Frequently Asked Questions

What is Lenddo?

Lenddo is the world’s first online platform that helps the emerging middle class use their social connections to build their creditworthiness and access local financial services.

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Is Lenddo a bank?

No, Lenddo is not a bank. We do not take deposits from the public and do not offer savings or checking accounts. Lenddo is a community where members can use their reputation on social networks such as Facebook, Linkedin, Twitter and Yahoo! to obtain life improving loans, to use for education, healthcare, home improvement or for a small business.

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Does Lenddo provide peer-to-peer lending?

No, Lenddo does not facilitate lending between members - we lend our own capital and the capital of our investors and partners.

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Who is on the Lenddo team?

Lenddo was founded in 2011 by Jeff Stewart and Richard Eldridge. Other members of the Senior Management team include Chief Scientist, Dr. Naveen Agnihotri and Americas CEO, Dan Gertsacov.

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Who are your investors?

Lenddo’s investors include Accel Partners, Blumberg Capital, Omidyar Network, iNovia and Metamorphic Partners - some of the same investors behind the world’s top technology companies, from Facebook and Groupon to Kiva and Prosper.

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Where does Lenddo have offices?

Lenddo has offices in Manila (Philippines), Bogotá (Colombia) and New York City (USA).

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Who can join Lenddo?

Anyone can join Lenddo and build their LenddoScore -- everyone is welcome! However, we only provide loans today in Colombia and the Philippines.

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Is there a cost to join Lenddo?

No. Lenddo is free to join and use and there are no costs associated to applying for a loan.

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What does Lenddo provide loans for?

Lenddo was started with the idea to help improve the quality of life and be a helping hand to our members. Lenddo loans can be used for education, medical emergencies, home improvement and other life-improving purposes. Lenddo does not provide funds for consumption spending. For instance, you are not likely to receive a loan for a new mobile phone.

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We recommend using a supported browser to get all of Lenddo's newest features:

In general, Lenddo supports the current and prior major release of Chrome, Firefox, Internet Explorer and Safari on a rolling basis. If you use a browser other than those listed below, you might incur errors or the site may not function at all.

• Google Chrome (current stable version): Windows Mac Linux
• Firefox (current stable version): Windows Mac Linux
• Internet Explorer (current stable version): Windows
• Safari Download Mac Windows
• Opera: We don't test Opera, but believe it works with all of Lenddo's features: Windows Mac Linux

There are exceptions regarding some graphical functionality, but this should not affect your overall ability to use the Lenddo platform.

Regardless of your browser type, you must have cookies enabled to use Lenddo. If your browser supports it, please also enable JavaScript.

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What is the LenddoScore?

The LenddoScore is based on your character and your connections to your community. Unlike any other scoring service, Lenddo uses social data, information from your community, and data related to your Lenddo products to provide a more accurate representation.

A LenddoScore measures character on a scale of 0 to 1000, with 1000 being the most trustworthy. The LenddoScore represents a composite of universal trustworthiness "virtues" like consistency, responsibility, and honesty.

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What is the LenddoScore comprised of?

Lenddo has a proprietary and ever evolving algorithm that was developed to empower people with the utmost data integrity. Our goal is to increase the accessibility of life improving credit by tapping into your trust graph, your trust graph is comprised of the following components:

1. Your social data - Lenddo uses social data to ensure you are who you say you are. Our system also analyzes your connections and how strong they are. Don't worry about the people you might have accidentally friended a long time ago, Lenddo only takes into account your strongest interactions. In many cases this means your family, bestfriends, and close coworkers. In most cases, your social data will not hurt your LenddoScore unless we get an account with no data or an account with little or negative interactions.
2. Your Trusted Connections - Lenddo believes that good natured people tend to associate with each other. If your friends are positive contributors to the community - you benefit, however, if you or your Trusted Connections miss payments your community will be adversely affected.
3. Your Financial performance - We also takes into account positive and negative actions for Lenddo products. Make a payment early or on time and you will see a positive bump and the best part? So does your community!

We don't share your private data or email address with third parties, and never access private communications like Twitter direct messages.

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What can the LenddoScore do for me?

Our LenddoScore helps you obtain life improving products and services. We currently offer loans and free financial education.

However, we are constantly working on delivering more value and better services to our members. Keep an eye out as we build our portfolio of products and 3rd parties that accept the LenddoScore.

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How does my community influence my LenddoScore?

Your community impacts your LenddoScore both positively and negatively. You should be selective when adding members to your community. Members of your Trusted Connections should be people that you know and trust. Their LenddoScores are derived from their social data, payment behavior with Lenddo products; most importantly they impact your LenddoScore as their LenddoScores increase and decrease.

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How can I improve my LenddoScore?

