Hey it's Ty Crandall, with Credit Suite and in this short video I'm going to introduce you to 2
peer-to-peer lending sources that can help you get money for your business. By the end this training
you're going to know how to get private investors to invest in your business through peer-to-peer
lending and you're going to learn about two of the most popular platforms that you can do this with.
So let's dive in, first of all what is peer-to-peer lending well per Forbes peer-to-peer lending is a
new method of debt financing that allows people to borrow and lend money without a financial
institution. Harnessing technology and big data P2P platforms connect borrowers to investors
faster and cheaper than any bank. So let's look at this quote so first of all what we're going
to talk about today are P2P platforms they are peer-to-peer platforms. So think about crowdfunding
for example you know when we look at kickstarter kickstarter does not lend money to anybody
kickstarter has a platform that connects what are called backers financial backers with people that
actually want to get money from those backers. It's the same way peer-to-peer lending works
what peer-to-peer lending is is they've actually created platforms that connect investors people
that have money private individuals okay with other people borrowers that want money. Now these
peer-to-peer platforms work in the personal world for consumer loans and they also work
in the world for commercial loans as well. So let's talk a little bit about funding circles
so funding circle um actually operates in the US, UK, Germany, and the Netherlands and they've
owned over 3 billion dollars to date. Now funding circle operates with a business borrower's bill
of rights that you can access right on their website. Now what I like about funding circle is
that they go up to a half a million dollars in a loan so here's what you need to know up here peer
to peer lending is that P2P lending is easier to get than almost any other kind of financing
conventional banks the stuff that comes from Wells Fargo, Bank of America the big banks that's
SBA loans really hard to qualify then we've got fintech lenders much easier to qualify for,
but peer-to-peer lending is even easier to qualify. If you have some kind of revenue and you have
good average credit 600 FICO score higher you could typically get approved with peer-to-peer
lending. So with funding circle, they only focus on businesses they don't offer consumer financing.
Now others out there like lending club for example or prosper they offer both consumer and
commercial loans. Funding Circle is just focusing on the commercial loan space they charge interest
rates of five and a half to twenty seven point eight percent that means that wide range means
they deal with all kinds of risk they'll help you if you have average credit to help you if you have
good credit. Okay, it also means that you can get a lot of money with them because they go as much
as a half a million dollars in a loan of all the P2P platforms funding circle gives the most amount of
money from any of them. So if you're looking to get the most money for your business and you're
generating good revenues now then you might want to consider getting involved with funding
circle if you have average credit and you have consistent revenue loans up to a half a million
dollars, and if you want to invest with them well then you can get started with as little as 50 grand
other ones you can get started with as little as 25 dollars we'll talk about StreetShares as well because
at that little as 100 bucks you can get started and invest into other businesses through StreetShares.
So StreetShares it was founded by veterans and it's for veterans. So if you are a veteran
StreetShares is one organization you really need to consider getting with
because they really cater to uh pride they really cater to this are veteran-owned businesses
so basic qualifications you got to be a US citizen you have to be in business one year
sometimes they'll give you an exception for six months you have to have a minimum
amount of revenue depending on how much you're looking to borrow and you have to have a and you
and you must have a guarantor with reasonable credit as i mentioned about 600 FICO score higher
is what they're looking for. You're going to have to provide your social and EIN amount of total
outstanding business that you have 6 of your most recent bank statements your most recent
personal and business federal tax returns and at times StreetShares will also ask for financials
like P&L and balance sheets as well so some cool things to know. Now they offer loans up to 36
months-long maximum loan of $100,000 way less than what we just found with funding circle at a half
a million and they also offer a line of credit for businesses from 2,000 up to
$100,000 as well so you can get a line of credit or you can get a loan, as a matter of fact
StreetShares is the most popular P2P platform for lines of credit. Other ones are really big on loans
but if you want a line of credit StreetShares I found is the best for getting a line of credit
from the P2P platforms. So a one more I want to mention, yeah I know I promised you two but I'm
going to give you a third is one called upstart. So upstart you can get loans up to $35,000 but what's
cool about upstart is they work with startups so if you have average credit of 600 and you
have no revenue. Then you can still get approved through upstart for a peer-to-peer lending loan
something to consider. So hopefully you know a little bit more about peer-to-peer lending
that you've learned than you've learned in the past if you'd like to learn more visit us online
at youtube.com/creditsuite search peer-to-peer lending and see our whole 30-hour
minute presentations on this topic where we teach you a lot more about how P2P lending works, and
introduce you to even more sources that can help you get money for your business through this
really cool unique vehicle called peer-to-peer lending. Where private individuals are now
investing in the privately owned companies and for even more ways to get money for your business
visit us online at creditsuite.com/27ways that's creditsuite.com/
the number 2 the number 7 ways for our guide on 27 ways to get cash for your business.