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SNAP Loans

MattTurpinMattTurpin subscriber Posts: 22
edited February 2009 in Startup Funding
I`m still researching every financing strategy I can find. I did a search on SNAP Loans, a seemingly too good to be true offer of unsecured business loans up to 100,000 dollars for people who have good credit. I don`t have collateral. I`m not a home owner. I do have an Experian credit score of 726, which is respectable by any standard, and no derogatories. SNAP Loans seem like a match made in heaven. They seem to have good reviews by every source that comments on them - even the couple of threads I was able to dig up here, albeit they`re old and unresolved at this point.
I went to their site and it seems to be in a state of renovation. I did find a phone number I plan on calling on monday. I`ll feel safer when I can attach a name and address to the source of my loan. I was hoping for feedback from people who used SNAP Loan. For example, do they want 20% owner equity? 25? 30? They seem so free with their funding that I almost believe they don`t expect any. Compared to all the banks I`ve talked to, they don`t even seem real.So, I guess that`s the question. I know I have the credit rating. I`d just like to know what they`ll expect of me. Is the amount of the startup loan based on my current salary? That could be, but would be a little foolish, as I won`t be working there after I start my company. There has to be something I`m missing. Nothing good can happen without a catch. I understand that the interest rate is going to be higher. To me, and I`ll be honest, it`s not how much I repay total that matters. It`s the amount I pay per month. I`d gladly repay 25% on the dollar or more, if the monthly payment didn`t break the bank. So, any info would be welcome. I know almost nothing.MattTurpin2/22/2009 12:58 AM
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