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Technology Stocks : Fintech
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To: Glenn Petersen who wrote (1)12/9/2014 4:10:52 PM
From: Kirk ©1 Recommendation

Recommended By
MJ

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Hi Glen

Let's give a simple example. Say I want to buy a van and enough windsurfing gear to teach three students. I'll need about $35K for a used van and windsurfing gear. I have a friend who is a World Champion Windsurfer who does this in Maui so I think the Bay Area is ripe with all our rich folks who want to pay for an "experience" if they don't have to do the hours and hours it takes to rent gear, get it to the water, rig it, etc...

OK.
  1. What interest rate will Lending Club charge me? (My credit score was 840-870 I think.. super high)
  2. How much of my payments will they keep and how much will they pass on to the lenders? (ie what percentage of the interest do they keep?)
  3. What sort of collateral will they ask for?
  4. If my business fails after 5 years and I walk away, I assume they get the depreciated van and windsurfing gear. Would I be on the hook for anything else?
  5. If on the hook, what happens and who pays to try and get more from me?
  6. Can I call myself a small business and get $50K and buy a new van?
Thanks
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