PWCC expands its lending activities

[Casey2296]

Originally Posted by raulus

Just got an email from PWCC with these details. Maybe not as rich as some had hoped:

Key items in the capital program are our loans and advances.
• Vault Loans – PWCC offers loans on a portfolio's conservative market value, using their trading card assets as collateral. We loan up to 40% of asset value at an interest rate of 1% per month in a 60-day term with optional renewal. A 1% origination fee may apply on these.
• Cash Advances – You can request a cash advance for up to 50% of the conservative market value of items you’re sending to auction. (more possible upon approval)

So an effective interest rate of 12.683% at 40% loan to value, but the real trick is the 1% origination. Lets say you take a 25,000 loan and pay one point ($250) but have to pay the loan back in 60 days, that's another 6% interest over those two months. So you can effectively be paying 18.683% in the first 60 days.

Where do I sign up. As a Lender.
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