As a “would-be” entrepreneur or startup owner, you probably ask yourself: “How can I raise money fast for my startup?”
Are you experiencing a financial emergency right now? Have you been trying to figure out how to get yourself out of it? You can use many strategies to get back on your feet and escape a difficult financial situation.
Surveys show that 31 percent of Americans in 2022 are in good financial health. The majority are just scraping by and are one unexpected bill away from a financial emergency.
One of the biggest challenges most entrepreneurs face is finding funding to start, grow and scale their ideas into profitable businesses. However, with the right strategies and approach, raising money for your startup can become less daunting, even quickly.
In the last twenty years, I’ve learned that raising money is an art with many creative and effective strategies to explore. But I’ve also found that some approaches make all the difference, while others barely earn you a few extra bucks.
So, here, I’ll share some fundraising ideas that can help you turn your business ideas into success. And who knows, maybe you’ll even discover some new favorite fundraising ideas along the way!
Let’s start raising money, shall we?
📖 Short Summary
Why You Need to Raise Money for Your Startup?
Raising money is often essential for startup owners, as it provides the necessary resources to get a business off the ground. Securing sufficient funding at the right time can mean the difference between success and failure for a new venture. Without enough capital, startups may struggle to develop their products or services, hire employees, and market their business.
Risk associated with not raising enough money
You must understand that there are risks associated with not raising enough money. For example, if your startup does not have enough funds to cover its operating costs, you may be forced to close down before it has had a chance to become profitable.
Additionally, underfunding can limit a your startup’s ability to invest in marketing and product development solutions that could help you reach more customers and scale up your operations.
Opportunities with timely fundraising
On the other hand, having access to adequate funding can open up opportunities for growth and scalability. With sufficient resources, you can invest in marketing campaigns that will help you reach more potential customers. You can also use your funds to develop innovative products or services that will give you an edge over your competitors.
Furthermore, you can use your funds to hire experienced professionals who can help you manage your operations more efficiently and effectively.
Finally, it is important for aspiring entrepreneurs and investors to understand the different types of funding available for startups.
Each type of funding has its own advantages and disadvantages so it is important for you to do research before deciding which option is best suited for their needs.
1. Crowdfunding Campaigns
Crowdfunding has become one of the most popular fundraising ideas. It is a great way for you to start raising money for startups. This fundraising method enables you to collect resources from a large group of people, usually via an online platform.
Crowdfunding platforms have made it easier than ever for entrepreneurs to tap into the power of the crowd. You can set a target amount to raise and then seek the support of your network to reach your target.
Crowdfunding is an excellent option for products that are unique or resonate with a particular audience.
There are four different types of crowdfunding campaigns:
- Donations: People are generous with their monetary gifts to help and encourage your venture without expecting any kind of compensation.
- Rewards: For their monetary contribution, backers can reap the rewards of exclusive merchandise, content, discounts, and so much more.
- Equity: When investors contribute financially to a company, they receive stock based on the amount of invested money. However, not all crowdfunding websites offer this type of reward for investors.
- Debt: Popularly known as peer-to-peer lending, this form of crowdfunding enables financiers to provide you with money that must be repaid with interest within an established deadline.
Selecting the right platform for your startup or project
Choosing the right crowdfunding platform for your startup is a crucial first step. There are many options for crowdfunding, like Kickstarter, Indiegogo, and GoFundMe. But, before everything else, it is important to spend some time and research each platform, compare their fees, and study their success stories to determine the best fit for your startup.
You can use benchmarking to compare different platforms based on:
- How easy is it to create a fundraising project?
- What are the types of funding options?
- What are the rules regarding the types of projects that can be funded?
- What if the project doesn’t meet its goal?
- What are the fees?
- What is the number of users of the platform?
- Other project-specific questions you want to respond to before selecting the right platform for you.
How to create an engaging crowdfunding campaign?
Creating a compelling crowdfunding campaign is vital to capture potential backers’ attention.
Focus on the problem your startup aims to solve, explain how your product or service will make a difference, and outline your fundraising goals, rewards for backers, and plans for using the funds.
Your campaign is your opportunity to showcase your startup’s vision and excite people about your venture.
Once your raising money campaign is ready, it’s time to spread the word. Share your story on social media, leveraging your personal and professional networks to reach a wider audience. Remember, you want to be creative with your promotional efforts to maximize your campaign’s reach.
