With equity-based crowdfunding, an entrepreneur raises financing from a large number of individuals, instead of soliciting a small group of investors. This paper compares two forms of financing: the equity-based crowdfunding and the traditional loan form. We conclude that the equity-based crowdfunding can raises larger number of money for entrepreneurs than the traditional loan form owing to the entrepreneurs' moral hazard. And the equity-based crowdfunding is suitable for a project with high risk and high return.