We’re excited to announce the launch of a new lending service on 40billion.com! Now, entrepreneurs can seek loans from friends and family, and 40billion.com will create a customized loan document to formalize your loan agreements. By automatically generating a customized loan document for you, we’ve made it easier for lenders and borrowers to formalize a personal loan between friends or family members.
HOW IT WORKS
When an entrepreneur starts or edits a Raise (fundraising profile), now he can select “Loans” as a funding type (in addition to “Contributions”) to indicate that he is seeking loans towards his funding target. Then, he can invite friends and family to view the Raise and make an investment as a loan to the entrepreneur.
When a friend or family member views the entrepreneur’s Raise, she can offer a loan to the entrepreneur. She selects the loan amount ($50 to $10,000), the annual interest rate (0% or 5%), and the period (12 or 24 months).
40billion.com calculates the interest and summarizes the loan terms, based on an unsecured personal loan with a single payment (one lump sum). 40billion.com instantly generates a professional loan document.
Both the borrower and the lender can view, print, and sign the loan document as a legally binding loan agreement between the two individuals.
THE BENEFITS
– Instantly generate a customized loan document to formalize a loan agreement between friends or family, without straining your relationship.
– Entrepreneurs receive affordable loans from one or many individual lenders they know; even manage 100 lenders easily.
– Lenders earn up to 5% interest annually (a higher return than your savings account), while helping out a friend or relative with a new business.
– Track loan payment due dates, and view/print the loan document as often as you like.
– Receive email payment reminders.
TRY IT NOW
Sign in at http://www.40billion.com, raise money or fund a new business, and formalize your loan with a loan document today.
blog.40billion.com 