Let’s say you want to use crowdfunding to raise money for your innovative eco-friendly water bottle. After researching available platforms, you chose Kickstarter because of its strong track record supporting innovative product campaigns.
Next, you need to create a compelling campaign showcasing the environmental benefits of your product and offering unique rewards for backers, such as custom artwork and limited-edition bottles.
Also, you set a fundraising goal of $50,000 to cover manufacturing costs and launch the product into the market.
To promote your campaign, you can reach out to your family members and friends, share your story on social media, and partner with a local food truck for a launch event. Also, you can contact local artists and environmental influencers who can help you spread the word about your crowdfunding campaign.
And believe me, if you use a similar process for your campaign, it will surpass your fundraising goal. Let’s say you succeed in generating 1,500 backers who will bake, on average, around $50. In such a way, you will raise over $70,000.
Not only will this allow you to bring your product to life, but it will also establish a strong community of supporters who are eager to see your success.
Action steps to create a compelling and engaging promotional campaign
- Develop a clear and compelling story behind your fundraising ideas that show how they will make a difference in the market.
- Define your fundraising goal. Ensure that the goals are SMART goals and supported by research and data.
- Craft incentives and rewards for backers that will help motivate them to donate or invest in your project.
- Create visuals, such as video clips or infographics, to demonstrate the value of your product/service in an engaging way.
- Utilize social media platforms to promote your crowdfunding campaign to potential donors and investors in an effective manner.
- Leverage influencers who can help spread the word about your venture to increase visibility and reach more people with your message.
- Post regular updates on progress made since launching the campaign, as well as upcoming milestones, to build trust with backers and cultivate loyalty over time.
- Monitor analytics regularly to gain insights into the effectiveness of your fundraising campaign and crowdfunding efforts, including the number of donations, average donation amount, etc., so you can make adjustments if needed.
Bootstrapping is one of the most used fundraising ideas using low-cost methods to fund your startup. With bootstrapping, you use the cash you’ve generated from your business to fund iteration and growth. It means investing your income and profits in your business to allow further growth.
The beauty of bootstrapping is that it allows you to maintain control over your business without relying on external funding. I found that bootstrapping fostered a lean and efficient mindset that keeps you focused on meeting your customer’s needs rather than pleasing investors.
Remember, every extra buck you save or generate can make all the difference in your business’s growth.
There are numerous ways to bootstrap. Here are some of them that I have tried and tested, so you can also try them and succeed when raising money for your startup.
Use existing resources within your network.
If you ask “how to raise money fast,” my response will be to use your existing resources within your network.
To start raising money, consider using existing networks, such as family, friends, and colleagues who can provide monetary support, in-kind donations, or borrowing money.
Use free or low-cost tools.
You can also utilize free or low-cost tools with the same features and capabilities as more expensive products. For example, many common software programs have free trial versions with limited features that can be used while you build up capital.
Also, you can use open-source software like WordPress to build your website, Open Office, or Google Workspace instead of paying for the Office software packages. Additionally, many websites offer free templates for creating effective content, such as flyers and brochures, to help promote your business without breaking the bank.
Sell items you don’t need anymore.
Look around your home. Are there any things that you do not want anymore? You can sell them online and get money for them! This could be clothes, furniture, electronics, or toys. You might be amazed at how much money you could make!
It can be hard to sell things that are special to you. But sometimes it is the only thing you can do.
Here is what you can do:
- Look around your house for things you could sell. Don’t just look for big, expensive items. You can get money from selling clothes, shoes, and books too.
- eBay, Facebook Marketplace, and Craigslist are websites where you can list your items for sale. This can help you find people who want to buy them.
You also might have inherited a property from a deceased family member. In many cases, you are better off selling an inherited house right away and making a nice chunk of cash because often than not, those properties will only suck money out of you through taxes and repairs.
Partner with other businesses
Try partnering with other businesses or organizations to leverage their resources and strengthen the reach of your message.
For example, if you sell eco-friendly packaging materials, find other green companies that sell related things like organic products or energy-efficient lighting solutions. Work with these companies to get new customers more cheaply than if you advertise yourself.
Efficiently managing cash flow and expenses.
A crucial aspect of bootstrapping is learning to manage cash flow and expenses effectively.
