Final answer:
The lending model of crowdfunders involves treating funds as loans.
Step-by-step explanation:
The characteristic of the lending model of crowdfunders is d. funds are treated as loans. In the lending model, investors provide financial support to the project or business with the expectation of receiving their money back with interest. This is different from other models like equity crowdfunding where investors receive a share of the project or business in exchange for their contribution.