Sanctioning a loan is not tough these days. Spend a complete half day with all credentials and requirements and you’re done with it. But when it comes to getting loans at a lesser interest, so you can pay it back easier, so you can save more, you have lesser opportunities to prove why you need a better rate. Bank companies mostly rely on statisticians to do this job. They assess and find which customers deserve a better rate. Are they accurate? Maybe. Will you be considered? Maybe. So, what can you do to make your chances better? Not much. This is where Vouch fits in.
There are many companies that offer you better things when you have a better social circle, a wider one. They rely on your influence on social networks. If you are well connected and if your friends trust you, the companies take a leap of faith in you, they offer discounts, and provide you better service. All this happens because you’ll end up promoting the services and products of these companies. Vouch is one such that translates your social clout to financial stability.
Vouch is a financial startup that uses the recommendation of family and friends to help you reduce your loan rate. This is for personal loans and it lets people ‘vouch’ for you. Vouch offer installment loans of USD 500 to USD 7,500, with interest rates between 5 and 30 percent. You’d be required to state the purpose of your loan and the amount.
Downloading the Vouch app will let you manage your credit score and enhance rate by securing ‘vouches’ from your social circle. Some of them can pledge money, sponsor loans. Even factors such as how quickly they respond to the ‘vouch’ request and what answers they provide to the questions in a survey are considered to determine the rate. These pledged amounts will be payable if the customer defaults on the loan.
Do you have the social clout to get yourself a loan with the least interest rate?
