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Securing funding for new business ventures is one of the hardest parts of starting your own business, unless you are fortunate enough to have access to trust funds in your name. Every entrepreneur is familiar with this struggle. Thanks to new online lending platforms however, today’s entrepreneurs have access to a whole bunch of alternative finance solutions. Just as there are many peer to peer lending platforms, there are even more benefits associated with using these venues to get startup funds. If you are hoping to start your own business in the coming year, learn why you should consider finding an angel investor to lend money online to get your business off the ground below.
Simple Process
Peer to peer lending is an incredibly simple process to navigate. This is the exact opposite of the process you can expect when applying for small business loans through the traditional venues. If you know how small business loans work, you know that small business loans from banks require a lengthy, cumbersome application and approvals process. Online peer lending makes it easy to apply for a loan within minutes and find out your results just as quickly. If you want to get your business off the ground sooner, find an angel investor to lend money online to your cause.
Interest Rates
Interest rates are usually lower when you utilize online lending platforms. The payoff for this can be huge in the long run. The amount of money you will save is a huge advantage over traditional small business loans. This is particularly true if you do not have a strong credit rating yourself. That can lead to burdensome interest rates that put your dreams of business ownership out of reach. Thankfully, peer to peer lending solutions offer lower interest rates that can save you lots of cash.
Money Transfers
Online peer lending platforms get you access to your cash quicker. Traditional bank loans can take weeks or even months to go through. Thankfully, this is not the case when you get money from an online lender. The top peer to peer lending platforms all deposit your loan into your connected account within days of approval. If you need your startup funds deposited to your account quickly, find angel investors online and forego the lengthy bank loans process.
Fees
Banks have a ton of fees for every transaction and interaction you have with them. The same is not true of online angel investors. These online platforms do have some transaction and service fees. However, they are not nearly as high as the amounts you would expect to pay with traditional small business loans. This is yet another area where you will save money by securing loans from those looking to lend money online. Clearly, this is advantageous for all entrepreneurs.
Credit Impact
When you look for online business loans, there is no impact to your credit score. When you visit big name banks looking for startup loans, each application will impact your credit score. You can research and compare interest rates and apply for startup funds without affecting your credit score at all. This is huge for entrepreneurs. You do not want to be starting your business with a low credit score thanks to several rejected loan applications. Instead, find angel investors online to experience to benefits of zero damage to your credit score.
If you are an entrepreneur, finding business funding can be the most challenging part of your venture. However, there are many new venues that allow you to secure startup funding quickly and easily. You just have to know where to look. Consider the advantages of finding angel investors looking to lend money online. This is an excellent alternative funding solution that can provide you with a solid financial foundation upon which to build your new small business. Let us know how peer to peer lending works out for you. We would love to hear.
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