An online lending site is starting to provide a cheap option for those who need help getting started.
Called HomeGrow, it offers a way for people to borrow money at a low interest rate from anyone in the United States or Canada, even those with no credit history.
HomeGrow said it started with an aim to give people the option to get started in their own home mortgage lending.
It’s based on a concept called microloans, which borrow up to $100,000 at a rate of about 2% per year.
Home Grow is offering a $35,000 loan with an interest rate of 2.5% for those on low credit, and an interest payment of $30.
A $35-per-month loan is $1,700, and a $1 million loan is nearly $3,000.
Those with less than $50,000 in income can apply for a $25,000 mortgage, or apply for $100 loans at a 5% interest rate.
Those with more than $100 in income, such as the wealthy, can apply.
Home grow is the latest addition to a rapidly expanding niche for online lenders that are trying to grow their business and expand their reach.
The business model has been around for years.
Some of the biggest names include Bankrate, Credit Karma, and Fitch.
The companies all make it easier to borrow at low interest rates.
The startup was launched last year by four people, including a former Facebook executive, Ben Schreiber.
It is based in Austin, Texas.
The company is not licensed to do business in the U.S., but its founders say they are looking to expand and bring their business to other markets.