Loanio
Like Lending Club, Loanio may be a viable option to get funding for your business when credit is dried up or interest rates are high. But Loanio distinguishes itself from other peer lending outlets by inviting those with poor credit to participate.
"Often times, small business owners overextend themselves to keep things going, to the detriment of their credit scores," says Founder and CEO Michael Solomon. "For them, Loanio is a perfect fit as we offer a way for them to borrow with the assistance of a co-borrower [with a better credit score]."
Loanio has a verification service so that lenders know the borrower isn't padding information. The site has more than 1,500 registered members, of which 200 are registered lenders. Some recent borrowers include businesses looking for startup capital and companies that need cash to buy new equipment.
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