LOAN REQUIREMENTS
| Loan Requirements | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Max loan
amount |
Loan
term |
Interest
Rate |
Guarantors
requirement |
Loan processing fees |
|||||||||||||||
|
$300,000
|
Min – 24 months
Max – 60 months
|
15.99%
per annum
|
Company directors
+ 1 guarantor*
|
1% of loan amount
Min $500.00
|
|||||||||||||||
Loan Applicant’s Qualifications:
1. Company must be formed in U.S.A.
2. Company must provide copies of certificate of formation, certificate of filing and SS-4 (EIN)
3. Officers and owners should give personal guarantee for the loan and must sign as co-borrower.
Officer/Owners/Guarantor’s Qualifications:
1. Officer/Owner/Guarantor must be of legal age to enter into a contractual obligation.
2. Officer/Owner/Guarantor must be a resident in the U.S.A.
3. Officer/Owner/Guarantor must have a valid State issued I.D. Card and Social Security number.
4. Officer/Owner/Guarantormustnothavebeendelinquentformorethan90daysinloanpaymentswith5starOpportunities
5. Officer/Owner/Guarantor must not have signed more than 2 guarantees, with a maximum guarantee limit of $300,000.
Documents Required From Applicant And Guarantors:
1. Completed LoanApplication
2. Check for Loan Processing Fee (non-refundable if loan is approved)
3. Copies of certificate offiling, certificate offormation, and SS-4 (EIN)for the Company
4. Copies ofI.D.Card, Social SecurityCard, andpermanent resident cardorpassportforOfficer/Owner/Guarantor(s).
5. Copies of Tax returns for last 2 years (for loan over $50,000)
6. SignedandnotarizedcopyofallagreementsandpromissorynotebyApplicant,Co-borrower,andGuarantor(s).
7. ACH Authorization agreement for direct payment and ACH Authority Letter
The requirement listed above are the minimum that the loan applicant and loan guarantor must furnish, however the Lender may ask
the loan applicant or the guarantor to provide additional documents if necessary. The final approval of the loan will be at the discretion
of the 5star Opportunities, LLC.
*Additional guarantor may be required.
Note: Loan application will not be processed until all required documents are submitted.
For NSF: All NSF payments will subject to $35 fee and 5% of the check amount.