his small business loan is ideal for people looking to start or expand a business in the DMV area. We cater to entrepreneurs at all stages and DO NOT require a specific credit score, collateral, a registered business, guarantors, or a business plan for approval. We are committed to providing financial services to those who are underbanked.
Required documents: online application, ID, SSN/ITIN, credit score, credit report, three recent bank statements, and a voided check or ACH information. To qualify for a small business loan, you’ll also need to provide proof of business, which can include items like a website, social media accounts, flyers, or business registration.
Eligibility and Lending Model
- Loan must be used for the purpose of starting or growing a business in the DMV.
- Form a self-selected group of three entrepreneurs in your area.
- Each group member receives their own loan.
- Your group acts as your collateral; your group must maintain good standing for individuals to be approved for their next loan.
- Each member must commit to repaying the loan according to the approved schedule and attend center meetings.
Loan Terms
- Initial loan amounts range from $250 to $2,500. Larger loans, up to $10,000-$25,000 (loans over $10,000 require collateral), can be approved based on repayment capacity, repayment history, and the good standing of all group members.
- No Fees
- Loan terms typically range from 6 to 12 months, with terms up to 48 months available for larger loans. The term length is determined by individual circumstances.
- The annual interest rate is 6% APR
- Borrowers repay a portion of the principal and interest biweekly via ACH (Automated Clearing House), where Life Asset initiates automatic withdrawals from the borrower’s checking account. Therefore, having a checking account is required.
