chris kim
los angeles, CA (USA)
Role(s):
C-Level Executive (CEO, CFO, etc.)
One Way Title Loans
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Startup
Location:
Los Angeles
Industry:
Finance
Year Founded:
2011
Number Employees:
1-10 people
Business Stage:
Creation/Idea
Entity Type:
"S" Corporation
Description:
One Way Title Loans is seeking an intial investment of $500K to finance a startup car title loan company. One Way Title Loans will start in Southern Califoria and gradually expand to Northern California and other states. We expect our Gross Annual Sales to almost double the intial investment the first year.
Our company will allow borrowers who's vechicles are paid off to borrow against the equity of their vehicle and get funded regardless of their credit history.
Every $1 loaned out will be secured by $2 of the vehicle's equity at wholesale blue book. The borrower will be able to keep and drive their vehicle. We will be added as the lien holder and the vehicle will also be secured by full coverage insurance.
Our interest rate will be anywhere from 7% - 12% PER MONTH (84% - 144% per year)depending on the vehicle and loan amount. The minimum loan amount is $2,600 and the maximum is $20,000. The average loan amount is about $5,000. We are exempt from Usuary Laws.
The cofounder of one of the largest and oldest car title loan company with more than 10 years experience.
One Way Title Loans would prefer to recieve funding from these types of sources:
- Equity Funding
- Venture Capital
- Angel
- Private Equity
- Alternative or Loan Funding
We fully intend to use the funds that we raise for the following purposes:
- Fund loans
- Sales & Marketing
- Payroll
- Office