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    Finance Trick 101
    I could say this with full conviction that running to banks for this matter will be a nightmare. It's best to go for crowd funding, raising the funds yourself and save up than go to loan sharks. You will just end up stress about this plus you will also pay for interest rates which is still big money if you calculate the total accumulation for the months or years that you will be paying it.


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    I agree completely! Crowd funding and raising funds yourself will save you the headache of corrupt banks, interest gouging and bank do not have your best interest at heart. They don't care if you succeed, as long as they get their money back.


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    I've heard of online companies like "The Lending Club" and "Prosper". Are they considered "crowd funding", too? In your opinion, what is/are the best of the best when it comes to crowd funding?


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    The problem is that most people can't raise the money themselves. That's why they go to banks. Crowd funding isn't always advisable. If you don't have anything significant to offer, you are going to give away equity and that super stupid in a beginning stage of the business.


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    Quote Originally Posted by gHiros View Post
    I've heard of online companies like "The Lending Club" and "Prosper". Are they considered "crowd funding", too?
    The sites you mention are technically called peer to peer lending sites. The members of such sites pool their money and lend it other people without going through any financial institution. They charge lower interest rates than banks to induce more people to borrow from them while those who invest their money earn slightly higher returns than what banks would pay them if they kept their money there.


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    Prosper and The Lending Club aren't crowd funding, they are crowd lending. The main issue is that by raising capital through crowd funding, you don't have to pay the money back. You do usually have to offer something in return for a donation to your cause, like a free copy of an album being created with the funds, etc. But you don't have to pay back the money. Peer to peer lending, or crowd lending is just like a bank loan in that you are charged interest and you have to make regular monthly payments. There are no real underwriting guidelines, except that you do have to have somewhat decent credit to list your loan.


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    It is definitely a pain to try to finance things with Loans. Even if it's something like federal student loans it still feels like you've put a huge weight on yourself. Better to save up. It's not always possible though. Some times you have to bite the bullet and take out a loan. Which isn't the end of the world.


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    This is very smart thinking and I commend you for it. Going to loan sharks is never an option. It's better to borrow money from family although working and slowly saving up the money is the best option. Loan sharks are predators and a liability to your company's growth potential.


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    Quote Originally Posted by mikka254 View Post
    This is very smart thinking and I commend you for it. Going to loan sharks is never an option. It's better to borrow money from family although working and slowly saving up the money is the best option. Loan sharks are predators and a liability to your company's growth potential.
    Exactly! The best thing is to start saving from a young age and when that great idea you have comes to you you have your capital ready to go! Any kind of borrowing is always a risk and an obligation (which may actually positively motivate you though) so be careful about it!


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    I would say this sounds like a good plan. I haven't heard many people go for this idea because they have said it's too risky, but you should probably know better. One thing though, make sure when you have figured out which way to go, you have to be cautious about it because there are always risks. Do what's best for your and make sure there's no residual because that's what you're going to go after when something happens.


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