Are you on the market for a slightly off-beat (yet profitable) business venture?
Peer-to-peer (P2P) lending is an emerging industry, expected to boom into the hundred billions by 2025. With its flexible start-up costs and fairly straightforward revenue schemes, you can have your own lending business up and running in a couple of days.
What makes it such a great and innovative start-up business, you ask?
The tech is handled
You don’t need coding skills to create your own P2P lending platform. You can sign up for an existing lending platform and be in business minutes later. You don’t even have to market too hard for clients as some of them have a built-in database you can tap into.
Your business is global
Thanks to online banking, you can cater to a global clientele. You don’t even have to worry about errant debtors. Rainey Collins Lawyers added that you can also connect with debt collectors in Wellington, London, New York — any city your clients may be.
The terms are flexible
You can choose how much capital to put into your P2P business, the interest rate you set per loan, or even ask for application and transaction fees. You can also set the minimum and maximum loans.
It’s fairly low risk
Peer-to-peer lending is typically for microloans at the $25 range — easy to borrow and pay back, even with fairly high-interest rates. You can find yourself turning a profit quickly if you get plenty of clients taking out microloans and paying them back quickly.
Finance experts have said that going into P2P lending may be less volatile than investing in the stock market. It certainly has less of a learning curve than having to study market behaviour. After the initial setup online, it also runs itself for the most part. It’s like having a passive income revenue scheme that may just help you reach your financial goals in no time flat.