We’re not just borrowing for emergencies, this is the age of startups and Entrepreneur reports that 38% of new businesses are launched with loans from family and friends — the average investment is $23,000. Peer lending, other types of personal loans and credit cards make up 57% of startup funding. Though it’s always been a universal truth that you should never borrow or lend money to family and friends, the truth is that it the only realistic option for many people. Especially as peer-to-peer loans are increasingly looking less like part of the sharing economy and a lot more like traditional bank loans.
