Help Small Business - Should You Try Peer To Peer Lending?
Help small business thrive. It’s essential. Without small businesses, there would be no new or interesting shops, services or local products. How can small businesses survive the difficult economic conditions, though? They can do so in many ways, and one way is peer to peer lending. What is it and how can it help your business?
Peer to peer lending is a way for individuals to lend money to others without the need to involve a bank. The individuals lending the money want to see a return on their loan so they charge interest. This can be a great help for small businesses that can’t necessarily get funding in any other way. You or your business will still need to pass all credit checks, however. But with banks still being wary about lending, peer to peer lending can be how to be successful in business when a larger financial institution would have let the business fail. There are many advantages of using peer to peer lending rather than a bank. This form of lending often has a lower interest rate than a bank or building society would have – and often, the better your credit rating, the lower the interest rate will be. There are usually no minimum loan amounts either, meaning you won’t have to borrow more than you really need. This means you won’t have to pay back interest on money you didn’t want in the first place. Another advantage is that many peer to peer funding websites don’t charge a penalty for paying a loan back early.
Does your business need additional funding? Peer to peer funding could be the perfect solution. But there are other options to help small business operations. Why not discuss those options with I-Thrive? We have experts with all the answers you need. Just call us on 01223 967260 or see our website: https://www.i-thrive.co.uk/.