Short Term Loan Coordinator (STLC) is a program run by the Bishop and Knights for those who seek short term loans and those who have extra cash to invest on short term investment loans.
Short Term Loans may be secured or sometimes unsecured. It is up to the satisfaction of the lender. However this attracts high interest, on some occasions up to 120% per annum. You must have at least $500 or more to invest. The money is kept in your own bank account until the loan agreement is finalized and executed. You then deposit the money directly in borrower’s account. You receive minimum of 8% per month or annual interest of 96% for your money until the money is paid back to your account by the borrower.
Bishop and Knights guarantees your invested money, so lender’s money is not at risk.
The lender pays no service fees, no account fees, no stamp duties or any other costs. All these are paid by the borrower.
How it works:
- Borrower contact us for a loan and we principally agree to provide the loan
- We contact you to make sure that you are in the position to provide the loan
- Borrower then provides all the required documents such as bank account details, employment details, identity and any other relevant documents.
- We do the risk assessment. Verify details provided.
- If there is no risk of lending, we forward all these information to lender, and you approve the loan
- Borrower signs the loan agreement. You receive an original of the agreement.
- You deposit the money in the borrower’s account
- You receive the stamped copy of the executed loan agreement.
- The borrower will pay the principle and interest as agreed. In the event that the borrower fails to meet this dead line you are entitled to receive further interest.
Small loans are limited to maximum of $2000 and generally paid back in a few monthly installments.