Need help finding a PPP loan?
- Date Established
- Redwood City, CA
- Suited for small businesses and startups
- You choose the terms
- Valid in all 50 states
- 2% facilitator fee
- Email support only
LoanBack is an online loan creator that helps lenders and borrowers create legally-binding loan agreements that can be shared online. LoanBack guides you through customizing the parameters of the loan, allowing you to add specific requirements, such as collateral and late payment penalties. Once the terms are finalized, you download a PDF of the loan agreement which you can then print out for signature.
Rather than being a lender themselves, LoanBack is simply an intermediary that lets friends and family come together to offer each other loans without having to involve lawyers. Sorry, lawyers!
Let’s take a closer look at exactly what LoanBack has to offer.
Table of Contents
LoanBack provides the cloud-based software necessary to create binding installment loan agreements between lenders and borrowers that can be used for funding a start-up business. For borrowers who haven’t yet found a willing lender, LoanBack provides a simple form which can be used to generate a personalized loan proposal.
LoanBack does not provide loans or process loan payments themselves — they merely facilitate loans between parties who already know each other via a simple DIY process that generates formal loan documents. Therefore, the only requirement is that both parties are of legal age and possess the capacity to enter into a contract.
Terms & Fees
LoanBack’s loans are endlessly customizable:
|Term Length:||zero to 40 years|
Lenders and borrowers have two options when using LoanBack. They can use the LoanBuilder package for a one-time fee of $29.95, which includes the following features:
- Interest rate guidelines
- Provides a complete repayment/amortization schedule
- Automatically takes care of all the math (e.g. interest calculation, amortization, etc.)
- Supports custom loan terms
- Collaborate online with the other loan parties to finalize loan terms
- Online filing cabinet for your loan
- Optional email payment reminders
- Optional email activity alerts
- Record of all actions that have occurred during the life of the loan (payments, late fees, additional principal payments, etc.)
- Applicable federal rate (AFR) review
- A simple, easy-to-use loan building process
- Supports secured and unsecured loans
- Legally binding in all 50 states
- Customized PDF Loan Agreement for a physical signature
Alternatively, you can pay $14.95 and just get the loan forms in Word format. Nothing will be calculated for you, leaving you to do the heavy lifting.
As LoanBack simply facilitates loans between interested parties by helping you generate loan agreements, there is no application process. Just buy one of the two LoanBack packages, fill out the forms, and poof, you’re good to go.
Sales & Advertising Transparency
Every aspect of the loan agreements you can generate is customizable and presented right there on the website. LoanBack just sells the ability to make your own loan agreements and is not involved with the loan itself, so there isn’t really anything to hide on their part.
Customer Service & Technical Support
LoanBack provides four tutorial videos, a series of help articles dealing with things such as loan repayment options and the UCC, and email support via a contact form on their Contact Us page.
I was unable to find any reviews of LoanBack’s services, whether from professional reviewers or users. I guess that makes me the first.
Those of you seeking a business or personal loan from an online lender should check out our various loan company reviews to learn about your options. However, if you already know a willing lender and just need to formalize the loan, LoanBack will help you generate your own loan agreement. There’s no arguing with the utility of such a service.
Considering that I don’t know of any lawyer who charges $29.95 for their services, LoanBack is a cost-effective means of entering into a legally-binding loan contract with an individual lender. If you’ve come to an understanding with a lender or borrower and just need to generate the necessary paperwork, consider giving LoanBack a whirl.