So You Have This Great Idea
You need money, right? Unless you are already independently wealthy or have a rich uncle, you need to fund your projects or need quick cash for life’s emergencies. So you don’t want to beg your uncle and don’t quite have what it takes to get a traditional bank loan. Well welcome to 2011, where almost anything is possible. Have an idea? Whether you want to start a restaurant or dabble in internet marketing, start up capital is as close as a mouse click away. Don’t have the entrepreneurial spirit? No problem, borrow money to pay off debt, get a car, you name it, just ask for it!
Today I’m going to talk a little about micro-loans. A micro loan is traditionally under 50K and is facilitated by a peer to peer lending network. Sometimes called social lending, they make direct loans between consumers and investors possible. They are not considered lenders themselves but create the important connection of those who need money to those who have it to invest. These companies did not exist 10 years ago and has changed the business landscape dramatically.
I am fascinated with visiting these sites and seeing what others are up to. My mind races with ideas… I have met several fascinating people through these networks, we are truly living in revolutionary times. I did some work for this group of guys on a network called KickStarter.com, they have a pretty nifty project they are working on called Lace n Lights. Check these guys out, sound familiar? It should! My group is very similar…. knowledge is power… our thirst for knowledge is unabating. There are many other social lending networks that are very popular. You owe it to yourself to study each one. Maybe you have money to invest? Perhaps the rate you are getting in your savings or money market account isn’t quite cutting it..
If I let myself, spending hours online researching these sites would be the norm, not allowing me to actually get anything productive done. But that’s the beauty of working for yourself isn’t it? No wonder I have trouble sleeping! But I can delegate those tasks I do not want to do to someone else. Can you delegate your entire work experience to someone else if you choose to no longer work? Perhaps you can, maybe you can’t, who knows? I do know that if you have the ambition and drive to get something done, chances are real good you will end up doing just that. There is no excuse these days for not having the money to fund your projects or having money to take care of the important things in life. If you fail, get up and try again. You didn’t stop learning how to ride a bike the first time you fell did you? I didn’t think so.
In case you do have the entrepreneurial candle lit, these networks are especially useful to you.. I’ve always said the best attribute of being in business is you can have more than one…. by the same token, you can have more than one idea. Can you have more than one job? Maybe you can, but there are limited hours in the week.. and there is only one you. Every heard of linear income? That is what 90% of the country has… Unfortunately most don’t learn the basics of money in school… Everyone on this earth has a limited time… most of us also have limited resources. It is up to you to use those resources to your best advantage. Use the resources to make you and those whom you care about have the best life possible, after all we only get one go around, right? Anyway, I’m going to list a couple more peer to peer lending networks below with a brief summary… I’m certain there are more.. but these are the most popular and the ones that keep me up at night.
Prosper.com Borrowers need a credit score of 620 or better to get on this network.. if you don’t, I wouldn’t bother until you do.. or find someone who will go in with you to get your deals funded on the network. You can also borrow money for other reasons on Prosper.com… need a car? need to consolidate or pay off bills, have an emergency? This is your network….
LendingClub.com They have funded over $26M in loans thus far… ’nuff said!
WikiLoan.com - They are very different than the aforementioned… Wikiloan basically mediates between you and someone you want to borrow money from. They handle the legal documents, take the payments out of your checking account… sort of like a “trustee”… worth a look.
So you may be thinking that you need to be “entrepreneurial” spirited to get money from these networks. WRONG! Especially on Prosper.com you can get personal loans for debt consolidation or about anything else! Peer to Peer loan programs can be beneficial to borrowers and the community member lenders involved with these programs. Eliminating the need to obtain personal loans, cash advance, payday and credit card advance loans, will help reduce the potential of borrowing money at super high interest rate levels. With lower rates, consumers have more manageable payments, ensuring that lenders are more likely to be paid back on time and in full.
Check this listing out https://www.prosper.com/invest/listing.aspx?listingID=539258 … it is 93% funded in just one day!! There are 36 people who have invested with this person…. Guess what they plan on doing with the money? Paying off bills! Anyway, just thought I’d share with you a little info about peer to peer loan networks.. We truly are living in some fascinating times!
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