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How To Get Loans via SOCIN


Socin.org is a loan marketplace where borrowers post loan requests and lenders send proposals to fund these loans. That said, it is important to outline the procedure a borrower should follow in order to get funding from lenders. Some steps are mandatory while others are optional so feel free to skip them if you don’t think they are important.

  1. Register as a borrower by visiting the registration page and choosing member type “borrower”
  2. Post a loan request. To do this, select ‘Post New’ from the main menu
  3. Your request should have a catchy heading to attract attention of would-be lenders;
“I need $2,000 to be repaid in 30 days with 10% interest”

In the description section, you should provide more details about your loan request. Specify exactly how much you want, the repayment schedule you prefer, the deadline by when you need the money, what your main source of income is etc. You can also include the purpose you want to use the money for, but this is not mandatory.

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Choose one category for your loan request (choosing more than one category might lead to rejection)

You should also choose the appropriate pricing budget for your loan request and enter the location where you are borrowing. We also allow you to include images relevant to your loan request and to provide any files that might be necessary (e.g. Business plans).

Once you provide all the necessary information, you should choose whether you want your request to be featured, hidden from search engines or for bids to be sealed. These are optional features and you have to pay extra fees to use them.

Account Verification
When you post a loan request the first time, it will not go live until your account is verified. To verify your account, go to the verification section and provide your identification documents. Once you verify your account, any pending loan request will be published immediately. You only need to verify your account once.

Choosing a lender
Once your request goes live, you will receive proposals from different lenders. You have to evaluate these proposals to find out which one suits your interests best. Consider the interest rate quoted, the repayment schedule, the method of payment to be used when receiving and repaying the money, etc. Once you are satisfied, you should “select a lender” the proposal that meets your expectations. Most lenders will also communicate with you via private messages to clarify issues before the post proposals.

Filing transactions
For now, you will be filing your transactions via email and special forms (until the reporting module is completed). When you reach an agreement and select a lender, you need to file the transaction. You will also file all transactions when you make loan repayments. To do this, you will complete the form provided in the filing section.

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