If you are a start-up owner and your company doesn’t have any asset or personal guarantees to secure a loan, then that’s not the end of the world. Hopefully today, there are several business funding options that don’t require you to put your personal assets on the line.
Go Crowd Fund Your Start-Up: It is the fastest growing method for raising capital. It enables you to bring public and private investors together to invest in your business, via the internet. It is an alternative to the mainstream approach of gaining business funds. How is crowdfunding different? Traditionally, if you want to raise capital, you would need to prepare a business plan, perform a lot of market research, and create some significant prototypes, and then market your idea to a restricted pool of individual or institutional investors. Most common conventional funding sources included banks, angel investors, and venture capital firms. On the other hand, the crowdfunding platforms provide the entrepreneur with a common platform to share their pitch. This method of securing funds dramatically increases your chances to raise capital. Peer to Peer lending is the best example of crowdfunding platforms. P2P Lending Platforms – for crowd-sourcing the personal business loan Peer to Peer lending (P2P) in a lot of similar to applying for a Business Loan to a bank loan. However, here borrowers are directly matched with the investors by means of an online credit marketplace. Peer-to-peer lending is also known as social lending or person to person lending, and companies that make P2P loans are normally called P2P lenders or P2P online credit marketplaces. 3 Reasons to Choose P2P to Borrow Funds for Your Start-up Simple, Paperless and Online Application: To apply on a Peer to Peer Lending India platform all you need to do is provide a few pieces of personal information that includes your personal profile and business details. You can be approved funding literally within a few days. You can apply from anywhere, all you need is a mobile or laptop access and upon the funds gets deposited directly into your bank account. Low and Competitive Interest Rates: The second benefit is the reasonable rate of interest. In India, P2P lending rates are comparatively lower than banks. Faircent India’s leading P2P lending platform offer’s rates starting at approximately 9.99% p.a. to their best borrowers. The Personal Business Loan tenure can run towards 6 months to 36 months. Speedier and Streamlined Funding: Third, is the rapidity of funding. Loan processing and disbursal normally take less one week depending on the amount of funding applied. Small loans of nearly 10 lacs can be filled in just a few days and be funded in less than a week. Business Loan Personal Business Loan Peer to Peer Lending India
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