Setting up a business, be it micro scale, small scale, medium scale or large scale, requires a fair amount of investment. Without any strong financial background, most of the money is arranged either through sponsors or through business loans.
For business loans, people / organizations turn towards banks / moneylenders. Moneylenders charge a pretty high-interest rate on the lent amount. Banks too have high-interest rates in certain cases. Even if the interest rates are nominal, it requires a lot of formalities and paperwork, which at times proves overwhelming and cumbersome.
People these days prefer quick, instant methods of getting business loans, that too at a nominal interest rate.
Loans with banks
Banks are not suitable for small business loans in most of the cases. It is because the process is time-consuming and is governed by strict rules. Also, banks tend to give loans more easily to persons with great personal credit and reliable past records. A new business is prone to failure, so providing loans to them proves kinda gambling. Banks prefer to give loans to parties that ensure guaranteed returns.
Business loans and P2P lending
Peer to peer lending is a kind of loan tracker, which is much easy and time-saving. Both lender and borrower can get into contact directly and agree on their terms and conditions. It’s also safe since the records of the transaction are kept online by a third party, ensuring minimal chances of fraud.
Business loans with Exilend
Exilend is a P2P money lending platform that provides a fast, convenient way to provide loans. The features adding to its user-friendly platform includes:
- Quick/fast loans.
- Interactive user interface.
- Proper maintenance of records.
- Statistical overview of past loans.
The proper record tracking for any type of loan, be it a business loan, payday loan, invoice loan or any other such loan makes it an ideal choice for P2P lending platforms.