Coy about costs. Brushing over the fine print. Pressuring you into something bigger or more expensive than what you need. If you’re an entrepreneur, chances are you’ve had at least one uncomfortable encounter with a lender who just didn’t seem to have your best interests at heart.
Earlier in my career, my partners and I built up a network of successful fitness businesses. The business grew quickly, and we started shopping for a loan to help us expand our profitable model to new markets. It was during this time that I got my first glimpse into the opaque underbelly of the traditional lending industry. We were shocked at how many lenders literally could not produce an amortization and repayment schedule. And when we asked them to share their fee structure and APRs? Crickets.
To read more, see this page: https://www.entrepreneur.com/article/254195
Amidst a slackening in investor interest in alternative online loans, Austin-based Able Lending announces Tuesday that it has received $100 million to fund its online small business loans from Community Investment Management, the first impact investment firm focused on marketplace lending.
“We’re very excited that within this difficult market, Able is bucking the trend,” says chief executive officer Will Davis. “We were able to do that because of the strength of our model, the strength of our portfolio, and the strength of the backer concept. Securing $100 million at this point, at this stage of the company but also given where the market is right now, is a huge story in and of itself.”
The two-year-old company uses a singular loan structure in a competitive space that has seen the growth of early leaders like OnDeck, CAN Capital and Kabbage plus a proliferation of startups over the last few years. Able has borrowers get “backers” or other friends, family or customers to fund part of the loan. The company says that, in addition to offering longer repayment periods, this enables it to charge lower APRs than its competitors because Able has found that having someone the borrower knows contribute to the loan increases their willingness to repay.
Full article here – http://www.forbes.com/sites/laurashin/2016/09/27/able-lending-receives-100-million-to-fund-small-business-loans-despite-wider-industry-slowdown/#2595d4062403
For more than an hour and a half, Hillary Clinton and Donald Trump duked it out over a wide variety of issues. Here is a look at five topics related to your money that were addressed during the debate.
from Bankrate.com » Economics http://www.bankrate.com/financing/economics/5-key-money-matters-from-the-first-debate/
Back in January, the Bank of Japan (BOJ) adopted a policy of negative interest on excess reserves. As with similar moves by its European counterparts, the new rate regime was designed to jumpstart growth and push inflation higher, by encouraging bank lending, business and consumer borrowing, and by weakening the currency.