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What Is Weemba and How Can It Help Me Get a Loan?

May 28, 2012 | Comments: 0 | Views: 160

Online lending sites come in so many different forms, a cursory glance isn't enough to tell you the difference between a Lending Tree and Prosper and Weemba. Everyone has been somewhat familiar the Lending Tree from their commercials over the years, but these other names in personal finance might elude them.

If you've considered borrowing from a P2P site like Prosper in the United States or Zopa in the United Kingdom, you're probably aware of those micro-loan brokers. Or if you're like me and you've researched becoming a lender (often called an "investor") in one of these social finance hubs, you might know a dozen or two of the biggest crowdsourcing communities for microfinance in both the American and international arenas.

What Is Weemba?

But a while back, I suddenly noticed the words "Weemba" or "We3mba" on a lot of Internet advertisements. Just from the ad content, the company appeared to be like Prosper or Lending Club (another top US site), but I didn't have personal experience with it. I decided to do a little research to see what made Weemba different and why I should care. Here's what I learned.

Weemba finds leads for private creditors who want to loan money to their fellow private citizens, just like any other peer to peer lending community. Imagine a big crowd of people searching for reasonable loans on the left side of the e-room and a smaller crowd of people looking to lend money to small business owners, consumers in debt, and students wanting to attend college or university.

Classic Peer to Peer Lending

In most of the person-to-person loan settings, the website puts these people together, rates a person's credit, helps with background on each, then assures the loan is paid back in the allotted time. For this, they receive a fee. With Weemba, the same process happens, except for the lending assurance at the tail end of that service summary. Once an investor and their debtor find each other, We3mba gets a finders fee and these people arrange their small business loan offsite.

The press releases from the company are quick to point out they are not a peer to peer lending site and they don't broker deals. They help one set of professionals find another set of professionals. What they agree upon when they find each other is their own business--and certainly not Weemba's.

It's a slightly different service than what Prosper or Zopa would give you. If you want to use social networking and crowdsourcing to find the money to start a new business or maybe even get a reasonable student loan, you might look at Weemba. Most of the time, the website is about personal finance for starting small businesses. The service is more open-ended and doesn't have the same obligations other p2p sites have. If that sounds good to you, read more about Weemba's services.

To read more about how Weemba operates and how the service was founded, read Weemba Social Lending. To learn more about social network lending practices or p2p web communities, read the No Credit Needed Blog.

Source: EzineArticles
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Weemba Social Lending


Lending Tree


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