Making an effective borrower profile on i-lend

On i-lend it is important that the portal features are completely used by the borrowers wanting cheap loans through One key difference borrowers have to understand is that there is no one deciding who should get a loan ? and who should not ? which is what banks do everyday. With banks, you submit a set of documents to the DSA / Agent who takes it gets a form filled with details or even fills it himself and takes the signature of the borrower and submits to the credit officer who then takes a decision whether to give you a loan or not based on parameters established internally within the bank.  Essentially in the conventional system, based on data submitted an anonymous person decides on your loan application and either accepts it or rejects it. The person who needs the money is more often than not a passive recipient of this process.

i-lend turns this on its head and provides borrowers with the platform to build your own story enhancing your credibility to impress people who have money to give you a loan. For instance if a borrower puts on a lending hat, he will realize that as an individual he will want to check several factors before advancing money to anyone and on the same principle a borrower has to structure his profile on i-lend that will provide comfort to lenders who can give him money. The key aspect here is that the onus is on the person who wants money to build a credible profile. Now what is a credible credit profile.  Most or all banks check your payment track record as a first step before giving you a loan. That apart on i-lend it is not an institution but people like you and me who are advancing the money. So first of all they would like to see some basic information.

  • Do you have a job ?
  • Where are you working ?
  • How much income do you get ?
  • How much are your monthly expenses ?
  • Why do you need the money ?
  • How will you use it ?
  • Where do you stay ? Is it own or rented ?
  • Do you stay with your family ? Are you a bachelor ? Are you married ?
  • Is your wife working ?
  • What is your qualification ?
  • What about your siblings ? You extended family ?
  • Do you have children ?
  • How long have you been in your job ?
  • What are your assets ?
  • What is your linked in profile ?
  • What is your Facebook profile ?

This is just a sample of the data that may help you get a loan on i-lend. Moreover upload a picture of you, your home, your vehicles and residence if you can, a family pic works well, spend time describing how you will repay and so on.

To draw a parallel , one puts up a lot of information on your Facebook page for a social purpose, here on i-lend you need to put up an accurate and correct information. Any inaccurate data will probably reflect on your intent, so be careful to give only accurate data which is anyway verified by i-lends verification division. Simple things like wrong e mail id, one wrong number in your mobile phone, a wrong street number all indicate that one is either taking this casually or that the intentions are not honorable. If this happens, your profile is rejected outright.

Please remember on i-lend your are the master of your loan application and the chances of getting a loan depends solely on you. Follow this and you may be able to meet your financial needs at the cheapest possible rate.