Social lending is powerful — on many levels. It’s a way of saying goodbye to the presence of big banks — you know, the same ones that got their bail out and continued to be restrictive to regular people. How awful is that? After all, they’re supposed to be the ones that you can trust with your money. They’re supposed to be the ones we turn to when it’s time to do something with our money — like getting a loan for our first home. However, there are a more than a few people who now believe it’s better to really get the money from other sources. They’ve formed a revolution to help people actually take back control of their lives. This revolution is social lending. There’s no need to believe that you can’t get things done without going to a bank. The banks no longer concern themselves with your problems, so why should you patronize their establishment anyway?

We’re not trying to say that banks are useless, but we are saying that if you’ve gotten the run around by banks, it’s time to look into alternate ways of seeing your dreams come true. You need to make sure that you’re going with the right social lending proposal if you’re going to take advantage of it.

Social LendingYou want to make sure that you truly take time to figure out what you’re trying to ask for. Just saying that you need money isn’t going to give you any leeway with anyone. Everyone needs money. The more important question is — what are you going to use the money for if we approve your proposal? How are you going to pay the money back? These are the same questions that lenders ask, so it’s all fair and balanced. You have to realize that regular people are going to be giving you part of their money. That’s nothing to sneeze at, and it means that you really do need to ensure that you’re staying focused on the right steps to take. You don’t want to just turn in a short proposal. You’ll have plenty of questions that have to be answered, and that’s something that can be difficult to handle at first. You might feel weird about opening up about your own personal finances with strangers. You have to be transparent in order to get the type of funding that you’re looking for.

What about that proposal? You want to make sure that seasoned veterans of social lending look over your proposal. In 2013, these sites are going to grow even larger. A lot of people are fed up with the global financial crisis. The economy isn’t improving as fast as we would like, and that means that you have to start looking at how you’re going to take care of your best interests. You could have a mortgage funded by asocial lending — either a first mortgage, or a refinance opportunity. It’s going to be up to you to figure out what to ask first. The key thing to remember is to be as honest and transparent as possible. This is not where you want to pretend like you make more than you do, or that your credit score is better than what it really is. Everyone has some bumps in the road. If you’ve managed to turn things around since you got the credit dings, you want to mention that.

Having a solid plan of using the money is another key thing to remember. If you’re vague, then you could scare away potential lenders that would have otherwise given you exactly what you were looking for. Is that what you really want to face? Probably not.

Keep all of these things in mind. And don’t forget the social aspect – these are regular people. Hang out on the site for a while before you build your first proposal. It’ll help you really bond with people and make it a lot easier to ask them for money later down the road. Good luck!