What is crowdfunding, in simple words?
Crowdfunding is the channel through which anyone requiring urgent financial assistance can raise funds online from a large group of people for personal or social reasons. It’s a new concept for some people, but for many familiar with fundraising, it is an effective financial alternative to bank loans or medical insurance. One of the major benefits is that fundraising does not involve any payback on the amount raised.
Some may question how crowdfunding works if they don’t receive anything for the service they provide or do they charge a high platform fee to maintain their crowdfunding platform. That’s partially true and not completely, as many top crowdfunding platforms in India offer a 0% platform fee to lower platform fee through which a campaigner can keep the maximum amount raised for their cause.
You may have come across a term called crowdfunder, and you may wonder whether it’s a different concept, such as crowdfunding. No, it’s the same as crowdfunding, where any individual who resonates with your cause can donate small amounts of money online to your fundraising campaign to help you deal with a financial crisis.
How to choose the best crowdfunding site for your cause?
Some features an ideal crowdfunding platform should have:
Knowing how much of the raised amount will be taken by the online crowdfunding platform plays a vital role in deciding the right fundraising platform. However, if a fundraising platform charges higher, you may get less money for your cause. Therefore, choosing a minimum fee platform can be effective for your fundraising campaign.
Check ImpactGuru’s pricing page for more details.
Another thing to look for in an effective platform is the resources they provide to make your fundraising journey hassle-free and quicker. It should include fundraising Check ideas, Check tips, and comprehensive guides about the whole fundraising process. for more details.
- Track history and overall credibility
Reading reviews, news articles, and testimonials on the internet about the fundraising platform for individuals is essential.
ImpactGuru’s in-house team monitors every customer review and data closely and, if necessary, takes appropriate action to safeguard the integrity of its platform.
Does the online fundraising platform provide 24*7 customer support? The platform must have fundraising experts to solve all your queries and doubts during the fundraising process.
The majority of people are spending time on mobile devices. Therefore a crowdfunding platform should have a mobile app to help you manage the fundraiser and receive the donations on the go.
All these features together make a perfect crowdfunding organisation for people to raise funds for any cause. One fundraising organisation in India is, ImpactGuru which provides all these features through its crowdfunding website. Want to know more about ImpactGuru?
Please read our blog post on 9 Features Of The Best Crowdfunding Platform In India.
What is medical fundraising?
Medical fundraising is a type of crowdfunding where anyone can raise funds for themselves or others requiring urgent medical assistance from people across the internet. At ImpactGuru, you can create a fundraising campaign for any medical reason. Some of the medical causes that you can raise money for are
- Cancer
- Rare disease
- Any type of organ transplant, including kidney, liver, heart, etc.
- Critical illness
- Any accident-related injuries
Medical expenses can hamper one’s financial security, especially because medical emergencies almost always come unannounced, and as such, their emotional, physical, and financial burden can be overwhelming.
Hence, donation-based crowdfunding sites are quickly becoming popular among people with no health insurance or who can’t afford a medical loan in India, as they can choose the best fundraising sites to get the financial and emotional support needed during this challenging phase. Medical fundraising can help poor patients financially cover their medical expenses and get the necessary treatment sooner.
How can I start a medical fundraiser on any donation platform?
Medical crowdfunding is one of the most viable financial options to deal with exorbitant medical expenses. With ImpactGuru, you can start a free fundraiser (in other words - a crowdfunding campaign) in just 5 minutes to cover healthcare costs. You can raise funds for medical expenses by following these simple steps:
- Visit www.impactguru.com and click on the ‘Start a new fundraiser’ tab.
- Select the option ‘Medical’ and then click on the ‘Start a fundraiser’ button.
- Add all the basic details and click on ‘Get OTP’ for verification.
- Share the fundraiser story with more and more people to raise funds quickly.
- Withdraw funds at any point in your fundraising journey.
Which one is the right choice to raise money for medical help: Medical loans vs. fundraising?
Both fundraising and a loan for a medical procedure can be the perfect financial choice, but it depends on the type of medical emergency and the amount of money required. However, if you ask for one right choice in times of crisis, crowdfunding can be a preferred choice to raise funds for medical help.
You may ask, why crowdfund for medical treatment? First, we will try to understand some disadvantages of medical loans that disqualify them as a financial option for medical needs. Some of them are
- It includes a high processing fee (a certain percentage of your loan amount)
- Strict guidelines to become eligible for an instant medical loan
- Legal action if defaulted in any of the monthly loan payments and has repayment rigidity where it doesn’t permit changes in the repayment schedule
- It also involves a high-interest rate on the principal amount
However, in comparison to medical loans, crowdfunding is much easier and faster. You don’t have to pay back the amount raised through fundraising. In medical fundraising, there are no eligibility criteria; everyone in need, irrespective of their caste, status, religion, or creed, can receive money for medical aid. Medical fundraising takes only 5 to 10 minutes to start a fundraising campaign, whereas it takes more time to get final approval for a medical loan.
Therefore, medical fundraising is a better yet effective choice to raise funds compared to the best medical loans in India.
Why choose an online fundraising platform for emergency money assistance?
Need money urgently? Need money for emergencies? Need money for medical treatment? Not just for this situation but for any personal or social reason, you can start a fundraiser at an online fundraising platform in India. It’s just one reason why to choose an online crowdfunding platform. Some other reasons are:
- Presently, crowdfunding is a simple and quicker mode of raising money
- You don’t have to pay back the amount raised back to the donors
- Crowdfunding companies allow the campaigner to withdraw funds anytime during the fundraiser journey after a quick approval process.
