John: WELCOME BACK TO
"LIVING 808."
THE FINANCIAL LANDSCAPE IS
SOMETHING THAT'S CHANGING AND
ONE OF THE AREA THAT'S SEEN A
SUBSTANCE AMOUNT OF CHANGE IS
AVAILABILITY OF ALTERNATIVE
FINANCING LIKE CROWD FUNDING OR
PEER TO PEER LENDELING.
WHAWHAT DOES IT MEAN AND HOW DOES
IT DIFFER?
HERE TO SHED A LITTLE LIGHT,
CLEARING UP POSSIBLE MISSION
CONCEPTIONS FOR THOSE OPTIONS IS
ROD CACHOLA FROM HawaiiUSA
FEDERAL CREDIT UNION.
THANK YOU FOR BEING HERE.
APPRECIATE IT.
THANK YOU, JOHN.
John: A LOT OF US
PROBABLY -- THERE MAY BE A LOT
OF US THAT KNOW ABOUT CROWD
FUNDING, GO FUND ME.
BUT PEER TO PEER IS NOT FAMILIAR
TO MANY.
LIKE, SAY, LENDING TREE.
THEY'VE BECOME MORE COMMON.
BEFORE WE GET INTO IF THEY WORK
OR DON'T, CAN YOU EXPLAIN SOME
OF THOSE TO US?
SURE.
IF YOU WANT TO TALK ABOUT MORE
PEOPLE DON'T KNOW.
OH, HAVE YOU HEARD OF GOFUNDME?
YEAH, I KNOW WHAT THAT IS.
TRADITIONALLY GOFUNDME IS THERE
TO HELP PEOPLE IN DIFFICULT
TIMES.
CROWD FUNDING IS A WAY PEOPLE
CAN COLLECT FUNDS TO HELP
FINANCE VENTURES, PROJECTS,
TRIPS.
IF YOU HAVE TREND WHO USE GOFUND
REMOO AND KICK-STRAITER-START A LOCAL
FESTIVAL HERE.
FUNDS WITHOUT HAVING TO GO OUT.
BACK IN THE DAY, YOU SELL CHILI
ITTICKETS.
YEAH, SO THAT'S IT.
IN REGARDS TO PEER TO PEER
LENDING, IT'S A METHOD OF DEBT
FINANCING.
SOMEONE WITH BORROW, EVEN LEND
THROUGH THE TRADITIONAL BANK AND
CREDIT UNION SYSTEMS.
YOU CAN GET LOANS FROM
INDIVIDUALS INVESTORS FOR A
CONTRACTED INTEREST RATES.
John: IS THAT WHY THEY'RE
ATTRACTIVE TO SOME?
WHAT MAKES IT ATTRACTIVE IS
IT'S VERY EASY OR ES TO CREATE
AN KRT A ACCOUNT AND GO THROUGH THE
APPLICATION PROCESS.
DEPENDING ON YOUR FINANCIAL
SITUATION, YOU MIGHT BE FINDS
SOME OF THE INTEREST RATES MIGHT
BE LOWER THAN WHAT YOU WOULD GET
IN TRADITIONAL BANKS, WHETHER OR
NOT IT BE PERSONAL LOAN AND
CREDIT CARD.
THE SOCIAL MEDIA ASPECT IS THAT
WHEN YOU START ASKING AND -- FOR
MONEY, AS AND YOU START GETTING THE
FUND.
NOT JUST YOUR FRIENDS AND FAMILY
AND STRANGERS CONTRIBUTING TO
YOUR CAUSE, THAT CAN BE A GREAT
CONFIDENCE BUILDER.
John: THOSE ARE POSITIVES.
THERE'S THE PROS AND CONS.
JUST TELL ME A LITTLE BIT MORE
ABOUT WHAT YOU THINK THOSE
ALTERNATIVE FINANCING ROUTES MAY
PROVE TO HAVE SOME NEGATIVES.
IF YOU HAVE TO COMPARE, I
TALKED ABOUT THE BENEFITS OF THE
ALTERNATE FINANCING.
YOU CAN'T FORGET ABOUT THE
TRADITIONAL BRICK AND MORTAR
PLACES.
BANKS, CREDIT UNION.
WE PROVIDE PERSONAL LOANS,
CREDIT CARD, MORTGAGES.
DEPENDING ON YOUR RELATIONSHIP
WITH YOUR FINANCIAL INSTITUTION,
YOU MIGHT WANT TO STICK WITH THE
TRADITIONAL ROUTE.
WHERE I COME FROM, I WORK WITH
PEOPLE ALL THE TIME.
BREAD AND BUTTER FOR PEOPLE AT
BRICK AND MORTAR PLACES IS
CUSTOMERS SERVICE.
THEY SERVE REALLY EXPENSIVE FOOD
AND SERVICE IS HORRIBLE.
John: RIGHT.
OR GO TO A CHEAP PLACE BUT,
HO, MAN, IT COMING DOWN, TO ME,
CUSTOMERS SERVICE.
John: SURE.
I DON'T THINK YOU CAN BEAT THE
CUSTOMER SERVICE.
THERE ARE GREAT POSSIBILITIES
FOR ALTERNATIVE FUNDING, BUT YOU
CAN'T BEAT GOING TO A BRICK AND
3.IF YOU WANT TO TALK TO SOMEBODY
AND GET TO KNOW YOUR OPTIONS, GO
TO ONE OF THE HawaiiUSA
FEDERAL CREDIT UNION AND TALK TO
THEM.
THANK YOU.
THANK YOU SO MUCH.
John: WE'RE GOING TO HAVE