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With the emergence of peer-to-peer lending and crowdfunding in recent years, the next evolution of social funding might be Groupon-style lending. Emerging companies like Croovy might be a model for future small business loans.
Although Croovy is geared towards the mortgage space, the idea could easily be applied to those seeking business financing across the country.
There is more to group deals than discounted spa treatments or $5 restaurant coupons. When you buy together, you can save. Typically the larger the purchase, the more you save. You could save thousands on a new car without having to negotiate; save tens of thousands over the life of your home loan, or potentially save thousands of dollars in interest payments on business loans.
With this, everyone wins. Members reap the rewards of their group deal, getting lower rates than the national average and reduced costs at every turn in their loan.
What do you think? Any chance this will be another alternative option for those seeking business loans?
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Blog
4 min read • Aug 11, 2022