Forex Friends we offer loans based on credibility. We only need to know that the people around you like your family or friends think you are credible enough to spend their money on a service you suggest, then we'll give you a business loan. The higher number of people who think you are trustworthy, the higher the loan amount we offer. For instance, if only 3 people think you are credible enough, we can only give you $50 as a loan, but if 20 people think you are trustworthy, we'll give you a $750 loan. - We assume that those who find you credible also have money to spend on the registration here.
Credibility and Your Daily Life
You probably have never realized, but your credibility is put to test every day. For instance, when you go to a job interview, one thing that the hiring team has to deduce is whether you will be trustworthy enough to be left in charge of any company property once you are hired. When you finally get the job, clients who meet you for the first time will wonder whether you will handle their issues (or deliver a service) satisfactorily i.e. everything you do is a credibility question.
When you found Forex Friends, one question that crossed your mind is whether we are credible enough to give you a loan when you need one. On our side, when we look at the site traffic stats, we always wonder how many visitors genuinely want a loan, how many visits are from real humans (not bots) among many other credibility questions.
Other lenders have to establish credibility before giving loans too. You either have to operate an account with the firms for a specified period so that they can evaluate your cash flow and decide whether to give you a loan or not. Credit scores are also meant to establish credibility. If you have been meeting your financial obligations on time, then you can be trusted with funds from a new lender.
Member Levels vs Credibility
At Forex Friends, there are two levels for members. At level one, you can get loans from $50 to $1,000. At level two, you can get loans from $1,000 to $20,000. All new borrowers start at level one and can only graduate to level two after borrowing money, and repaying it on time.
For level one members, credibility is only measured in terms of the people one manages to introduce to the platform. Every time you introduce a person, you are awarded 5 points. These points are added up to determine how much money you can get as a loan. At level one, the loan application is 100% automated. We have integrated a shopping cart into the platform allowing the member to checkout a loan immediately the required number of points is reached. For instance, if you need a $750 loan, you need to accumulate 100 points (100 LC). Once you have this number of points or more in your account, you can check out the $750 loan instantly and receive the money within 24 hours.
Level two members are those who have already borrowed a loan and repaid it fully. In this case, how punctual you were in repaying the loan will also be factored in when determining your credibility. This means you can receive a higher loan amount than someone in level one who has the same number of points you have. The interest rate charged at level two is also lower than at level one. At level two, loan applications are not automated.