If you’re looking to set up a new business or have a brilliant idea that you want to bring to market then one option you have is getting loans from millionaires. From my research I’ve found that there are two options when considering a loan from a rich person. The first option is to ask venture capitalists for an investment in your business and the second option is to get a loan from a peer to peer lending site where rich people give out loans. It’s very important to remember that you need a game plan before you even consider taking out a loan, you must have a plan to repay the money even before you even apply.
Private Loans from Millionaires
I Need Money Quickly
If you’re looking for an investment then you can try to raise capital by going to venture capitalists for money. The first thing that you need is a brilliant product or service that you want to sell; most venture capitalists will invest in you if you have a great idea, a driven personality and great principals. If you’re planning on asking venture capitalists for investments you need to have a professional business plan and a polished presentation when you’re asked to pitch your idea.
Business Plan & Presentation When Asking Millionaires for Investment
Private Loans from Venture Capitalists
Your business plan is the key to your success, if you’re struggling to get your idea on paper you need to look at some of the templates that are available on the internet, ideally what you want is a plan that separates you from the competition because the attention to detail is of a high standard, such a business plan is very likely to land on the desk of a millionaires.
Your presentation must also be very professional and polished; you need to practice your pitch in front of friends and families until you have an effective presentation that gets all of your important points across. You also need to memorize all the relevant facts so you can recall them under questioning, if you can withstand the scrutiny of the venture capitalists then there’s a good chance of an investment. You can find the names and contact details of venture capitalists on this link.
Peer to Peer Lending Sites
Personal Loans from Rich People
Another way to get a private loan from a millionaire or rich person is through people to people lending sites, P2P is a service which connects lenders who want a better rate of return with borrowers who want to pay less on their loans, effectively you’re removing the banks as the middlemen and both parties are prospering.
Two of the best sites for P2P lending is Lending Club and Prosper, both offer very competitive loans for consolidation, home improvement, and mortgage deposits. Once you join these clubs your credit history will be checked and you’ll receive a grade or ratings, if you have good credit ratings you’ll be able to borrow money at very competitive rates, if you have bad credit ratings you’ll get a higher rate. What’s important to bear in mind is that these loans are not secured and the APR is much lower than Payday loans. For more information on P2P lending check out the links below where there are strategies to make and save money.
Private Loans from Millionaires You Don’t Have to Pay Back
Financial Assistance from Rich People
This is more of a speculative attempt to get money from a millionaire. There are literally hundreds of charitable foundations that are run by millionaires, if you are experiencing a hardship and you have nowhere to turn to then you can ask for a private loan from these rich people. A genuine hardship would include help with medical bills, help with education fees, homelessness, poverty, domestic abuse and disaster recovery. One of the best places to research millionaires who give money away is on GivingPledge.Org; here are some contact details of private loans from millionaires.