- People are more likely to contribute when they see someone stuck in a financial crisis, like requiring money for medical treatment.
- Crowdfunding helps you reach many people online and also allows you to accept donations from people worldwide.
- Social media platforms help your campaign become viral and help you reach many people in a short time, boosting donations for your cause.
- As you receive a small amount of money from different people, the burden doesn’t fall on one person to cover a big amount for a cause.
Why are donation-based crowdfunding websites increasingly becoming popular in India?
Different types of online crowdfunding are practiced worldwide- donation, reward, debt, and equity-based. But in India, why is only donation-based crowdfunding becoming popular in India? This is a common question that most people have, and the reason is that donation crowdfunding is legal in India. In contrast, new SEBI regulations state online equity crowdfunding is illegal in India.
In reward-based and debt-based crowdfunding, anyone raising funds must repay through reward (product or service) or interest on the principal amount lent to the borrower. In contrast, donation crowdfunding has no payback policy, as only people who resonate with your cause contribute without expecting in return. And many who started a fundraiser for their cause have experienced that crowdfunding is easy, quick, and practical to raise funds and get the assistance they need.
These reasons make donation-based fundraising sites one of the popular mediums to receive financial support for personal, social, medical or creative causes.
How to write a fundraiser story for your personal or medical cause?
Every successful fundraising campaign begins with honest storytelling and stories that compel visitors to become active donors. Do you know how to write a sharper/more compelling story? Does your fundraiser story encourage people to make contributions? If not, follow the solutions given below; it will help you develop and express an effective story for your fundraising campaign.
Solution 1- Be honest when writing your story
You should be honest in your fundraiser description as donors give if they can observe the positive impact. You should provide correct personal information, including your name, age, location, needs, interests, relationship to the cause and why you started this fundraiser. Along with personal information, compelling storytelling is the key to boosting your fundraiser.
Solution 2- Try to use photos and videos to build empathy
Compelling pictures and videos are a great way to spark empathy as they are rich with information, and people can easily relate to your present situation (pain, struggle you are going through now).
Solution 3- Regularly post the latest updates
Posting fundraising updates more often can have a more significant impact on your results. Now, you may wonder why regular updates are important. So the reason for it is:
- Posting updates regularly keeps your existing donors engaged in your fundraiser journey and gives them something new they can share with their loved ones.
- Updates might even attract follow-up donations.
- Regular updates show that you are making progress.
Also, thanking your existing donors can motivate them to contribute more.
Solution 4- Provide a reason why donors should care
One central question that every potential donor wants is why we should care. Like in movies, the audience tries to show support and care for a character who wants something badly and faces challenges. The audience feels connected to an imperfect character giving its best even under unfavorable conditions.
Also, mention the turning point that forced you to take action. It should include an event that emphasizes you taking a step and starting a fundraiser.
Solution 5- Assign a title to your fundraiser
Not just the title of your fundraiser but the title of a movie or book is the first thing people see. Your fundraiser headline can draw people’s attention or turn them away before they try to understand anything more.
After reading all these solutions, are you ready to convey a compelling fundraiser story? If yes, www.impactguru.com start a fundraiser today at ImpactGuru and raise funds quickly with your impactful story.
What does medical crowdfunding mean?
Online medical fundraising is a process through which individuals, NGOs, communities - basically anyone - can raise funds for expensive medical treatments such as cancer, organ transplant, rare disease, and other diseases. A medical emergency comes unannounced and could affect a person's future savings. An unexpected medical emergency can also stress you and your loved one emotionally and financially.
Here, crowdfunding for medical treatment can help you cover your expenses and get the necessary treatment at the earliest.
Why crowdfund to pay hospital bills?
Medical expenses, from emergency treatment to ongoing care, can bring your savings account to zero, leaving you in a financial crisis for years. One effective way to deal with medical bankruptcy is through crowdfunding for medical expenses that will help you focus on medical care. Many people choose a fundraising site to deal with their medical expenses when it's not covered under health insurance or find it challenging to avail of a medical loan for expensive medical treatment.
Medical crowdfunding is a kind of fundraising that:
- Requires no payback after raising the goal amount.
- Funds can be raised in days or hours, depending on how widely you share your fundraiser.
- Since medical crowdfunding sites are entirely online, you can receive funds from people and places that wouldn't have been accessible with traditional fundraising.
- Medical fundraising sites like ImpactGuru encourage monthly giving to its donors, helping you raise funds dedicatedly.
How does ImpactGuru make medical crowdfunding work?
The leading medical crowdfunding platform has raised funds for different causes, such as personal, social, medical, or creative. ImpactGuru has helped more than 25000 patients raise money for their medical treatments with the help of the following features:
- Payback-free medical emergency crowdfunding
- Free 24*7 customer support
- Instant fundraiser approval and withdrawals
- Free Android and IOS mobile app
- Easy-to-use tools like the user-friendly dashboard, Multilingual support in Hindi, Malayalam, Telugu, Tamil, etc., story bot, and many other features
- Pricing plans starting from as low as 0%
Want to know more about the successful medical fundraisers on ImpactGuru?Click here.
What do I need to start a fundraiser on ImpactGuru?
You can create a medical fundraiser in minutes by making sure you have the following details and documents in place:
- Hospital or clinic's name and contact information
- Patient's medical reports, invoices, and treatment details
- Beneficiaries and campaigner's Aadhar card and Pan card.
For detailed and personalized assistance, contact us here: 1800 891 2903.
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