by Turo
posted on October 1, 2020
Thanks for your interest in the Turo Seed Initiative. You can read more about it here, and read on for some of the nitty-gritty details of becoming a successful Seed Host.
How does the process work?
The program has been curated to provide the right tools for prospective borrowers to become successful entrepreneurs. Turo has created a hands-on program to walk each applicant through the LoanGlide process to become a borrower.
Once you fill out the online application on LoanGlide, you will be prompted to set up a call with a Turo Host success manager. If you are approved, you will receive an email from LoanGlide with more details on next steps, including connecting your bank account to receive the funds and setting up your repayment method.
Do I need to list the car on Turo?
Yes, in order to be eligible for the Turo Seed Initiative, you must list the vehicle on Turo so you can begin making money with the car!
How long will I have to repay the loan?
After your loan gets disbursed into your bank account, borrowers have a one-month grace period before loan repayments begin. In total, borrowers have four years (48 months) to repay the loan after the 30-day grace period ends.
Borrowers must pay any loans related to your Turo business on time and in full. Turo reserves the right to deduct amounts owed to lenders from your earnings, debit your bank account, charge any payment method on file and/or send an invoice.
What’s the maximum loan amount?
Turo and LoanGlide have partnered to offer a max loan of $15,000.
How will I receive the loan?
Once your loan is approved, you will receive an email from LoanGlide informing you about your approval with a link to your LoanGlide portal, where you will need to provide your bank information for the funds to be transferred.
How do I make payments?
Once your application is complete, Scratch, LoanGlide’s loan servicing partner, will send you an email invite to log into your account. You will need to set up your preferred payment method in your account, and it will be used to make payments when the payment is due every month.
How do I know when my payment is due?
LoanGlide’s loan servicing partner Scratch will send you email reminders about your upcoming payments. If you have enrolled for auto-pay, then the payment will be deducted automatically per schedule. Learn how to enroll for auto-pay to never miss a payment and avoid late fees.
What happens if I can’t repay the loan?
Turo understands that starting a new small business can be difficult and wants to prepare all borrowers for success.
If you have missed a payment for the first time you will be charged a late fee of $9, provided your past six monthly payments were on time. If you have missed any payments in the past and miss a payment, you will be charged a late fee of $15. If you miss your first payment ever to LoanGlide, you may be eligible for a grace period. For more information, please contact the LoanGlide Support Team by either phone or email: 1-888-856-2645 or support@loanglide.com.
Borrowers can additionally email the Turo team at seedinitiative@turo.com for additional support. Our team can connect you with a Turo Host Success Manager for a follow-up conversation and next steps.
Have more questions? Check out LoanGlide’s FAQs to learn more about its platform.
