LendLedger has begun gathering data from agricultural suppliers, distributors, e-commerce platforms, educational bodies, loyalty programs, and payment networks across markets including India, Indonesia, Kenya, Myanmar, Nigeria, the Philippines, Singapore, the US, and Vietnam. Contact us to find out how to join the network and monetize your data as a Data Provider.
Do you collect data on small businesses or other prospective Borrowers - Borrowers - Borrowers acquire their personal or business credit data from Data Providers. Identify loan offers from Lenders and apply for and receive loans. through your payment network, distribution network, or other commercial activity? If yes, then you're what's known as a Data Provider - Data Provider - Data Providers provide credit data they accumulate on households and businesses to Lenders and Borrowers. in the LendLedger network.
Here's how to get started monetizing data and unlocking financing for your business partners and customers.
A Data Provider - Data Provider - Data Providers provide credit data they accumulate on households and businesses to Lenders and Borrowers. typically seeks three distinct benefits from joining LendLedger.
- monetizing data on prospective borrowers
- increasing access to loans for business partners and individuals
- using access to loans as a competitive differentiator
Identifying and prioritizing your goals will help you make key decisions about what roles to take on in the LendLedger network, how much capital and staff time to invest in the project, and what kind of compensation to seek from Lenders - Lenders - Lenders originate loans using credit data made available by Data Providers. Lenders sign loan contracts with Borrowers and disburse loans to them and others.
You'll need to make two basic decisions before we proceed.
1. What type of data will you share with Lenders?
Lenders value data that can help them make a credit decision and/or validate their credit assessment. This data can include sales and/or transaction data, inventory purchase data, spending patterns, asset balances, and many other types.
As a Data Provider - Data Provider - Data Providers provide credit data they accumulate on households and businesses to Lenders and Borrowers. , you probably have a unique data collection process and database structure. To make data exchange simpler, the LendLedger community has defined a number of standard data formats you can choose from. Click here to see the current list of standard data formats available.
If your data doesn't match existing formats, don’t worry. Our team, or the LendLedger community, are likely working to develop a standardized format for the data you wish to share with lenders. Contact us for more information.
2. What roles will you play on the network?
A Data Provider may also act as a Loan Servicer - Loan Servicer - Loan Servicers collect loan repayments from Borrowers on behalf of Lenders. and/or an Identity Verifier - Identity Verifier - Identity Verifiers contract with Lenders to provide verification of Borrowers’ KYC data. . Each role can result in additional revenue from a Lender or Borrower - Borrower - Borrowers acquire their personal or business credit data from Data Providers. Identify loan offers from Lenders and apply for and receive loans. , but might mean additional work. Click here to review the roles you can play in addition to being a Data Provider.
Contact us to explore joining LendLedger as a Data Provider, Loan Servicer or Identity Verifier.
The L-Cloud software is the fastest way to begin sharing data through the LendLedger network. Click here to learn more.
An alternative is to integrate your existing systems with LendLedger, although this is probably best done after you've had some experience with the network. Click here to go to the Developers section and understand what's involved.
Finally, in some markets, Data Providers can avoid connecting directly to LendLedger altogether, and can simply interact manually through a data aggregator. This type of entity specializes in collecting data from multiple sources and sharing this with Lenders. Contact the LendLedger team to identify known data aggregators.
Contact us to learn more about getting access to L-Cloud and for a demo.
The Developer Guide can help you understand the data formats and APIs you'll need to use as a Data Provider. These APIs will let you share data in standardized formats with Lenders, get loan offers for your clients or partners, and (if you are playing the role of a Loan Servicer - Loan Servicer - Loan Servicers collect loan repayments from Borrowers on behalf of Lenders. ) govern how you can deduct repayments from Borrowers and submit these to Lenders. The L-Cloud software also provides a step-by-step guide to getting integrated.
The great thing about LendLedger is that there is only one integration required to do business with every Lender on the network!
Contact us to join LendLedger as a Data Provider.