Why do borrowers choose to take alternative financing via your platform, when they could just take bank loan from banks? - Seedly

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Asked by Anonymous

Asked 4w ago

Why do borrowers choose to take alternative financing via your platform, when they could just take bank loan from banks?

Why do borrowers choose to take alternative financing via your platform, when they could just take bank loan from banks?

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Lok Yang Teng
Lok Yang Teng
Level 6. Master
Answered 4w ago

Banks wil only lend out to individuals/companies if they are confident of them repaying back. Consider this: Would you lend a random stranger 10k for their business? SMEs are relatively small and do not have strong backing to secure those loans, so they have to look for alternatives.

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