Social lending is what you make of it, but others are making the choice to leave social lending behind. They want to go back to traditional financing. That’s perfectly okay, but we have to admit that it definitely makes us step back and take stock of the social lending world. Have things changed? Has social lending become something that’s best avoided? We definitely don’t think so. Some folks might have decided to quit social lending, but you don’t have to follow along in their shoes. You can capitalize on their loss in a few quick steps. You need to make sure that you’re thinking about going with whatever’s going to help you meet your goals. Some people might find that traditional banking really does help them reach their goals better. Going for a big house? Traditional financing can handle that with no problem. On the other hand, if you have been pushed out by the banks, you might still be able to find people that can help you get alternative mortgage financing. It just depends on what you’re trying to achieve.
What about making the most out of social lending as it stands? This means that you need to think about the type of proposals that you’re writing. Far too often people blame social lending for the fact that they can’t get anything funded. However, have you really put everything you could into writing the best proposal possible? This means that you’re going to have to think of more than just the numbers. You’re going to have to tell your side of the story.
A lot of people think that they can just be vague and get money. That’s not the case at all. You’re going to need to think more about what you’re trying to accomplish and frame everything properly. Other people who don’t know who you are will be reading your social lending proposal. This means that you don’t want to beat around the bush at all. You want to be as honest and thorough as possible. When you can’t be honest like that, bad things start to happen. Bad things start to pop up. You have to make sure that you really do know what you’re doing. Otherwise you’ll just end up getting further and further behind. That’s really the only thing that you can do when it really comes down to it.
You need to always make sure that you are going to be looking at the type of life that you really want to have. Sure, it might be tempting to go back to traditional financing, but if they’ve already rejected you … it can really feel like your dreams are dying on the vine. Break out of that thinking by giving social lending a chance.
Remember the social part — you’re not alone at any point in the process. There are always people waiting around to help you with your first proposal. They will look it over and see if you really are moving in the right direction, or if you need to revise something. Take this criticism constructively — use it to do even better. Nobody is attacking you. If a seasoned social lender is trying to teach you something valuable, it’s definitely time to listen to what they have to say. Why would you want to do anything else than that?