You are a budding entrepreneur with a bright idea but do not have enough time/resource/ knowhow to prepare detailed project report/business plan which is a precursor to get loan/capital for a startup business. Or, maybe you are a established entrepreneur who supplied goods on credit but finding it difficult to meet day-to-day cash obligations. Whatever your financial needs as an entrepreneur may be, you usually opt for business loans. Availing such business loans at easy, affordable terms is sometimes difficult from banks because of a lower credit score

It is by looking at credit score that bankers evaluate your credit risk. Credit score sums up your credit history into a number that lets lenders and others quickly assess how responsible you have been with your past credit accounts and loans. 

Consider online lending platforms like faircent.comilend.in (Faircent.com, Lendbox.in and other peer-to-peer lending platforms gain popularity, draw RBI gaze) which bring together borrowers and lenders (usually individuals) under some form of administrative supervision of portal administrators for which they may charge registration fee/commission from borrowers/lenders (in general, rate of interest for borrowing is higher than banks).

For business houses, consider accounts receivable financing from these peer-to-peer lending platforms wherein lenders who specialize in accounts receivable financing know that you are going to receive payment for what you have supplied within a short period of time, say 2 months on a particular date through cheque/EFT and need liquid cash right now to run your day-to-day business operations. As need is urgent coupled with online technology, loans can be availed in hours and days rather than weeks. If you are convinced that creditors are going to pay you for what you have supplied, it means that credit strength of your accounts receivables is strong. In such case, chances increase of a favorable loan deal in terms of lower interest rates.

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