Facebook to help you get a loan

Posted on August 7, 2015

 

Social networking site Facebook could be in the process of developing a feature that would help its users gain approval when applying for a loan.

ValueWalk reports that the popular platform has had a patent approved to authenticate technology that could approve a loan application through an analysis of the applicant’s Facebook profile. This would mean that the social connections of the applicant would either be a help or a hindrance to the request.

The patent is believed to state that the lender, be that a bank or other organisation, would not only examine the credit rating of the applicant, but also those of their social circle who have authorised the lender to do so. This pool of credit ratings would then be checked against a minimum credit score, and should that score be higher than the benchmark, the request will carry on in the application process.

However, the patent itself is not owned by the social media giant, but to another social network, Friendster, which was acquired by the company in 2010 as part of its internet marketing strategy for a sum of around $40m (£25.6m). This means that it is not Mark Zuckerberg who is the patent’s inventor, but Christopher Lunt, the VP of Engineering at Friendster at the time of application.

Despite this, it is not yet clear whether the company will actually develop this technology, as firms in this type of industry are known for patenting ideas and not actually commercialising them, but can you imagine a world where you can get a loan approved via Facebook?

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