Administrative and Licensing costs for new finance company.
| Listing Information | |||
|---|---|---|---|
| Amount: | $20,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 30% |
| Lender Rate: | 12% | Borrower: | Scottsdale78 |
| Finished | State: | MN | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-04-25 | EricsCC ROI: | 10% |
| Status History | |
|---|---|
| Apr 24, 2008 | Current |
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Purpose of loan: This loan will be used to provide for set up costs and licensing in Minnesota, Wisconsin and South Dakota and Iowa. My financial situation: I am a good candidate for this loan because I have never defaulted on a loan. I have had many loans in the past and my credit score will show how I've handled them. I am on the board of directors at a community bank in Minnesota. I am setting up a finance company to provide financing for people that are requesting amounts that are too small for our bank to handle. The red tape involved in setting up a loan under $5k makes the loan unprofitable for the bank. Sources like my finance company and Prosper will be very vialble in the future for smaller loan requests from people that don't want (and shouldn't) pay interests rates such as those at pay day loan stores. I can easily get this money from a bank. But part of my research for my finance company is a peer to peer lending source. If I cannot finance a loan request, I would like to be able to refer them to Prosper. |
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