Apply for a Loan

Before you begin your application, review the eligibility requirements and loan terms below.
(Note: You don’t need a good credit score, collateral, guarantors or a business plan!)

Eligibility

• Use the loan for the purpose of starting or growing a business
• Form or join a self-selected Group of 5 (minimum 3 to get started) entrepreneurs
• Each group member receives her/his own loan
• A group member is not responsible to pay off someone else’s loan. However, if someone in the group is in default, no one else in the Group can get a new loan
• Commit to pay back the loan according to an approved schedule

Loan Terms

• The term of a loan is usually 12-48 months (individual-specific)
• The initial loan amount is $250 – $2,500. Additional and larger loans (up to $10,000) can be approved based on repayment history and if everyone in the group is in good standing
• The annual interest rate is 6% (paid on a declining basis)
• Once per month, the borrower repays a portion of the principal and interest via ACH (Automated Clearing House) – where Life Asset initiates automatic withdrawal from borrower’s checking account to make loan repayments. This requires a borrower to have a checking account

Before we begin, review the eligibility requirements and loan terms below.
(Note: You don’t need a good credit score, collateral, guarantors or a business plan!)

Eligibility

• Use the loan for the purpose of starting or growing a business
• Commit to pay back the loan according to an approved schedule

Loan Terms

The loan itself serves as collateral and is secured in an escrow account in borrower’s name with Life Asset. The escrow balance will be returned to the borrower at the completion of the loan.