P2P Finance?
Here’s an interesting idea, if you get turned down by a bank for a loan, why not try your peers?
Two new P2P start-ups (Prosper.com and Zoopa.com) are banking on the fact that this type of innovative brokering is the basis of a successful business model. Basically on these sites you have two types of users, your Lenders and your Borrowers. Potential borrowers state relevant information like their respective circumstances, credit score (verified by the service providers), needs, ideas and such while Lenders can place bids on exactly how much money they wish to lend and to whom. Lenders are somewhat protected from loss by a type of sharing which distributes large amounts of cash across many different lenders as small payments. A novell concept that, as a small business owner, I’m definitely looking into for both investment and borrowing possibilities!
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