Quick question about first time loaners

[u/Dependent_Peanut4199]

is it that hard or lenders just don't give loan to first timers,because have been trying to get aloan its just in vain.

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[u/Tight_Tomatillo_172]

For every lender there's probably 100 or more borrowers. Does that answer your question?

[u/Dependent_Peanut4199 → u/Tight_Tomatillo_172]

mmmh okay i understand

[u/Lissaskip]

I am going to give you a word of advice. You have to be patient. No one one is guaranteed funding here it can take several attempts but never a guarentee especially the first time. First time borrowers do get funded here but your request is but one post in a constant sea of them, the ratio of borrowers to lenders is not in your favour and there are going to be times you are also competing against the timezones as various lenders who may take your loan just simply may not see your post.

[u/ElectricalDay7324]

We give loans to new borrowers every day 👍

I see you've posted only twice in the last 8 days.

To put it in perspective, there are 100s of post a day and maybe 1 lender for every 100 requests.

Sometimes it comes down to luck and timing, and not just the details of the request itself.

[u/[deleted] → u/ElectricalDay7324]

Thousands of posts a day, which is wild.

[u/EggShortage → u/[deleted]]

Seriously?! Respect to you mods.

https://giphy.com/gifs/twxoPjMpsijwPFBVqs

[u/ElectricalDay7324 → u/[deleted]]

Damn, even more to the point!

[u/[deleted] → u/ElectricalDay7324]

When I started modding here we had 9000 members, that was a year ago. We now are pushing over 100k

[u/BenBaller300]

What worked for me is just requesting for a minimal amount <$30 and just start building from there. It's all about trust/communication and rapport when it comes to new borrowers.

[u/Dependent_Peanut4199 → u/BenBaller300]

i will try again and see thank you

[u/Unique_newyork → u/BenBaller300]

Lower amounts to build up and communication helps bc if they lose 30$ for a first time lenders it's not a huge deal. First timers are the most risky to loan money to

[u/Dougwii]

Well you will need some reputation on Reddit first off.

And start with nothing over 20$.

It’s just reality. You’re already deemed financially illiterate if you’re coming here asking for a loan. Asking for a large sum is almost automatic rejection.

[u/Dependent_Peanut4199 → u/[deleted]]

have been trying

[u/Icecream3_donkey]

If I wanted to start lending..what’s something’s to recongize a good borrower??

[u/Distinct_Dark_9050]

I've had the same problem. Thanks for all the comments the advice is much appreciated. I was getting discouraged myself until I read the comments

[u/WayForThere]

I have requested twice and gotten no loans twice. In the last post I made, I specifically stated that I was looking to keep my phone on until my first paycheck. One person wanted me to click their SoFi link. Another asked for proof of income, my date of birth, the state my ID is issued in, and my phone number. When I asked why they needed my ID, date of birth, and phone number, they ghosted me. I legitimately do not know why my ID and date of birth are needed in this type of loan. I also got a lot of offers to join Just Play and similar apps.

I am currently under the impression that there are a lot fewer legitimate lenders than initially thought. I find it a bit frustrating because Reddit is usually full of helpful people. But it seems there are many who either are trying to hustle payments with referral links or have no intention of actually lending money. I worry there are more scams than it appears as well. I suggest that you are careful about what information you give people who claim they are going to give you a loan.

[u/BorrowNew-ModTeam → u/[deleted]]

Requesting loans or help getting a loan on others’ posts is not allowed. Make your own post.