Re:Launch HN: Pier (YC W23) – Stripe for Credit
by aketchum on Wednesday October 18, 2023 @01:39PM
(#37932038)
so if it is one of your modules, does that mean that I can say "hey Pier, get me a lending license in NC" and they you handle everything and come back after however long and say "here is your NC lending license"? how do you handle states that require in state offices?
If you handle getting the licenses for the company that is super valuable
Re:Launch HN: Pier (YC W23) – Stripe for Credit
by jess-zhang on Wednesday October 18, 2023 @03:26PM
(#37933533)
yup totally! we can do most of the heavy lifting there to get you the licenses. we automate a lot of this w templates & also given our prior experiences getting these licenses and building relationships w regulators, so we know how to be fast/efficient here.
for in-state offices, there are 3rd party agencies to work with to set those up. also recently, some states like NV have passed laws to remove this bottleneck.
Operating as a licensed lender would allow you to have higher APR thresholds. For example in IL, unlicensed caps at 9% (which is not always economical), while licensed allows you to lend at 36%