They thought they were joining an accelerator – instead they lost their startups

Re:They thought they were joining an accelerator – instead t... by GJim on Friday May 03, 2024 @06:23AM (#40246071)

I've never seen this in my life!

(The exception being overdrafts in Blighty which don't have fixed repayments agreed. Even then, the bank can't act unfairly).

Where do you live where this is the commonplace? Such terms would be laughed at here.

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Re:They thought they were joining an accelerator – instead t... by withinboredom on Friday May 03, 2024 @07:01AM (#40246278)

I've lived in the EU and all over the US. I've yet to see a loan where there isn't a clause allowing them to collect the entire loan under certain conditions, or even, in some cases, for any reason. Would you loan a bunch of money to someone if you couldn't say "sorry, you lied to me and I want my money back" or "you've missed 8 payments in a row, I want the remainder now and if you don't have it, we'll go to court?"

Check your loan agreement, I'm fairly confident there are ways for them to collect the full amount immediately.

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Re:They thought they were joining an accelerator – instead t... by GJim on Friday May 03, 2024 @07:38AM (#40246501)

> under certain conditions

This is very different from allowing the loan to be recalled "at any time" as you first stated.

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Re:They thought they were joining an accelerator – instead t... by cjblomqvist on Friday May 03, 2024 @07:34AM (#40246469)

Certain conditions and any time is quite different though

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