Looking for financing for a loan? Weemba increases your chances of finding a backer.
When I talked to Kimberly Gomez on the phone, she made it clear that Weemba isn't another P2P lending site. “We're not a peer-to-peer site, and we're not a brokerage,” she explained. “We're kind of like the Facebook of lending.”
Gomez is the Director of Social Media for Weemba, a company that aims to help borrowers and lenders help each other. Unlike P2P lending sites that handle all the details of the transaction, Weemba simply connects borrowers and lenders, and the interested parties do their negotiating off the web site.
“Instead of going from bank to bank, filling out a bunch of application, you can post one loan, and lenders across the country will see it,” Gomez told me. “You don't have to go all over, and when you want another loan, you don't have to go to the bank again. You can just post another loan project.”
The way Weemba works is very straightforward. If you are a borrower, you sign up for free. You post your loan project. Your project can be for any reason — and for any amount. Because Weemba isn't actually involved in the transaction beyond helping lenders and borrowers match up, there are no limits on how much you can borrow. Additionally, it doesn't matter what kind of credit you have; Weemba will let you post up your project.
Lenders can also sign up for free. Weemba accepts private individuals as lenders, as well as banks. However, if a transaction is agreed upon between borrower and lender, Gomez said that the lender pays a $30 fee to Weemba. It's a sort of finder fee.
“We have a family of lenders across the country,” Gomez said. “Anyone can be a lender, and anyone can post a loan project. We connect those looking for financing with those that are ready to provide it.” She also pointed out that the site was geared to be on the side of lenders. Chat availability at the bottom of each project allows the lender to ask questions, and the borrower can choose whether or not he or she wants to proceed with the loan off-site. Information is exchanged off-site, and terms are negotiated as well.
Of course, this setup means that Weemba won't be providing any guarantees to borrowers or lenders, so if you are working with an individual you will have to be careful. You will be giving out personal information as a borrower, and you want to make sure that you are dealing with a reputable lender before you proceed.
In the end, though, this can be a way for borrowers to find someone to fund a loan. “Weemba opens up opportunities,” Gomez said. “In this economy, any avenue where a ‘yes' is possible is a good thing.”
What do you think? Do you think you would use Weemba?