Taking inspiration from sites such as Kickstarter and Indiegogo, the 'hellomerci' platform is using crowdfunding to help you get a loan. The online platform aims to help you circumvent traditional institutions such as banks and credit unions and get a loan from your peers.
Using hellomerci, users can create a page and ask for a loan to reach a goal. The fundraising page asks that you describe your project, set the amount needed and explain how you will repay. If the required money is raised, the fundraiser gets their money and the lenders receive monthly payments. However, if the goal isn't reached, no money exchanges hands and no fees are charged. The only fee is a one-time charge of three to six percent of the loan.