By now you’ve probably seen some info on this site that tells you exactly what Weemba is. Let’s take a minute to go over what Weemba is NOT:
- Weemba is not a lender
- Weemba is not a broker
- Weemba is not a microlending site
- Weemba is not a non-profit
- Weemba is not a peer-to-peer lending site
We are often asked how Weemba compares to other financial websites. LendingTree.com, Prosper.com, eLoan.com, OnDeckCapital.com and LendingClub.com are just a few of the ones that people are familiar with and that Weemba is entirely different from!
Let’s start with LendingTree.com. It’s been around the longest and does a great job advertising, so people are probably most familiar with it. At its core, LendingTree does a couple of things: brokers loans and generates leads for lenders.
How do we know LendingTree is a broker? Because the amount of money they charge is determined by the end result of the deal made between the lender and borrower. They match you with a lender they believe is right for you and charge that lender based on the deal you make. At Weemba, we charge a fee that may vary by some factors, but we don’t even KNOW the end result of a loan deal, much less make money from that deal, because YOU are in complete control of who you choose to deal with. In brokerage activity, the broker matches you with a lender they feel is right for you. In the world of social networking, that would be the equivalent of someone choosing your Facebook friends for you. As a social-network-like site, Weemba leaves all of that up to you!
The way LendingTree works is that your information, once you fill out their form, gets checked and they decide to match you with a lender or lenders, sell your information to lenders who might lend to you, or both. At Weemba, you remain in complete control of who sees your private information and when. ELoan.com is very much the same model as LendingTree – a nice website veneer over a traditional lender/broker model.
Prosper.com and LendingClub.com are both peer-to-peer lending sites, also known as P2P or crowd-sourcing. Almost anyone can provide funds for loans in these sites. Weemba operates only with professional lenders.
Both LendingClub and Prosper require very good credit to apply for a loan; at Weemba, you can post a project no matter your credit rating and it will be seen by a variety of lenders, some of whom may provide financing regardless of credit scores.
OnDeckCapital.com is another site that started as a P2P project and is now a non-bank lender/broker that only loans to businesses for less than 18 months and only in amounts under $250,000. They aren’t concerned with a business’s credit, but the businesses they deal with must have excellent cash flow and be able to make daily payments. They are a good solution for retail businesses with a high volume of transactions.
You can post a loan for ANY need at Weemba – LendingTree is primarily for mortgages, LendingClub and Prosper are only for small consumer loans and OnDeckCapital only handles business loan needs.
Weemba allows you to post for all of the needs covered by those sites and much more, whether you need a personal loan or a business loan! Weemba doesn’t direct your interaction with lenders; it is a place for borrowers and professional lenders to find each other, for borrowers to post loan projects in a unique way and for lenders to be able to search them. The interactions and connections are created by the community, not by Weemba. Borrowers never pay a fee to use Weemba either.
Check out this list of the many reasons you can use to post a loan project.