LightStream provides a straightforward interest loan, with a hard and fast interest. Simple interest accrues on a regular basis, on the basis of the unpaid major stability. Which means with every re re payment, you shall lower interest accrued, then the rest will likely be used towards principal.
When you’re authorized for the LightStream loan you have got thirty days to truly have the funds transported to your account. When 1 month have actually passed away, the application form will expire and you also will need to re-apply for a financial loan.
Can we get a loan if we work with a cannabis associated industry?
As a result of unlawful status of cannabis under federal legislation, and regulatory limitations on banking institutions, SunTrust will not accept earnings this is certainly based on the cannabis industry (wholesale and retail suppliers, dealers and/or growers of cannabis) with its loan underwriting choice. Borrowers may also be perhaps not permitted to make use of loan profits for almost any task considered unlawful under state or federal law.
just What limitations is there on what the proceeds can be used by me of my loan?
You have to make use of your loan profits for the loan function which you chosen in your application for the loan.
In addition, please be aware that:
- May very well not make use of your loan profits to refinance a lightstream loan that is existing.