There are several ways a member may improve their LenddoScore, each method is based on the core components of the LenddoScore:

1. Connect Social Accounts - Connect real and actively used social accounts. Lenddo's system securely and privately analyzes your accounts to prove your identity and your positive position in your community.
2. Connect with people you know and trust - Connect with your closest friends and family on Lenddo. Their LenddoScores can help yours and vice versa.
3. Fulfill your obligations - If you take out a loan with Lenddo be sure to pay on time and if you trust someone on Lenddo make sure they are following through on their commitments to pay.



High LenddoScores usually come from a combination of all three components. For example, if you have do not have many interactions on your social data you can invite some friends to Lenddo who can help you out. Don't aim to maximize one or all three components, great LenddoScores come from a blended strategy.

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What should I do if I think my LenddoScore is too low?

LenddoScores are recalculated periodically several times a day. This means that as you as adjust your social data and increase any activity, you will be automatically re-scored.

If you think we may have made a mistake or feel that your were scored wrongly please contact support for an account review. Account reviews are done at our discretion and within reason.

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Why does it take so long for my LenddoScore to be generated?

Lenddo's proprietary scoring system has to analyze the data you provide, a qualitative analysis takes time. In most cases it takes about 2-6 hours to score new data, although there are some cases where the scoring process may take longer.

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I've already connected my social networks. Why is my LenddoScore still below the 300 mark?

Sometimes people have new or secondary accounts with low levels of activity, since there isn't much data we can't score you properly. If you have given us a secondary account the best way to improve your LenddoScore is to give us your primary account. Most importantly give yourself the best opportunity by connecting all of your social networks.

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Is it true that the more friends I have on my social networks, my LenddoScore will be higher?

To some extent, yes. Connecting to people you already have close relationships with is the most important. Be sure to have your closest relationships in your Trusted Connections on Lenddo.

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Will the people I add to my Trusted Connections affect my LenddoScore?

Yes. In the same way that your LenddoScore is calculated, so will your Trusted Connections be scored. Their character and their ability to fulfill obligations will affect your LenddoScore, but not as much as your own behavior.

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Can I delete someone from my Trusted Connections to make my LenddoScore higher?

Be prudent to only accept or request people you know and trust in real life. Lenddo strives to provide a constructive and positive community, we will always work with you to resolve your concerns.

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What are the requirements to apply for a loan?

The loan application process is simple and 100% online; in just 5 steps you can apply for a loan:

1. Visit www.lenddo.com
2. Register and upload a photo of yourself.
3. Connect your frequently used social networks and email accounts.
4. Invite your closest friends, family members and coworkers to create your Trusted Connections.
5. Apply for a loan

Before you apply for a loan, make sure you have these three requirements:

1. You have a minimum LenddoScore of 300. You can build your LenddoScore by including more information about yourself, linking more social networks, uploading a picture of yourself and inviting more people.
2. You have at least 3 members of your Trusted Connections with a minimum LenddoScore of 300. As their behavior impacts you, make sure they're people you know and trust in real life!
3. You are currently a salaried employee and you have a bank account

Once you have those three things in place, you then fill out the loan application. It takes just 10 minutes to complete and is 100% online.

We'ill ask some additional details about you, your job history, your financial situation and the specific purpose of the loan.

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How do I build my Lenddoscore?

There are three primary ways to build your LenddoScore:

• Be transparent. The more information and data sources you can provide, the better we can understand how to measure your creditworthiness.
• Be honest. We verify the information you submit against both private and public sources - we will be able to identify inconsistencies in the data you provide and the consistency of that information will impact your score.
• Be engaged. The more people on the Lenddo platform that will vouch for you, the better we can understand your creditworthiness. A large and strong trusted connections speaks a great deal about you.

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What is a Lenddo Trusted Connection?

Your Trusted Connections are the people in your community who you are closest with and will vouch for your reputation and character. Your Trusted Connections should be diverse and include a cross-section of family members, co-workers and other close friends you trust.

The Trusted Connection relationship goes in both directions, meaning that they vouch for you and you vouch for them. Your LenddoScores are then linked, so that their behavior on Lenddo will impact your LenddoScore and your access to life-improving loans and your behavior on Lenddo will impact their LenddoScores and their access to life-improving loans.

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Why should I build Trusted Connections?

Building diverse Trusted Connections will improve your LenddoScore and is required to apply for a life-improving loan. Your Trusted Connections should include family members, co-workers and other close friends who you trust.

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How much does Lenddo loan? And what are the payback periods? How much does it cost?

The specific loan minimum and maximum amounts vary from each country, but you can usually request to borrow up to 1 month’s salary and choose a payback schedule from 3 months to 12 months. Interest rates also vary from country to country, but our rates are very competitive, almost always below what local credit card companies charge. Lenddo’s lending affiliates in each country where we offer loans considers each applicant on a case by case basis.

