Social Lending – Dodge the Banks, Reap the Savings!

You don’t have to be a news hound to realize that the world-wide recession has had a major impact on the market for borrowing and lending money. People everywhere are talking about the difficulties in obtaining traditional financing. In fact, a lot of discussion revolves around how to get money from banks, as if they alone control access to the money you need. And, given the continually rising costs of everything, it’s not enough anymore to consider the short term – you need to consider your long-term borrowing needs as well. Why not discover if your project can be funded before calling off your dreams?

Thankfully, there is more to funding than just the banks. Private lending has always had a soft place in our hearts because it allows regular people to get money, but there are some problems with private lending. You see, private lending is still rather underground, and the public faces of it are controlled by big companies that can be just as aggressive and protective as the banks. You will need to have a lot of documentation and paperwork to even get into these private lending circles — even then, your chances of getting truly funded can be difficult.

That’s where social lending has taken over the private lending niche completely. Instead of worrying that you won’t be able to get the money that you deserve, you can join a social lending network and plead your case. Since you’re a regular person talking to other regular people, you have a lot higher chance of getting your proposal truly funded.

Another point that definitely makes social lending interesting is that you can get funding for a lot of projects that private lenders would normally scoff at. What if you really just wanted to pay all of your debts at one time and then pay back the loan over time? You will usually have a much lower interest rate if you go this way, which makes sense. The best thing that you can do is just try to be as detailed as possible with any proposal that you bring to the social network. Not only will this allow people to see what you’re going through, it will give the lenders on the site the right amount of justification to go ahead and fulfill your proposal.

The time is right, so don’t get delayed — get started with social lending today! iSellerFINANCE is launching in January of 2012. Get on the waiting list now.

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About Steve King

iPeopleFINANCE™ Chief Operating Officer. Former CEO of Endymion Systems, Inc. a $36m Information Systems Services company. Co-founder of the Cambridge Systems Group, the creator of ACF2, the leading IBM Mainframe Data Center Security product; acquired by Computer Associates. IBM, seeCommerce, marchFIRST, Connectandsell alumni. UC Berkeley alumni. View all posts by Steve King

3 responses to “Social Lending – Dodge the Banks, Reap the Savings!

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