In a perfect world, no one would be out to defraud anyone. We would all play along — not because the laws say so, but because we’re cool human beings that don’t believe in doing that to each other. The social lending platforms are militant about fraud, but they can’t catch everything. As someone interested in social lending, you need to make sure that you don’t fall victim to fraud, and that you don’t inadvertently get yourself caught up in a fraud scheme either.
You need to realize something: social lending is about people. So if people are a little standoffish when you first get into the SL space, it’s not because you’re not likable. It’s not because you don’t deserve to have your proposal funded. It’s simply because they don’t know you and they don’t want to end up losing all of their money to you. That would be a really sad state of affairs, wouldn’t it? You don’t want to find that something you’ve worked so hard on can be taken away from you in an instant. That’s something that would be downright terrible. It’s better to make sure that you can figure out just about everything and anything that has an effect on your social lending life.
From here, the world is open. You need to make friends on social lending if you want to really have any chance of getting things funded. However, you don’t want to just make any type of friends. You want to try to focus on people that have relatively the same interests as you. This means that they are much more likely to endorse you. People endorse other people that they know, like, and trust. If you can’t prove that you’re a likable person, there’s really no way that you’re going to be moving in the right direction. Your proposal will simply sit idle because you don’t have any way of drawing attention to yourself. Now, contrast that with someone that has a wide variety of friends on social lending. They will endorse them and speak up for them and gather more eyes to your proposals. If you have a passion for something, say it! Don’t just cut to the chase.
Including photos of what you’re trying to achieve is a good thing. If you’re trying to do home repairs, having a picture of your home wouldn’t be a bad idea. There’s ways to block out identifying information if that’s important to you. The truth is that lenders want to know that you’re going to be using the money for exactly what you’re asking to use it for. Trying to treat yourself to a shopping spree on other people’s money is silly. If you’re going to just blow money, you might as well ignore the social lending space. It’s not to say that you can’t technically get funding for it, but most people don’t want to give up their hard earned money just for you to have a few new outfits. Now if you can demonstrate that you’re trying to fix up your home or pay off credit cards then you’re much more likely to get people. Keep in mind that some people have had their dream vacations funded. They were honest and upfront about what they were trying to do though.
As long as you approach the subject with integrity, there’s no reason for you not to move in the direction that you ultimately want to go.