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7 Tips for Success Getting Financing from Peer to Peer Lending Companies

Written by admin on . Posted in Blockchain and trade finance, Blockchain fintech, Blockchain startup

Peer to peer lending

It matters little to whom you are going for your loan, you want to get that “yes” when you ask for help with your financing. For years, the only way to go about getting a loan was to go to a bank or other kind of financial institutions. That is no longer the case. Today, you can go to a blockchain fintech company to see about getting the loan you need. There are a few things you can do to make your experience with a blockchain lending company go better. Here are some tips for a better experience when you are looking at peer to peer lending (P2P lending) options, from Small and Medium Sized Enterprises:andnbsp;

  1. Be specific about what you want and what you plan to use it for. It can be hard to go to a blockchain fintech company but when you have a specific ask in mind and a specific goal for the loan. When you draft up your proposal, be as specific as you can.
  2. Look over the current state of your finances. You should include, in your proposal, what assets you have on hand. Your willingness to put in your own money into your project will have an impact on whether you get the loan that you want and need. If you have some cash on hand and are willing to use that, it will mean something to the lending company.
  3. Put all your current data in your proposal. When you are talking to a blockchain fintech company, you need to have all of your business finances laid out. You need to include your profit and loss statements, balance sheets, year-end account information, and everything else you can use to show how good you are at what you do. You should also include how well your company is doing at the time you ask for the loan. You need to be able to show at least one year of paperwork in this area.
  4. Make up a financial plan. No matter what kind of loan you are looking for, you need to have spent some time putting together your financial plan. The more organized you are and the more serious you are about using the loan to make money, the better. You need to show how serious you are about what you are doing. Not having an in-depth financial plan is the easiest way to show that you are not serious about what you are doing.
  5. Show that after you make a plan, you stick to it. The blockchain fintech company is going to give your financial plan a lot of time and they are also going to want to see that once you make such a plan, you do everything you can to not deviate from it. When you bring in all your financial data, you should include past financial plans to show how well you adhered to them. You should be realistic in your expectations while being confident in what you are trying to do.
  6. Know your information. What does that mean? When you talk to a blockchain fintech company, you need to know the proposal, your financial plan, and everything else that you are giving them like the back of your hand. If you do not have all of this information in your head, you will look less serious about everything and will be less likely to be successful. You also need to be able to go into detail about what you make or provide.
  7. Look to see what collateral you have. There are a lot of blockchain fintech companies that will be a lot more likely to help you with a loan if you can provide some collateral. They may also ask you to sign a personal guarantee for the money you borrow. Give some thought to this before you talk to the blockchain fintech company. Having an answer to the “do you have collateral for this loan” question will make a difference.

P2P lending can get you access to the capital you need but many of the same lending rules as traditional loans apply.

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