- 1 Overview of Lendhub
- 2 Support
- 3 Is there a credit check involved? What if I have bad credit?
- 4 Are self-employed / independent contractors eligible for PPP loans?
- 5 Are there limits on how I can spend my loan?
- 6 Are there any quick ways to buy LHB in Europe?
- 7 As a property developer, will you be increasing your presence in the BTR sector over the next 12 months?
- 8 Can I buy LHB with cash?
- 9 Can I pay my loan earlier than 5 years?
- 10 Are there any alternative platforms to buy LHB or Bitcoin with credit cards?
- 11 What counts as payroll for someone who’s self-employed or an independent contractor?
- 12 Can I pay off my loan early?
- 13 Will I need to keep employees on my payroll or rehire them quickly?
- 14 What is the interest rate on the loan?
- 15 I am self-employed and have no employees, how do I calculate my maximum First Draw PPP Loan amount?
- 16 How do I consolidate my debt with the loan?
- 17 Can I apply for a second PPP loan if I received a first round PPP loan in 2020?
- 18 Will checking my rate affect my credit score?
- 19 Can I get a PPP Loan if I’m on unemployment?
- 20 As a broker, do you expect to see problems in bridging loan performance over the next 12 months?
- 21 What kind of timeframe is associated with the LendHub application process?
- 22 How long will this program last?
- 23 Do I have to pay back the loan?
- 24 How is this loan forgiven?
- 25 Do I need to have employees to qualify for a PPP loan?
- 26 How quickly can I check my rate?
- 27 How does my money arrive?
- 28 How much can I get?
- 29 How quickly can I get a loan?
- 30 Is LendHub serious about online security?
- 31 When can I apply for forgiveness?
- 32 Is there a cap on the amount I can apply for on LendHub?
- 33 LendHub Review: Is this a lending site I can trust?
- 34 What are co-workers like at Lendhub?
- 35 What if I don’t have my Tax Return (1040 Schedule-C)?
- 36 Who is LendHub?
- 37 History of Lendhub
Overview of Lendhub
They can act quickly allowing its borrowers to capitalise on time sensitive opportunities, are fast and flexible, offer highly competitive rates and prides themselves on being transparent in all of its dealings.
Is there a credit check involved? What if I have bad credit?
Nope! No credit checks are performed, so there is no credit numbers required.
Are self-employed / independent contractors eligible for PPP loans?
Yes! If you work for yourself, or as an independent contractor – you are eligible! This includes anyone who is self-employed, a 1099 independent contractor, or sole proprietor.
Are there limits on how I can spend my loan?
It is up to you how you spend the money you borrow.
Are there any quick ways to buy LHB in Europe?
Yes, in fact, Europe is one of the easiest places to buy cryptos in general.There are even online banks which you can simply open an account and transfer money to exchanges such as Coinbase and Coinmama.
As a property developer, will you be increasing your presence in the BTR sector over the next 12 months?
“Having spent the best part of the last decade in a challenger bank environment and, more recently in specialist lending, it is clear to me what intermediaries and borrowers crave is a common-sense approach to lending supported by first-class, tech-driven customer service.
Can I buy LHB with cash?
There is no direct way to buy LHB with cash.However, you can use marketplaces such as LocalBitcoins to first purchase Bitcoin, and finish the rest of the steps by transferring your bitcoin to respective AltCoin exchanges.
Can I pay my loan earlier than 5 years?
Yes! There are no prepayment penalties or fees.But just know if you qualify for 100% forgiveness, you don’t need to worry about that at all.
Are there any alternative platforms to buy LHB or Bitcoin with credit cards?
Yes.Changelly is also a very easy to use platform for buying Bitcoin with credit cards.It is an instant cryptocurrency exchange that allows you to exchange crypto fast and buy it with a bank card.Its user interface is very easy to use and the buying steps are pretty self-explanatory.
What counts as payroll for someone who’s self-employed or an independent contractor?
Basically any money you made.That includes any wages, commissions, income, cash tips, or other earnings you receive.This is capped at $100,000 per year.
Can I pay off my loan early?
Absolutely.You can pay off your loan early, without any pre-payment penalties.Paying off your loan early can help you save money overall.
Will I need to keep employees on my payroll or rehire them quickly?
Having your loan forgiven is based on you maintaining or quickly rehiring employees and maintaining payroll levels.The amount you get forgiven will be reduced if full-time headcount declines, or if salaries and wages decrease.