You must prioritize tracking every dollar coming in and going out, identifying areas where you could cut costs, and finding creative ways to stretch your budget. This meant negotiating better deals with suppliers, prioritizing essential expenses, and delaying non-critical purchases.
3. Alternative Financing Forms
You can also look into other forms of alternative financing and fundraising ideas, such as angel investors, and venture capital firms.
These methods may take more time to get off the ground but can provide larger sums of money in the long run.
Additionally, there are a number of government grants available for small businesses that you may be eligible for.
Doing your research and finding out what options are available to you can make a huge difference in the success of your business.
Venture Capital (VC)
Venture capital funds are designed to provide capital to businesses in exchange for equity in the company. This is one of the most used fundraising ideas. Although the process can sometimes be complicated, VCs are one of the fastest ways to raise funds. These funds are set up to provide startups with the capital they need to grow quickly, and once you have secured one, additional investors become easier to attract.
Follow these steps to start attracting VCs and a successful negotiation process:
1. Identifying potential venture capital firms.
To secure VC funding, it’s essential to identify venture capital firms that align with your startup’s industry, stage, and goals.
2. Preparing a strong pitch and business plan.
To make a great impression on potential VCs, you need a strong pitch and a solid business plan. Remember, a well-prepared pitch and business plan can make all the difference in securing VC funding.
3. Navigating the negotiation process.
The negotiation process can be challenging, but it’s a critical part of securing VC funding.
Ensure that you are well-informed about your startup’s valuation, the terms of the deal, and the expectations of both parties.
Angel investors are individuals with high net worth who seek to invest in startups for compensation. They usually provide a smaller investment compared to venture capital, but they tend to offer advice and contacts in the industry, making valuable connections for your business.
Here are some steps you can take to use this fundraising idea:
1. Finding the right angel investor for your startup.
You’ll want to seek out investors who share your vision and have experience in your industry or sector.
2. Pitching to angel investors and building relationships.
Here, it is essential to build relationships and trust. Present a clear, concise, and compelling pitch that demonstrates the potential of your startup while also highlighting the team’s expertise and passion. Remember, angel investors often invest in the entrepreneur, not just the business idea. So, make sure you showcase your dedication and enthusiasm.
3. Understanding the expectations of angel investors.
Angel investors are taking a risk by investing in your startup, so it’s important to understand their expectations. Make sure to communicate regularly with your angel investors, keeping them updated on progress, milestones, and any challenges faced along the way.
4. Government Grants
Government grants can be an excellent source of funding for small businesses in the US. These grants are typically awarded by federal, state, or local governments and can provide businesses with financial assistance to help them get started or expand operations.
In the US, the Small Business Administration (SBA) is a major source of government grants. The SBA provides businesses with the resources they need to get started or grow and can provide grants in research, education, training and development, technology, and infrastructure.
Identifying potential grant opportunities.
Begin by researching federal, state, and local grant opportunities that are relevant to your startup’s industry and objectives.
Navigate the application process.
Government grants can be complex and time-consuming. Begin by carefully reviewing the eligibility criteria, application guidelines, and deadlines. Be prepared to provide extensive documentation, such as your business plan, financial statements, and evidence of your startup’s potential for growth and impact.
Write a grant proposal.
A grant proposal is essential for winning a grant. In most cases, your proposal should include an executive summary, a detailed budget, and a timeline of your startup’s progress.
Managing the funds and reporting requirements of government grants.
Once awarded a government grant, managing the funds responsibly and complying with all reporting requirements is crucial.
Keep detailed records of how the grant money is spent and provide regular progress reports to the granting agency. This transparency and accountability will help maintain a positive relationship with the grantor and may improve your chances of securing future funding.
5. Borrowing, Loans, and Cash Advances
Borrowing from a 401(k), loans, or taking out cash advances are three additional fundraising ideas to raise money quickly. But these options can be risky, so think carefully before you decide.
Borrowing from your 401(k) plan
If you have a 401(k) provided by your employer, a 401(k) loan might be worth considering. This kind of loan involves borrowing against the money you’ve saved in your 401(k).
There are limits to how much you can borrow, and you will have to pay the money back by a certain time in order to avoid tax penalties. However, this can still be a viable option, especially if you have a decent amount of money saved up in your account.
