What Do Bacon and Personal Loans Have in Common?

Sep 17, 2014 Blog  INVESTMENTS

There are two worlds at the moment. One that is steadfast in its old ways, where bacon can only be fried in a pan. Then we have the other – the one that throws it into the microwave between paper plates. Weird metaphor, I know, but hopefully you get the picture. I prefer bacon in the pan, but who’s to say the microwave isn’t great either.

Now, when going about acquiring a personal loan or gaining that extra capital to start your dream adventure there’s only really been one route: Going to the bank in a suit and begging for money. The chairs that greet you once entering the loan office are all the same; grey, uncomfortable, and made from nylon. The man with whom you’re confronted is as outdated as the chair. If you’ve ever made this trip, haven’t you thought,

“Why can’t I just microwave the bacon?”

Maybe not quite what was going through your head, but perhaps you were thinking,
“Isn’t there an easier way of going about this?”
In a day-and-age where you can buy electricity on your phone, help launch Kickstarter projects, hail a taxi from your lounge via Uber, and leave your wallet at home thanks to SnapScan, isn’t it time we change how this whole loan process works?

With African Bank crumbling, are banks really the place to go for a loan or even a credit card? The world we grew up in, where staying the course, having 2.4 kids, going to college, and working to middle management is over. Its like believing bacon can only be done in a pan. Isn’t the world ready for a self-sustaining, crowd-funded idea in this realm of nylon chairs?

Well, yes, there is an alternative and it comes in the form of P2P.

I’m not a fan of acronyms so I’ll rather call it peer-to-peer lending, or as some might refer to it, a “Lending Club”. This is the next step, dare I say it, in evolution of personal loans. One where there is no need to kick up the dust from that nylon chair. This new process can be done completely online via the first South African company to offer the service, RainFin.

RainFin acts as the broker for the funds, where you can be the lender or the borrower. Depending on your financial status you can become a lender, put your funds into the program and earn interest from people using your capital as loans. Alternatively you could be that young, 20-something-year-old who has that next level idea, that Facebook idea, but need start-up funds. The point is you’re now able to cut out the banks (who only fry bacon in the pan), and start earning money.

You might ask, “Shouldn’t I be scared of credit?”

Well that’s a broad term, but in the short-term you’re racking this up every day via your cellphone. Seriously if you have used SnapScan, Kickstarter or Uber you’re already contributing to a positive credit record, as these services run via credit.

So next time you’re thinking, “Hell, I have a better way of doing bacon than in the microwave.”
Take the risk, believe in your ideas and go with peer-to-peer lending. Go with RainFin. Because as crazy as your idea would seem to a man in a nylon chair, there is now a community of liked-minded individuals who will believe in your crazy – and they microwave their bacon.

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