Seriously, if you want to get a small business loan, you have to check out Prosper as an option. The rates are competitive and the lending happens when private individuals pool funds through Prosper. The rates are competitive and you won’t get the runaround that comes from the local banks.
If you are looking to invest money, you may consider putting your money into the Prosper network which provides funds to borrowers who have good credit and prefer not to use collateral for the debt.
A small business loan is often difficult, especially for a start-up company. The bank will demand a significant amount of collateral, often much more than the loan value. You may even have to use your home as collateral if you have it available.
A small business loan through Prosper doesn’t need collateral. You do have to personally guarantee the debt so if your business fails, you will still be responsible for paying the debt back, but your personal property is not used as collateral.
The only downside to the small business loan through Prosper is some states such as Iowa do not allow them to lend money at the current time. Unfortunately, a few states like Iowa feel that they are protecting both lenders and borrowers from predatory lending. These states allow payday loans, but don’t allow companies like Prosper who are lending at very competitive rates often better than what the banks are doing. It really comes down to the banks making sure competition such as Prosper is kept out of their market space.
A small business loan through Prosper is an excellent opportunity for many people to get funds they need even if the bank says no due to insufficient collateral, but having good credit. Payment works similar to any banking institution and there are no fees to apply and secure the small business loan.
You can visit them at Prosper.com.