Apply for a Home Equity Loan
For people who own their homes, home equity loans are good options for getting them through tight financial situations. With a home equity loan, you borrow money against the equity you have in your house.
Home equity loans tend to have relatively low-interest rates, so they might be a better fit than other types of loans. The interest you pay on these loans is tax-deductible, too, and you often get to enjoy longer-than-average loan terms.
Take Out a Cash Advance
A lot of people have heard of a cash advance as one of many fundraising ideas, but they don’t really know what it is or how it works.
In simple terms, a cash advance allows you to borrow money against your credit limit. If your credit card allows for cash advances, you can go to an ATM and take out a certain amount of cash using your credit card. The money comes out immediately, but you will be charged a fee and the interest rate is usually quite high.
Cash advances will give you access to some quick cash. Remember, though, that they do have higher-than-average interest rates. According to Emilia Flores, the co-founder of UkBadCreditLoans, a cash advance is like getting a short-term loan, make sure you can afford its interest rate and make on-time repayments in accordance with the terms.
If you decide to take this approach, make sure you have a plan to pay back the money as soon as you can. Otherwise, you’ll end up with some steep payments as the interest increases.
Strategies to repay funds and manage debt
To effectively manage debt and repay borrowed funds, create a realistic repayment plan and stick to it. Prioritize high-interest debt, like credit card cash advances, and consider consolidating your debt to secure lower interest rates. Additionally, track your expenses and cut back on unnecessary spending to free up funds for repayment.
Borrowing and cash advances can effectively raise money for your startup in the short term. However, it’s crucial to understand the risks involved and implement strategies to manage debt and repay borrowed funds responsibly.
6. Startup Competitions & Accelerators
Startup competitions, accelerator programs and government grants are great fundraising ideas to raise money and grow your business.
These opportunities not only provide the chance to win monetary prizes but also offer valuable networking, mentorship, and resources to help you develop and scale your startup.
When looking for the perfect competition or accelerator, focus on finding programs tailored to your startup’s niche and stage of development. For example, local businesses will focus on local community event calendars and industry-specific websites and speak with fellow entrepreneurs to gather information about upcoming opportunities.
A well-crafted pitch can make all the difference when participating in competitions or applying for accelerator programs.
To create a compelling pitch, you must focus on showcasing your startup’s unique selling proposition, demonstrating market potential, and presenting a clear roadmap for growth. You must also practice your pitch repeatedly to ensure you can confidently deliver it under pressure.
Winning a competition or participating in an accelerator program is just the beginning. To make the most of the experience, you must commit to fully engaging with mentors, attending workshops, and leveraging networking opportunities.
Additionally, you must have clear goals and track your progress to ensure you stay on track throughout the program.
Startup competitions and accelerator programs offer a unique opportunity to raise funds and access invaluable resources. By identifying the right opportunities, crafting a winning pitch, and fully engaging in the experience, you can supercharge your startup’s growth and make a lasting impact in your industry.
7. Utilize the Power of Your Network
Your personal and professional network can be a goldmine when raising money for your startup. Begin by listing friends, close family, colleagues, and acquaintances who may be interested in investing in or supporting your business on peer to peer fundraising basis.
Don’t forget to consider your online connections, such as those on LinkedIn or other professional networking sites.
One size doesn’t fit all when it comes to pitching. To maximize your chances of securing funds, personalize your pitch for each potential investor. Focus on the aspects of your business that resonate most with the individual’s interests, background, or expertise. This tailored approach demonstrates that you’ve done your homework and genuinely value their support.
Additionally, attend local networking events, industry conferences, and workshops to meet potential investors and forge new connections. These interactions can lead to valuable introductions and open doors you never knew existed.
Don’t treat your network as a one-time resource. Instead, nurture these relationships by informing them about your startup’s progress, successes, and challenges. Regular updates not only maintain their interest but also demonstrate your commitment to transparency and accountability. This approach fosters trust and can lead to additional support down the line.
Remember, your network can be an invaluable resource for raising funds for your startup.
8. Side Hustles
Side hustles are easy fundraising ideas that can be a great way to generate extra income to help fund your startup. From freelance work to driving for a rideshare service, countless opportunities exist to earn some more money.
Identify your skills and passions and find side gigs that align with your interests, making the experience enjoyable while helping you reach your fundraising goals. These are easy fundraising ideas you can start using them right now.
