Interesting SaaS business, for paper trailing personal loans between people who know each other:https://credi.com
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Incidentally: I have had good years and other-than-good-years in business and life generally, and if there was a message I could throw back into a bottle, it is a) businesses taking on debt is normal and not to be ashamed of and b) even trivial level of docs has reduced stress.
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One person who borrowed money from me accidentally overpaid by 20% and would have been unaware of that had I not been a pack rat on bank statements, and I’d far prefer he have the 20% than I do. All the ones with an amortization schedule and spreadsheet from day 1 = better.
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“How does that happen?” N year transaction, financially other-than-sophisticated counterparty who had a lot going on, me not professionalizing early for social reasons (“basically a gift”) not understanding that that decision was not in counterparty’s interest in all cases.
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End of conversation
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