I didn't realize Stripe had branched out into usurious lending (I clock this at about an 11% annual interest rate based on the repayment period)pic.twitter.com/2vXFs8lxT9
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Maybe you two could team up to offer a solution.
Credit card loans cost 25% per year. The whole reason Stripe, Square, Shopify and others can do this—and thousands of hard money lending funds earning low dd IRRs—is because banks are not doing their jobs here. Take it up with our bank regulators.
Why the regulators? What is the regulatory constraint that’s limiting small business loans? This is something we’ve looked into with little success.
Difference is that our product doesn’t create the temporally fixed repayment obligations that can drive a business into bankruptcy. Repayment is instead indexed to the business trajectory, which is much safer.
How is this different from a credit card loan paid off with a fixed portion of revenue? Even distressed businesses can usually meet the minimum payment.
The difference is that it exists. Have you ever tried to get a business credit card that is not tied to your personal credit? It is virtually impossible for a small to medium sized business to get. The Stripe offering has no personal liability component.
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