There are lots of ways to take on part-time work these days. With so many possibilities, you can earn more money on your terms without having another boss breathing down your neck.
Uber & Lyft
Uber and Lyft have become popular ways to make money on your own time schedules. You only need a car, a valid driver’s license, and insurance. Sign up with one of these companies and start making money while having fun doing it.
Look into one (or more) of these options during your spare time. You’d be surprised at how quickly the money can add up from a couple of hours of Uber driving or food delivery in the evenings.
The average earnings of drivers for Uber and Lyft vary depending on the city and region. Generally, Uber drivers in the US can earn an average of $16.00 to $20.00 per hour before expenses, while Lyft drivers are estimated to earn around $17.50 per hour. However, factors such as surge pricing, bonuses, and tips can increase earnings for drivers.
Look into one (or more) of these easy fundraising ideas during your spare time. You’d be surprised at how quickly the money can add up from a couple of hours of Uber driving or food delivery in the evenings.
Use of apps that pay you for various tasks
Numerous apps offer rewards or cash for completing tasks, such as taking surveys, watching videos, or shopping.
Find out what kind of offers they have available. These apps can give you a quick and easy way to earn extra money.
Donating plasma for extra cash
Donating plasma is another way to generate additional income while making a positive impact on the lives of others. Plasma donation centers typically compensate donors for their time, allowing you to earn extra cash for your startup while helping those in need.
It is similar to donating blood. However, the companies that collect the plasma cycle your blood through a special device to remove the plasma, then return the remaining parts of your blood to your body.
Most people earn between $15 and $40 every time they donate plasma (and you can donate two times per week in most cases). It usually doesn’t take very long, and you can kick back and relax during the donation process.
No matter what your side hustle is, set aside a portion of the money to save for your startup. It’s easy to get caught up in spending the extra funds on things you don’t need. But remember that every cent saved now will help grow your business in the long run.
Offering your skills and expertise through freelancing or consulting can be a powerful way to raise money for your startup. You can look for short-term gigs to raise money on freelancing platforms like Fiverr and Upwork. These small gigs can add up quickly and help you generate extra income.
Freelancing is one of the most popular methods for making money to fund a business. It not only provides you with an income, but also allows you to develop skills and relationships with clients that can help your future business endeavors.
Task Rabbit is an online marketplace that connects people who need help with tasks to those willing to do them. Taskers choose their rates, set their hours, and decide which tasks they want to do. Popular tasks include house cleaning, shopping assistance, furniture assembly, handyman work, and personal assistant services.
10. Sell future labor
If you need money immediately and don’t have much time to work for it now, you could look into selling your future labor. Get creative and think of ways to make money on the side, such as pet-sitting or tutoring.
By selling future labor in your field of expertise, you can establish relationships with potential clients, gain valuable experience, and generate income that can be invested in your startup.
This could be a better option than borrowing money outright from friends or family members. They may be more inclined to agree if they feel like they’re getting something out of the deal.
11. Cashing in some personal investments
If you have personal investments, such as stocks, bonds, or mutual funds, you may consider cashing in some of these assets to fund your startup. The income can be used to cover the costs of running a business, such as rent, salaries, and other expenses. Additionally, you can use the money to invest in marketing efforts or recruit top talent.
It’s important to understand the implications of cashing in investments — you may owe taxes or have to pay fees. So, first speak with a financial advisor prior to liquidating any personal investments.
This approach can provide immediate access to capital but requires careful consideration of the potential long-term financial implications.
12. Product pre-sales as a fundraising strategy
Product pre-sales aim to secure funds by selling your product before it’s developed or manufactured. This fundraising campaign allows you to know that people are interested in your product before you’ve put in the time and money to create a physical product. It’s a great way to raise the needed funds without spending your money to start and gain an early audience for your product.
Launching a pre-sales fundraising campaign for your product can be an effective fundraising idea, allowing you to generate funds before your product is fully developed. By offering early access or discounted pricing to early supporters, you can validate your product idea, build excitement, and raise money quickly.
The pros and cons of last three easy fundraising ideas
Each of these easy fundraising ideas has its advantages and disadvantages. Selling future labor allows you to maintain control of your startup while building your network, but it may take time to generate substantial income. Conversely, cashing in personal investments offers immediate funds but may impact your long-term financial stability. Product pre-sales can generate excitement and validate your idea but may also pressure your startup to deliver results more quickly.
