We are proud to announce our NEW community destination. Engage with resident experts and fellow entrepreneurs, and learn everything you need to start your business. Check out the new home of StartupNation Community at startupnation.mn.co

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
Sign In or Register to comment.