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Originally Posted by Phil
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Another business practice - revolutionized by the internet!
Thanks Phil for sharing that... Looks great if you need a "smallish" loan (eg. under $20,000)! (I say that's "smallish" since I'm comparing to the amounts many businesses want to raise, in the hundreds of thousands or more...)
A friend of mine who's of ethnic Vietnamese background told me this. Small person-to-person loans like this happen all the time in the immigrant Vietnamese community. Especially to help start small-scale businesses. I bet it happens in many other communities too.
However, thanks to the internet - the whole idea can go "large-scale" and many more people can benefit...
Viva la (internet) revolution!
Cheers,
Dien