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What to Ask Before Donating to Crowdfunding Campaigns
Crowdfunding is a quick and simple way to raise funds when needed, but there are some real risks. Here’s how to help protect yourself and your money.
One of the easiest, most efficient ways to donate money is through an online crowdfunding campaign, which allows people to directly appeal for financial help from a large group of people. Whether the ask is a personal one (a friend might be raising money for a medical procedure or a cause close to their heart) or a business one (entrepreneurs might need a quick cash infusion to help launch a new product) – you don’t need to go further than your phone or computer to donate.
“It’s important to keep in mind that with the ease of crowdfunding sites comes the higher probability for fraud,” said Vivian Loy, senior wealth strategist at PNC Wealth Management®. “There are several factors to consider before donating. The first and most critical is a careful review of the fund’s terms of service.”
Check out the infographic below for questions to ask yourself before contributing to a crowdfunding campaign.
What to ask before donating to a crowdfunding site
Crowdfunding is a quick, easy way to raise funds. But because the funds are easily created, contributing can be risky. Be sure to ask the right questions.
- Is a charity involved?
- Who is the beneficiary?
- When will the funds be distributed?
- How much will the beneficiary receive?
- Who is controlling the money?
- What fees are involved?
Vivian Loy is a senior wealth strategist at PNC Wealth Management
Commonly used crowdfunding sites include Kickstarter and GoFundMe.
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These articles are for general information purposes only and are not intended to provide legal, tax, accounting or financial advice. PNC urges its customers to do independent research and to consult with financial and legal professionals before making any financial decisions.
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