When we started our company, LoanMeet, we did not spend any money in marketing to bring borrowers who needed loans. Still, we got both borrowers and lenders on our platform. We could not give out any personal loans in the first month of our operations, as the credit quality of most borrowers was not good. After a while, we started using social media to reach out to potential customers, and we received multiple good loan applications. Our next step in marketing was reaching out to agents who collect documents and share personal loan application leads with Banks, and they shared good leads with us. Later, we started using Google Adwords to get leads for personal loans, and we are still using that.
Our customer acquisition cost is high, and most of our customers only take one loan from us. We did get few referrals, and we received a number of lenders via word of mouth. We do make money when we give out loans to our customers, and we were able to increase our margins. Having said that, we often wonder why we need to spend so much to get good borrowers. We give loans to individuals, and most individuals are unable to get loans from banks or NBFCs. Since our website is available to anyone with internet, it must be relatively easy to find enough number of individuals who need loans.
Below are the steps to get personal l loan:
- Open your web browser on your laptop or mobile phone
- Enter www.loanmeet.com
- Click Get A Loan at the top
- Fill your basic details and select “Personal” as loan type
Upload your documents, and complete the loan application
It would be awesome if we could build a brand that represents hope, so that we do not need to spend so much on marketing to get good loan applications. We are working towards that, and we aim to reach there soon. As of today, we have more funds to disburse than the amount of loans we have funded. If you need a loan, please do apply to us, and we would get back to in 24 hours with your loan status. Trust us, if your credit profile is good and you are a genuine person, then your loan application would be approved.