[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: Blanket UCC filed on business

[nrh1lp]

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

[HDF]

Sounds like a trap to catch terrorists.

If only California was that smart...

[Sachip24]

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]

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.