4 Tactics Lenders Can Use in Social Media

Finance Tips

Social media is now the breeding ground for lenders. Every now and then, a new lender will pop up, offering different payday loan products for all borrowers. Creating a presence in social media is vital or any lender. Every day, thousands of borrowers stay in social media looking for solutions. They are like gold mines waiting to be capitulated. Despite the competition, lenders can use various tactics in social media in order to gain an upper hand.

 

These are popular social media tactics used by lenders:

 

Infographics Sharing

Infographics are useful social media materials that can attract many potential borrowers. There are many reasons for this. First, infographics are filled with aesthetic figures and data-driven points. People love these things because they convey results. Second, infographics are relatively easy to read because only bullet points or ideas are included. Infographics can also lead borrowers to the lender’s website.

 

Witty Page Commenting

Automated page commenting is slowly going off the highway. Nowadays, people want authentic people responding to their posts. Lenders maintain connection with borrowers through witty commenting. In this way, borrowers will feel more at ease and they will trust the lenders more. Posting witty page comments is not easy. Sometimes, people assigned for the job must undergo several trainings before engaging with borrowers.

 

Valuable Content Creation

Content will never be displaced as long as the cyberspace is up and running. Lenders use all forms of content to build long-lasting relationships with all of their clients. This is a useful tactic as long as the content is evergreen, timely, and leaves value to borrowers. Great content can also tap on the underlying emotions of all borrowers, thus converting them into long-term clients.

 

Social Media Events

Social media events are getting popular nowadays. From time to time, lenders will hold small Facebook or Twitter contests. This is meant for short-term or long-term exposure. The effectiveness of this strategy relies on the borrowers’ excitement for rewards and incentives. In the long run, this will lead to greater branding for lenders. Other events also prompt borrowers to solve easy puzzles which can yield small rewards like vouchers, certificates, and lots of freebies. The wise borrower can take advantage of these events to learn which lenders are ready to offer new options.

 

Have you personally witnessed these tactics in play? Don’t worry – lenders, just like other businesses, are legally sanctioned for all of those tactics. What you should focus on is the product line that the lender is offering. Also, you can rely on firsthand borrower reviews.

4 Changes Borrowers Want from Online Lenders

Finance Tips

Borrowers will never be satisfied – they will always look for more and will find areas for improvement. This is why lenders should work hard in satisfying the requests of their borrowers. Otherwise, lenders won’t have the capabilities to stay in the market. Basically, all borrowers want change. They may think only for their best interests, and that’s the whole point of the game.

What are the key changes that borrowers want from online lenders?

 

Low Interest

Every borrower wants a low interest rate, yet not all lenders can grant this due to risk assessment. This is the main reason why borrowers often go for personal loan in singapore offered by licensed moneylenders online. Bank loans are a big no-no because of their variably high interest rates and complicated processes. If you want a loan that has low interest, you can never go wrong with personal loans. However, make sure that the lender you chose has a good reputation.

 

Higher Amount Ceiling

Aside from low interest, borrowers are looking for lenders that can offer higher standard amounts. Small loans can help because they can be repaid quickly. But what if the borrower has an important expense to cover? On top of that, his credit rating is not at par with what banks allow. In this case, banks should create new loan options that have higher amounts. Perhaps other conditions can be applied instead, such as additional background investigation.

 

Higher Approval Rate

A lender’s approval rate depends on many factors such as personal background, employment, and the reasons for the application. Some borrowers who gained pre-approval were denied the loan because of attitude problems. Others are denied because of shady credentials. Nevertheless, online lenders and banks should raise their approval rates to gain the support of more borrowers.

 

Lesser Requirements

Banks are notorious for their plethora of requirements. This is part of their risk assessment process because a small percentage of borrowers have tricked numerous banks such as metrobank direct and rcbc bankard in the past. Banks should lessen the requirements for people who are somehow near the poverty line. Online lenders should do the same.

 

Implementing all of those changes will take time. Besides, some lenders have already applied one or two of the changes, but not all. As a borrower, you must understand that lenders are running businesses. Each business must have a system necessary for its survival. By following the system, the money lender sg can operate and offer its loan products easily.

4 Medium-Scale Businesses for Your New OFW Loan

Business Tips Finance Tips

As an OFW, your journey will be full of challenges and adjustments. It’s not easy to work for strangers in a foreign country. Many Filipinos were even abused by foreigners due to simple mistakes or just the whim of it. Even though the OFW’s path is hard, you can’t help but smile upon seeing the bounty of your hard work. To maximize the full returns of your savings, you should try building medium-scale businesses with the help of OFW loan. This type of personal loan is known for its strict nature, but the allowed amount is usually huge. If you can be approved for such loan philippines, you only need an idea to get started.

Here are some medium-scale business ideas:

 

Merchandise Shop

A merchandise shop is a good option because many people have different daily needs. You shop can have numerous food items, as well as utility tools and accessories. One of the best things about a merchandise shop is that you can start small and expand it along the way. Every week, you can also change your inventory to deal with the needs of the people.

