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| What does LoanBack do? |
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LoanBack provides an online 'wizard' that will help you
create a custom Promissory Note, or loan agreement. They provide an integrated loan calculator to help you determine the right
terms of your loan. For example,
let's say you want to borrow $15,000 from your rich uncle and you can only
afford a loan payment of $100. Using their 'wizard' you can figure out how long it will take you to pay
off the loan at any given interest rate. You can create amortized payment schedules or lump sum payment
schedules. You can also choose to
defer the repayment period if the borrower needs some time between getting the
loan and beginning repayment. After customizing the right loan for you, LoanBack will create a custom
Promissory Note which defines all your loan terms in a professionally formatted
legal document. They even include a
payment schedule that you can print out and help keep track of your payments.
To
help ensure that your loan stays on track you can take advantage of their
payment reminder service that will send reminders when payments are due
to any of the parties that request such notification.
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