Loan applicants to get better rates if their friends trust them
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Social clout does not necessarily translate to financial stability, but we have already seen companies such as Hotelied offer discounts to people with influence on social networks. Now, financial start-up Vouch is putting a new twist on that logic — turning to the recommendations of people's friends and family to decide their loan rate. Vouch is a lending start-up which offers personal loans with competitive rates to consumers who can find people to 'vouch' for their financial responsibility. Customers download the Vouch app and enhance their credit score by leveraging the trust of their friends and family. They create a…
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