5 Reasons to Choose Crowdfunding Over Personal Loans for Cancer Patient Treatment Costs
We cannot contest the fact that raising money through crowdfunding is becoming a more and more common practice. While there is still a significant amount of traditional fundraising, modern crowdfunding is beginning to take off in India. You have good reason to be wary of the fundraising process.
However, over time, these ambiguities frequently multiply and give rise to popular misconceptions about crowdfunding in general. And this is one of the reasons why people still prefer personal loans over crowdsourcing, particularly for life-threatening diseases like cancer.
What is Crowdfunding?
Simply explained, crowdfunding is the process of getting funds for your idea from various sources. While soliciting funding for various causes or charity organizations is known as fundraising. Traditional fundraising is primarily conducted offline. Offline activities include marketing, branding, and campaign execution. Contrarily, modern crowdfunding occurs online thanks to western influence.
Medical Crowdfunding
Despite its existence for several years, crowdfunding has recently experienced a surge in popularity as a means of establishing connections with a vast number of individuals in support of a singular cause. Crowdfunding entails the solicitation of funds from a substantial group of people in order to achieve a specific objective, such as the advancement of a business concept. One prominent manifestation of this fundraising technique is “medical crowdfunding,” which focuses on generating financial support for individuals who are afflicted by illness or disability. Through this form of crowdsourcing, individuals are able to gather monetary contributions for their loved ones in need.
Also Read – Bajaj Finserv Medical Emergency Loan
This action may be undertaken in order to generate funds for medical expenses, to cover the costs of home modifications due to a disability, or to provide for basic living necessities while a family member receives medical treatment. Medical crowdfunding serves as an effective approach to promptly engage with relatives and friends when the aim is to financially support an individual’s healthcare needs.
While conventional means of fundraising for a noble cause may often be confused with medical crowdfunding, the latter leverages state-of-the-art technology to significantly enhance the success and efficiency of fundraising efforts.
Advantages of Crowdfunding over Personal Loans
Traditional fundraising has limitations, but crowdfunding doesn’t. Due to the nature of internet fundraising, individuals from all across India may view and appreciate the significance of your cause. They may contribute any amount they choose with just one button click, helping your campaign move closer to its goal.
Also Read – Bajaj Medical Loan
1.     Inexpensive
In contrast to crowdfunding, offline conventional fundraising endeavors necessitate a greater investment of time and financial resources. This is due to the need to personally approach individuals and elucidate the purpose of the cause, in addition to the expenses incurred for advertising on television or in newspapers, engaging graphic designers, and printing banners, among other associated costs.
For those seeking to circumvent the inconveniences linked to conventional fundraising, traditional fundraising may prove advantageous for long-term objectives. Nonetheless, it is important to note that traditional fundraising is predominantly executed by nonprofit organizations and can pose challenges for individuals attempting to undertake such endeavours.
- Hassle-Free
Crowdfunding presents itself as a viable alternative to explore for entrepreneurs and startups who are cognizant of the obstacles that come with seeking bank loans or approaching venture capitalists. The proposal put forth by the entrepreneur will be evaluated by the public, and there exists a possibility that the outreach of the brand may expand.
3. Faster
Comparing crowdfunding to medical loans, the former is significantly quicker and simpler. The money you borrowed for medical care is not required to be returned. Therefore, using medical crowdfunding is always preferable to obtaining a medical loan.
4. No Repayment
You can raise any desired amount through online crowdfunding for medical expenditures thanks to the generosity of kind people. Everyone can afford healthcare thanks to crowdfunding. Crowdfunding has no repayment requirements and is emergency-proof!
5. No Additional Expense
Crowdfunding is used to generate money for private or public support. However, it is erroneously assumed that crowdfunding doesn’t require a significant financial investment. You will need a team, which will cost you some money, to raise awareness of your campaign and manage it efficiently. Additionally, you require money to run advertisements on social media sites to raise awareness of your cause.
Why Choose Crowdfunding over Personal Loans?
The best choice is to use an online medical fundraiser because medical insurance might run out quickly and medical loans take some time to be authorized. There won’t be a need to worry about medical costs once the campaign is active. Fundraisers do not have to be concerned about paying back loans with exorbitant interest rates because the benefits are instant and obvious.
