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    Is peer to peer lending better than getting a loan from a bank?
    A number of firms in the past have popped up which serve the same functions as banks but are more friendlier to members in terms of interest rates earned [for those who invest their money with them] and low interest rates charged [for those who borrow money from them]. This could be great for someone looking for a fast way to get capital to start a business but these peer to peer lending networks/firms/sites etc, being relatively new it's hard to tell if what they say is true or if they have the same operating policies as loan sharks.

    Question is: is it safe to borrow money from peer to peer lending sites/firms?


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    I would really be careful with this one. There are a lot of people out there who are just trying to scam somebody and get away with their money. It's better to go with tried and true methods in my opinion. When it's something like your livelihood it's better to take as few risks as possible.


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    Quote Originally Posted by Lodismel View Post
    I would really be careful with this one. There are a lot of people out there who are just trying to scam somebody and get away with their money. It's better to go with tried and true methods in my opinion. When it's something like your livelihood it's better to take as few risks as possible.
    Quote Originally Posted by Lodismel View Post
    I would really be careful with this one. There are a lot of people out there who are just trying to scam somebody and get away with their money. It's better to go with tried and true methods in my opinion. When it's something like your livelihood it's better to take as few risks as possible.
    While it is true that taking few risks help to ensure your longevity, nothing in life is guaranteed. On the other end of the spectrum, certain risks allow for jumping ahead much faster financially. You really do have to find the perfect balance. Hell, one of us could get hit by a bus tomorrow for walking outside. Does that stop us from leaving the house? Some of us, yes. But most of us? No, because if we didn't leave the house how would we continue to accomplish and move forward? Risks are a necessary part of business in my opinion.


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    They are loan sharks with a twist. Like when you see toothpaste written herbal on the side and then they increase the price by five cents. What I would advice you is to look for investors instead of trying to get a loan. If something looks too good to be true, it usually is.


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    Yes in my opinion, getting money from peers is far better than taking a loan from a bank. Banks will always ask you for high interest. But on the other hand, peers will likely not ask you for interest but will entrust you based on your relationship. It is wise to get capital from friends or peer you know will grant you loan.


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    I really don't think so. It can seriously mess up relationships. And if by peers you mean other people but not really your family, I would also say no. It's better to be protected by the law when you are lending a large amount of money.


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    I've never tried it, but if you are unsure, I'd suggest just starting first with a minimal amount just to test it out, otherwise I think you'd probably still be safer with a bank where all the policies are well spelled out. Again, this is just a guess from me, I'm just saying it's probably how I would go about it. I also agree with delusional, I think it might be best to try out other less risky options first like finding investors or even try out crowdfunding. They all pretty much require the same amount of planning anyway, at least with crowdfunding the risks are spread out among a lot of investors, and the transparency aspect of it also helps making the plans a lot clearer in my opinion.


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    Banks are nice, yeah, but not everybody has good credit. Really, if you are able to get a loan from a bank then avoid peer-lending. If your credit isn't the best then peer lending becomes your only option. It's really situation-dependent as to which is the best option.


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    In addition to everything said, really go through your business plan before taking any credit (if your credit score is low there is a reason why). Be smart about it, if the idea is not good enough the best thing sometimes is just to walk away.


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    Peer to Peer my be more trouble than you would like to get involved in. There are several new type of loan alternatives to help with the credit situations. They loan on the amount of monthly receivables not credit score. One such business is Sunovis a branch of a larger company.


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