What is the interest rate on the loan?
The interest rate is 1%.But that doesn’t matter if you get it all forgiven.
I am self-employed and have no employees, how do I calculate my maximum First Draw PPP Loan amount?
That’s pretty simple.What your entire loan amount is based on getting 2.5x your monthly earnings (or 3.5x if you’re going for 2nd draw and are in the food or hospitality industry).
How do I consolidate my debt with the loan?
If approved for funding, the full loan amount will be automatically deposited into the bank account you provided in your loan request.Once you receive the funds in your account, you can log into wherever your debt is managed and use the funds to payoff your debt.
Can I apply for a second PPP loan if I received a first round PPP loan in 2020?
Yes you can! The second draw was setup to help the more harder-hit businesses.
Will checking my rate affect my credit score?
To ensure you lock in the best APR, lenders may use soft inquiries to determine your personal loan interest rates.This shouldn’t affect your credit score, however, please be advised.
Can I get a PPP Loan if I’m on unemployment?
So this one is a little trickier.While yes you can get a PPP loan, you technically can’t use it to pay payroll if you’re on unemployment benefits.That means you couldn’t get it forgiven.So if you want to get the PPP, you’d have to get off unemployment for that time you’re paying payroll with the PPP loan.
As a broker, do you expect to see problems in bridging loan performance over the next 12 months?
It is expected that the client — an experienced developer — will take up to six months to complete the renovation and extension, with plans to exit with a BTL lender.
What kind of timeframe is associated with the LendHub application process?
The simple application offered on LendHub can be completed very quickly.If a suitable match is found and you qualify for a loan with that particular lender, your money may be accessible as little as 24 hours.Now that you know a lot more about how it works, you can shop with confidence on LendHub whenever you find yourself in need of a personal loan.
How long will this program last?
After receiving hundreds of billions in new funding December 2020, the PPP program was extended to March 31, 2021, or as long as funds last.
Do I have to pay back the loan?
You can apply to have your loan 100% forgiven if you meet certain criteria (which are pretty easy to meet).
How is this loan forgiven?
It’s a pretty simple process.As long as you meet the following criteria, you can have your PPP loan 100% forgiven.
Do I need to have employees to qualify for a PPP loan?
No! You do not need to have any employees to qualify.If you are self employed, an independent contractor or a sole proprietor, you can qualify.
How quickly can I check my rate?
Your loan rates will appear in as little as 2 minutes from submitting your information.
How does my money arrive?
Your funds are deposited to your personal bank account.
How much can I get?
If you qualify, you can receive 2.5 months of your normal payroll / earnings! That means if you normally earn $60,000 per year (or did in 2019 before things dropped way down in 2020), you could get $12,500.If your business is in the hospitality or food industry, that number goes up to 3.5x.
How quickly can I get a loan?
On average, borrowers receive their funds within 5 days of accepting their loan offer.
Is LendHub serious about online security?
LendHub is a secure site.It was created to help lenders and qualified individuals get in touch with each other, while implementing the newest, most effective security standards to protect clients.Personal information entered on your loan application document is not given to any party other than the lender you ultimately choose.Because your application is filled out online through LendHub, the entire process can be done from the comfort of your home.Some people believe this makes it a safer alternative than visiting traditional lending institutions.
When can I apply for forgiveness?
You can have your loan 100% forgiven when you apply within 8 to 24 weeks of receiving it (2 to 6 months).
Is there a cap on the amount I can apply for on LendHub?
On LendHub, loan applications for up to $10,000 can be submitted, but guarantees concerning exact amounts cannot be given, as LendHub isn’t a lender.Another benefit of doing business with LendHub is that you can apply for another personal loan if you find yourself in need of more money.There’s no cut-off point regarding the number of times you can ask to borrow money.
LendHub Review: Is this a lending site I can trust?
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What are co-workers like at Lendhub?
What if I don’t have my Tax Return (1040 Schedule-C)?
That’s alright! We can help you fill out what’s called a Draft Schedule C, which provides an estimate of earnings for that year.
Who is LendHub?
LendHub is a simple website that is well designed for one-stop loan shopping.The main objective is to make the process of discovering loan options that fit your individual circumstances easier.LendHub streamlines the process of obtaining services and information from various lenders to help you find an appropriate match.