Instead of applying to an established financial institution for a loan, you borrow from a collection of individuals who subscribe to your loan request in amounts as little as $25. In return for the lender's risk taking, he or she receives an attractive rate of return on their money based on your credit profile as determined by the company that administers the lending platform.
Qualifying for a loan
Although the loan proceeds can be used for any purpose related to your business, the loan is made on a personal basis and doesn't take into account the assets or cash flow of your business. Since personal credit history is the sole criteria used to determine credit worthiness, a rejection rate of up to 90% is common for most peer to peer lenders.
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