No payment 6 mo loan...

**Christian** · 08-01-2016, 10:52 AM

LoanMe. No payments. Total due at the end of six months. This should be interesting...

**CreditGuy** · 08-01-2016, 11:23 AM

7cc.jpg

**Christian** · 08-01-2016, 11:31 AM

Just spoke w them about details. It's structured as a 1.33 advance. CA market only. Advance amounts to 50k (that's 50k repayment so only 33500 wired). 6 month term. Feels like 2005 all over again

**Sachip24** · 08-01-2016, 12:10 PM

Originally Posted by CreditGuy

7cc.jpg

lol

**happysales** · 08-01-2016, 12:19 PM

740+ credit score

**arezalmighty** · 08-01-2016, 12:48 PM

wat

**ADiamond** · 08-01-2016, 04:40 PM

Originally Posted by Christian

Just spoke w them about details. It's structured as a 1.33 advance. CA market only. Advance amounts to 50k (that's 50k repayment so only 33500 wired). 6 month term. Feels like 2005 all over again

is this their way of being able to market a 1.49 factor rate?

**LoanMe** · 08-02-2016, 03:02 PM

This product is designed for startups who already have their legal entities setup, but may not be earning a substantial amount of income. Having no payments for the 6 month term could be attractive to this type of business starting out.

Minimum requirements
FICO: 740+
Revenue requirements: None
Time In Business: None (must have a business bank account and LLC or Corp setup)
Other: Borrower must be a homeowner (open and active mortgage trade line)
Ownership percentage: 25% minimum
State: California Businesses Only at this time.
Loan Type: Blanket UCC filed on business

**CreditGuy** · 08-02-2016, 03:43 PM

How long has this product existed?

**Chambo** · 08-02-2016, 03:53 PM

Unsecured start up loan....with no payments for 6 months?

Now I have truly seen it all

**J.Celifarco** · 08-02-2016, 04:01 PM

Originally Posted by Chambo

Unsecured start up loan....with no payments for 6 months?

Now I have truly seen it all

the wild west is back

**nrh1lp** · 08-02-2016, 04:04 PM

So, what happens if after the 6 month period the borrower either does not have a substantial enough income to satisfy the debt or no income at all? Is the borrower just sent to collections or will you try and work with them to satisfy the obligation. Also, how do you determine the amount the amount that can be lent

**VFG** · 08-02-2016, 04:17 PM

I can imagine the amount of startups that will start surfacing in the next few months!!! If they had this program in FL they would have been in big trouble!

**HDF** · 08-02-2016, 04:24 PM

Sounds like a trap to catch terrorists.

If only California was that smart...

**Zach** · 08-02-2016, 04:44 PM

Keep in mind guys, this is for 740+ FICO only and likely other variables (homeownership, etc).

**Sachip24** · 08-03-2016, 08:42 AM

Originally Posted by LoanMe

This product is designed for startups who already have their legal entities setup, but may not be earning a substantial amount of income. Having no payments for the 6 month term could be attractive to this type of business starting out.

Minimum requirements
FICO: 740+
Revenue requirements: None
Time In Business: None (must have a business bank account and LLC or Corp setup)
Other: Borrower must be a homeowner (open and active mortgage trade line)
Ownership percentage: 25% minimum
State: California Businesses Only at this time.

Loan Type: Unsecured

at the end of the 6 month term whole balance + interest is due or they go into a payment plan? If the business does not have enough revenue to pay back full balance in one shot what happens? Can they get an extension?

**kpeng** · 08-03-2016, 09:30 AM

Originally Posted by Sachip24

at the end of the 6 month term whole balance + interest is due or they go into a payment plan? If the business does not have enough revenue to pay back full balance in one shot what happens? Can they get an extension?

I'm going to go ahead and say the idea here IS to go into a payment plan and charge a fee.

**VFG** · 08-03-2016, 10:26 AM

I can see clawbacks taking effect on this program 6 months later

Thread Tools

Display