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Stein and his son owned a television appliance store. However-(Answered)

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Stein and his son owned a television appliance store. However there were having severe financial difficulties and decided to borrow money in order to increase their working capital for the company. Stein, having difficulty borrowing money from conventional lenders due to his poor Dunn & Bradstreet rating and his poor personal credit rating. He was introduced by a friend to a company which provided loans to companies in need of capital. Stein signed on behalf of the corporation and the interest rate for the loan was 26% annually. In addition he signed for a personal loan of 17% .

 

Paper#9209818 | Written in 27-Jul-2016

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