13. Host Fundraising Events
These fundraising ideas can sometimes help you raise money fast, no matter if you raise money for your startup or nonprofit organizations or if you want to promote your current fundraising campaign on other platforms. Generally, you can use two types of fundraising events: in-person fundraising even and virtual fundraising events.
In-person fundraising events
In-person fundraising events can be a great way to connect with potential donors and get them invested in your idea. It doesn’t need to be anything fancy because you want to use these events as an inexpensive fundraising idea. But, still, you will need event space.
You can also reach out to local businesses for donations of items that you can raffle off or auction during the event. With in-person fundraising events it is a great way to start negotiating peer-to-peer fundraising.
Virtual fundraising events
If you’re looking for ways to raise money without hosting a traditional in-person event, a virtual fundraising event can be a great option. This is an inexpensive fundraising idea because virtual events are growing in popularity as they allow people from anywhere around the world to join and support your cause without spending a fortune.
You can use digital resources such as a fundraising page, webinars, live streams, or online auctions to reach local businesses and potential donors from all over the world. You can use cheat rooms for peer-to-peer fundraising campaigns at these events.
No matter what type of fundraising event you choose, provide plenty of details about how the money will be used. This will help ensure that your supporters know their
Money is often a significant factor when starting and growing a business. However, raising capital doesn’t have to be a daunting task. With the many options available, you can now take calculated steps toward raising money for your ideas.
Whether you choose to bootstrap, pre-sell, crowdfund, or seek out VC, the key is always about creating a quality product or service that people want.
We’ve explored 13 failproof fundraising ideas for startups to raise money quickly, offering a diverse range of options to help you fund your business venture. From crowdfunding campaigns and angel investors to side hustles and government grants, there are numerous fundraising ideas to suit your specific needs.
As an entrepreneur, it’s crucial to adapt and tailor these strategies to your unique situation and persistently pursue the best fundraising ideas for your startup. Remember, success comes from persistence, flexibility, and the willingness to adapt to the ever-changing world of fundraising.
Embrace the fundraising journey as an opportunity to learn, grow, and refine your startup’s vision. By tapping into your local community with local businesses, leveraging your network, and exploring various fundraising ideas, you can raise money quickly and effectively.
Time to Raise Money Fast
It never feels good to be short on cash. The good news is that there are lots of steps you can take to try and raise money fast. Even if you don’t want to take out a loan, there are plenty of alternatives that are great options to use.
Do you need more help managing your money? Do you want to avoid finding yourself in a financial bind again?
Now, we want to hear from you! Share your favorite fundraising ideas or success stories in the comments below. Your experience could inspire and empower fellow entrepreneurs on their fundraising journey. Together, we can celebrate the spirit of innovation and support the growth of successful startups.
If so, be sure to check out some of our other finance-related articles. We’ll teach you the best way to manage the income from your business and make your money work for you.
Frequently Asked Questions
There are a variety of ways to raise money for your startup. One popular option is crowdfunding, which allows you to solicit donations from individuals and organizations. You can also look into venture capital firms or angel investors who may be willing to invest in your startup. Additionally, you can consider applying for grants or loans from government agencies or private institutions. Finally, you can explore fundraising ideas such as hosting events, selling merchandise, and more.
The best crowdfunding platform for your startup will depend on your specific needs and goals. Popular platforms include Kickstarter, GoFundMe, Indiegogo, and Crowdfunder. Each of these platforms offers different features so it’s important to research each one carefully before deciding which one is right for you. Additionally, there are several other crowdfunding platforms available that specialize in specific industries or types of projects so make sure to explore all of the options before making a decision.
The fastest way to raise money from these various sources will depend on the individual’s circumstances. For instance, a bootstrapping business may be able to access funds quickly based on their savings or investments, while an alternative financing form such as venture capital can take longer due to required research and paperwork.
Government grants may also require extensive applications and review process before money is awarded.
Borrowing from the 401(k) plan or applying for a home equity loan can also take some time to process, and cash advances may come with high interest rates.
Side hustles such as freelancing and pre-sales, can be an excellent way to generate some capital, but still they are not the fastest. For those in need of a more immediate solution, sellers may opt to sell future labor via platform-based marketplaces or pursue debt options such as payday loans and peer-to-peer lending.