Thinking of applying for a short-term business loan with OnDeck Capital or just want to learn more about options when it comes to small business lending? The New York based online lender is among the rising stars in the alternative lending industry specifically targeted to business borrowers. But, it’s not for everyone. In this OnDeck loan review, we will cover what you need to know before you use this platform to apply for a loan, including what makes OnDeck Capital different from other sources of financing, which kinds of businesses qualify, and more importantly, which businesses will benefit the most from an OnDeck loan. [Read more…]
This is a guest post from Rob Misheloff from SmarterFinanceUSA. Rob specializes in helping small businesses get access to loans – some of which he refers to peer to peer small business loan sites. I invited Rob to do a post since small business lending is something I don’t know much about. As you may know, there are many peer to peer lending companies involved in this space – Dealstruck, Lending Club and OnDeck to name a few. I look forward to learning more about the companies involved in this space, but for now here is a brief introduction and infographic to peer to peer lending for small business.
I’ve decided to bend the rules a little bit and focus on a non-p2p lending company called LightStream that piqued my interest with the goal of helping out the borrowers who visit this site. Just how p2p lending allows borrowers lower rates from credit cards, LightStream may offer better rates to high quality borrowers. The company offers rates that start at just 1.99%.
If you haven’t heard of SoFi (short for Social Finance), it is a peer to peer lending company tailored to refinancing student loans. For this blog post, I am focusing on the borrower side of SoFi since I believe in destroying your student debt. SoFi loans are a great way to accomplish this much faster. I reached out to the folks at SoFi to get some questions answered that potential borrowers might have. In addition, if you are approved and your loan gets funded, you will get $100 by using my referral code. This site will also receive a small payment at no additional cost to you. Read below to get your questions answered and learn more about SoFi loans. [Read more…]
Much of the content of this blog has been dedicated to investing in unsecured peer to peer loans with Lending Club and Prosper. However, there is much more to the industry than the potential for solid returns. Consolidation of credit is the main reason for people to apply for peer to peer loans. These are real people who can benefit immensely from receiving a lower rate than their credit cards charge – eventually breaking free from debt altogether. In this post, I’ll outline a few of the benefits of getting a loan through Prosper or Lending Club for borrowers. [Read more…]