I want to apply for a loan for my business.
- Social media presence helps in verifying the address, business name, and contact details which the lenders check for consistency.If the same information is found, the lenders will approve the application.
- If the duration of social media accounts of the business has been for a long time and also has a good list of followers, chances of getting the loan application approved is also higher.
- Lenders also check the followers on social media i.e., the social media connections. A minimum of 2000 followers should be there on social media for a small business.
- Lenders also check the reactions of the followers on the posts and also that the social posts are informative, should have the trending topics, should have festive wishes, and should also be a tool for marketing.
- Reviews received by the business is another thing the lenders check. Bad comments will have a negative impact on your application.
- Social media plays an important role but it also depends on the eligibility criteria of the lender.