to provide additional “Social Collateral” to qualify for a cash request
If the cash request application is successful, the User is credited via existing banking channels.
5. Social Lender Farm Input?
Small holder farmers can now access farm input such as fertilizers and more as well as agricultural extension services on the social lender platform.
6. Social Lender Micro Insurance?
Insurance is a means of protection from financial losses.
Achieve your financial goals with Social Lender Micro Insurance. Apply now!
7. Improving Your Social Reputation Score?
You can improve your Social Reputation Score by the introduction of a Social Guarantor who provides an electronic personal guarantee on the personality of the borrower or the transaction.
Improve your score right now! ( link to improve score)
