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This small business loan is ideal for people looking to start or expand a business in the DMV area. We cater to entrepreneurs at all stages and DO NOT require a specific credit score, collateral, a registered business, guarantors, or a business plan for approval. We are committed to providing financial services to those who are underbanked.

Required documents: online application, ID, SSN/ITIN, credit score, credit report, three recent bank statements, and a voided check or ACH information. To qualify for a small business loan, you’ll also need to provide proof of business, which can include items like a website, social media accounts, flyers, or business registration.

Eligibility and Lending Model

• Loan must be used for the purpose of starting or growing a business in the DMV.
• Form a self-selected group of three entrepreneurs in your area.
• Each group member receives their own loan.
• Your group acts as your collateral; your group must maintain good standing for individuals to be approved for their next loan.
• Each member must commit to repaying the loan according to the approved schedule and attend center meetings.

Loan Terms

• Initial loan amounts range from $250 to $2,500. Larger loans, up to $10,000-$25,000 (loans over $10,000 require collateral), can be approved based on repayment capacity, repayment history, and the good standing of all group members.
• No Fees
• Loan terms typically range from 6 to 12 months, with terms up to 48 months available for larger loans. The term length is determined by individual circumstances.
• The annual interest rate is 6% APR
• Borrowers repay a portion of the principal and interest biweekly via ACH (Automated Clearing House), where Life Asset initiates automatic withdrawals from the borrower’s checking account. Therefore, having a checking account is required.

A Secured Credit Building Loan is recommended for people do not have a credit history or wish to improve their credit. A secured credit-building loan can establish a track record of on-time payments, which is crucial for improving credit scores.

Eligibility

• Available to anyone looking to improve their credit score.
• Commit to pay back the loan according to an approved schedule as we will be reporting these payments to the credit bureau.

Loan Terms

The payment are sent to an escrow account in borrower’s name with Life Asset. The escrow balance will be returned to the borrower at the completion of the terms.

Amount: $250-$500

Terms: 6-12 months

Interest: 6% APR