Interesting thread on predatory loans. Would love to hear what folks at @stripe and @Shopify say about it. Maybe @patio11 could shed light?https://twitter.com/soundslikecanoe/status/1174721737822547969 …
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Quick anecdote: prior to working at Stripe, I asked them to build this product for 3 years running so I could use it for my SaaS company. Opinions of the easy availability of credit nonwithstanding, my profitable, six figure SaaS business racked up 8 rejections for a LoC.
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Incidentally, had one of the banks actually given me the $50k line of credit I was hoping for, the value of two days of CEO time required to get documentation together for their underwriters isn't factored into the APR they quote... but it is real, and materially moves that cost.
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