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Do I need an official identification number issued by a local government agency to apply?

Yes. Part of Lenddo's minimal requirements for loan application is to have an official identification number issued by a local government agency in your country of application, which we will verify against public and private sources.

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I don't have a bank account, can I still apply for a loan?

No, currently you must have a savings or checking account in your name, in the countries where we provide loans. Lenddo currently uses a payment system that will directly deposit the funds into your local bank account.

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How does Lenddo process loan applications?

Lenddo has built a convenient and simple process that utilizes a new set of factors to evaluate your creditworthiness. We know that our customers have full-time jobs and may not be able to make it into a bank office to fill out tedious paperwork that traditional banks require. That is why our process is completely online and you can sign up at your convenience. Our application process takes no more than 10 minutes and we can usually respond to a loan application within 1 business day -- no more waiting in line at banks or waiting a few days or even weeks for a loan decision.

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Once I apply, how long does it take Lenddo to make a loan decision?

If the loan application is complete with detailed and truthful information about the loan purpose, we will process the loan in 1 business day. If your application is approved and you accept the loan agreement, we will make the bank transfer within 1 business day. The funds will be available to you shortly after, depending on the time it takes your bank to process the electronic transfer.

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How does Lenddo determine if I am worthy of credit?

We look at many different data points to provide the LenddoScore, from how many social media accounts you have linked to Lenddo to how long your social media accounts have been active. We also consider how many friends or followers you have on your social networks and the number and diversity of members of your Lenddo Trusted Connections and their LenddoScores.

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How does Lenddo verify the loan purpose?

As part of the loan approval process, Lenddo will require you to provide certain information which will be validated with the appropriate parties. Just be truthful, honest and have documentation to prove the details of the purpose of your loan.

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What collateral must I put up for a loan? Does Lenddo require a guarantee or co-signor?

Lenddo does not require any physical collateral or co-signor, because we believe your reputation with your friends and family is the best incentive for on-time repayment. Remember, when you agree for someone to be in your Trusted Connections, their behavior on Lenddo will impact you and your behavior on Lenddo will impact them. Only invite people into your Trusted Connections who you actually trust, so you both can continue to access life-improving loans and other financial products via Lenddo.

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How does Lenddo provide my funds and how do I make my repayment?

Lenddo utilizes an electronic payments system; we will directly deposit the funds into a specified bank account which needs to be in your name. You then pay your loan repayment monthly, via direct debit or local bank deposits - you pick whichever is most convenient for you.

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How does Lenddo access my social media accounts?

Lenddo only uses approved open authentication methods to access your social media accounts. We never take your passwords. You can at any time revoke Lenddo's access to your social media accounts, should you choose to stop using our services. However, revoking access to your social networks will not impact Lenddo’s ability to contact you, your Trusted Connections or enforce the loan contract.

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Does Lenddo share my personal data with other organizations?

Lenddo does not share any of your personal data with third parties without your explicit permission. We value privacy and will safeguard your personal data.

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Who do I contact if I have a comment, question or complaint?

You can write us at support@lenddo.com and we will make every effort to resolve your concern in the least amount of time possible.

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What information is shared with my Trusted Connections?

You authorize that your Trusted Connections can be made aware of the details of your loan application - when you applied for the loan, how much you applied for and your payment history. As you pay back your loan as mutually agreed, you will improve your LenddoScore, as well as the LenddoScores of your Trusted Connections. If you are late on a payment or do not pay back your loan, you will negatively impact your LenddoScore, as well as the LenddoScores of your Trusted Connections. You should select your Trusted Connections carefully and only agree to have a Trusted Connection with someone who you really trust to be responsible and will fulfill their obligations. Lenddo does not share details about your loan application outside of those people that you explicitly authorize.

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What happens if I can't make a payment?

Contact Lenddo immediately at support@lenddo.com. The more we know about the situation, the more we can do to work with you to find a solution. We understand that there may be circumstances that prevent repayment even if you would like to pay us back, so we are willing to work with you to find a solution that works for you and works for us.

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At what point does Lenddo pursue legal action in order to enforce a contract?

Lenddo will do everything in it’s power to get in contact with you to work out a payment plan that suits you, while fulfilling your legal obligations when you signed the loan contact.

We want you and your Trusted Connections to be able to continue to access credit to improve your loans. By failing to live up to your obligations, you are not only impacting yourself, your reputation and future access to credit, but you are impacting your Lenddo community as well.

If our attempts to contact you and resolve the situation are not successful, Lenddo reserves the right to take all legal action necessary to enforce the terms of the loan contract that you signed online.

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Do you have a question we haven’t answered? Please contact us at support@lenddo.com