This is a sponsored post.
That is what I asked when I received my first email from them. Weemba is a new online community for lenders and borrowers. It is described on their website as:
Weemba connects commercial and individual Borrowers with professional Lenders in a non-traditional “social network”-like format without regard to limitations of time and geography. Utilizing unique proprietary methods and state-of-the-art safeguards, Weemba exponentially increases the likelihood of successful financial outcomes for its members, both Borrowers and Lenders.
Citation: Weemba.com
I was very intrigued by Weemba when I first found out about it so I signed up to check it out. The sign up was fairly simple, you will need to have a social security number and a drivers license or state id number. The system does a ‘soft check’ on your credit report and asks you a few questions based on the information that they gleamed off of it. This is to validate your identity. (Coincidentally, the information I was asked was incorrect. I knew the answers because it was based on my in-laws home however I have never lived there so I’m going to need to pull my own credit report to verify all the information.)
Once you have signed up, you can then create a project. This is your proposal for what you need a loan for and the amount of money you will need.
Tip: The more information that you provide in your project, the better. Give a back story as to why you came to need a loan. Provide information on how the money will help you. You also want to include the steps you will take to pay it back.
Lenders can sign up to find projects to lend money to. They will use the search engine to match the criteria for which they are looking. There are plenty of projects which have low credit scores and Weemba claims that there are lenders who are available to lend money to those projects and I did see a few that were granted, however they were for smaller amounts.
One positive about Weemba is that the borrower is in control of who sees their personal information and they can reject any lender that they wish to reject.
I like the idea of Weemba over peer-to-peer lending. I like that the lenders are actual lending agencies with an established background. It feels like a great way to “shop around” for a lender.
What I did find as a negative is that Weemba is still new and I didn’t see a lot of projects granted. Unless I’m missing an area where that is included.
If you are in the market for a loan then I don’t see any reason why you shouldn’t check out Weemba.
This post is a sponsored post. I have been compensated to write a post about the sponsor. The views and words in this post are my own and have not been affected by the compensation that I received.
I also blog at A Five Star Life. I write about anything that comes to mind but try to focus on finding the good in daily life.