 

Machine Shop

Machine shops are great businesses that should be placed in highways and roadside areas. A machine shop will always be operational since travelers will need repairs and maintenance checks for their cars. If you have passion for automotive and machines, this business is meant for you.

 

Small Eatery

A small eatery has lower capital requirement, but manpower can be challenging. You should seek the help of your relatives or friends in order to run your eatery properly. There’s always the option to get hired hands, but the expenses will go up. Expertise in cooking can greatly help. If the business is profitable, you can expand it in just few months.

 

Grain and Feeds Supplier

Depending on your location, a shop that supplies grain and feeds will gain exceptional profits. If you plan to build the shop in the province, the potential is high. You just need to adjust your products and prices according to the current demand of the townsfolk. At first, your overhead costs may be high, depending on where your grains and feeds will come from. After few months, you can recoup your initial investment.

 

With these medium-scale businesses, you can now jumpstart your road towards entrepreneurship. Any of these businesses will keep your hands full, unless you hire some people to manage everything for you. However, you must minimize your costs and oversee the growth of your business.

Best Loans to Get While Moving Out

Finance Tips

Moving out to a new home can be strenuous, especially if you have financial concerns at hand. While you can always use your savings, you may still feel compromised. So, why not contact a lender, apply for a loan, and deal with the payments later? With the financial backing of a lender, you can start a new life in a new home. If you have a family, the loan can even be more beneficial.

 

These are the best loans that you can get while moving out:

 

Commercial Personal Loans

Mainstream personal loans are useful debt instruments because their rates are curtailed according to borrower demand. Over the years, the number of commercial personal loan lenders has doubled, thus leading to a competitive lending arena. Every now and then, lenders will adjust their rates to attract more borrowers and outcompete each other. This is a good thing for borrowers because more options will be presented.

 

Low-Interest Salary Loans

Salary loans have been around for many years already. Traditionally, salary loans are only available for employed people. These loans are offered by banks, financial organizations, companies, and independent lenders. Salary loans can even be separated under different categories, depending on the lender’s strategies. Some salary loans may be available for employees with more than 5 years of tenure, while others are offered for employees with a median income level. Salary loans are also known for their various privileges and perks.

 

Community Loans

Do you live in a small and tight-knit community? In that case, you should try getting a community loan. This type of loan is offered by a well-off person – which is usually one of the lenders in a certain community. The advantage of a community loan is the easier application process. There are no complicated requirements since your personal background is enough. Your even have a better chance of getting the loan if someone vouches for you. Once you’re approved for this type of loan, don’t forget about repayment. Remember, your personal credibility is at stake. Your co-maker can even suffer if you don’t pay back on time.

 

With hundreds of loans competing for the market, it can be tricky to find the right one. So, take your time and create a roundup of the best lenders within your area. Keep in mind that a loan should serve your needs and mustn’t compromise your financial position. You should also remember that a loan is a responsibility that must be fulfilled.

Best Strategies to Repay Two or More Personal Loans

Finance Tips

Have you ever been shackled by multiple debts under your name? That can be a stressful and very frustrating experience, especially if the lenders are pursuing legal actions. Repaying one loan is not difficult, as long as you have financial discipline. But what if you have multiple loans? What strategies will work on those loans?

If two or more loans are wrecking your brains, you should try out these strategies:

List Down Challenges and Opportunities

Nothing beats writing down your thoughts to free up thinking space in your mind. Take a small notebook or organizer and few minutes of your time. Forget about the pressure of your loans and focus on possible solutions first. Start listing down the financial challenges stopping you from paying all of your loans instantly. Do you have a subscription that must be cut down to save money? Were you recently laid out from your job? Next: jot down your opportunities and strengths. These could be your skills, gathered support, and financial hedges that can help you. By knowing your challenges and opportunities, you can formulate a plan to settle all of your loans.

Pay the Big Loans First

If multiple loans are tearing your doors down, seek out the biggest first. Work your way towards repaying the big loans, then proceed with the smaller ones. This will properly allocate your energy and resources against the right targets. Also, you should check out if the lenders are lenient or strict. The lenders’ processes will help you prioritize the important ones. The big loans will also take more time to repay so you may need to adjust your plan.

Pursue Loan Consolidation

Loan management can be stressful at times, especially if you’re juggling multiple details. A good strategy is to seek out loan consolidation. Many credit unions are offering debt consolidation services, though not all can work for you. It goes like this: the organization will attempt to consolidate all your debts in one big loan. This way, you don’t need to pay multiple interests. Debt consolidation will take time because representatives need to talk with your lenders. There’s also a chance that the lenders may disagree with the consolidation – so you have to be ready.

By applying the strategies, you can repay your existing loans one by one. You just need to be focused in following your plan. Additionally, you must also negotiate with your lenders. Who knows? They may extend your due date or give you smaller interest!