I am not that active on social media. I want to apply for a loan and I want to know if being more active on social media will be of any help.
Social media presence can help with the loan application approval.
- Social media presence can help in verifying the address, business name, and contact details.
- Lenders will check if the information is the same on every social media platform used. If it is same, chances of loan approval are more.
- The next thing lenders check is for how long the social media accounts have been active. If the business has been active on social media for a long time, it is a good sign for the business.
- Lenders also check the quantity as well as the quality of the posts and followers on social media i.e., the social media connections of the business. A minimum of 2000 followers should be there on social media for a small business.
- The number of followers also is a criterion for the lenders to approve a loan application. A minimum of 2000 followers is what the lenders look for.
- lenders also check the reviews on the products and services of the business. Good reviews will help a great deal in loan application approval.
- Even though these points are important, the loan application rejection or acceptance depends on the eligibility criteria of the lender.