Aqush.jp adds support for business loans to it’s p2p lending platform for friends and family.
The new AQUSH TOMO Business Loans service provides users with a simple and secure means of creating documentation to formalize small business loans between family, friends and other business associates. This new service offers small business owners and entrepreneurs a viable alternative to risk-adverse and costly traditional lenders. Business Loans between individuals and/or corporate entities, with or without a guarantor, are fully supported by AQUSH TOMO Business. After loans have been made, both borrowers and lenders can manage repayment using the AQUSH online platform.
Aqush.jp has launched Aqush Tomo, a p2p lending service to facilitate loans between friends and family members. Aqush is a service of Exchange Corporation K.K., which states it’s mission as “… to leverage innovation and international best practices to pioneer ‘Social’ financial services in Asia. Our goal is to bring transparency and choice to markets and assets that previously were illiquid, opaque and tightly controlled, by empowering people to legally and securely deal directly with each other.”
Aqush offers a framework that helps borrower and lender in creating loan documentation and repayment plans.
Features of the “Basic Service” are
Creation of promissory notes and repayment schedules
Interest rates mutually agreed between borrower and lender
Three types of repayment supported – Amortized, Interest Only and Fixed Payment with Balloon.
Repayment management and tracking using online tools, document backup and email-remainders
The fee for the “Basic Service” is 8,800 Yen (approx. 88 US$)
The “Plus Service” adds additional features:
Professional review by Aqush staff
Repayment processing – payments are made and tracked through an Aqush account
The “Plus Service” is priced at about double the “Basic service” plus a small fee for handling each repayment.
Russell Cummer, Executive Director told P2P-Banking.com:
AQUSH TOMO, is a Family and Friends loan documentation and management service …. We are the first service of this kind in Japan ….
We will also be launching a full-service P2P lending exchange, “AQUSH Market”, this summer to cover both the friends and family and true P2P aspects of social finance in Japan.
Aqush is an alternative spelling of the Japanese word for handshake, “Akushu”.
(Sources: forum post, press release, company management)