With Lendorse's Income Share Agreement (ISA), there is no 'initial loan amount' to be repaid and there is no 'interest rate' like traditional bank loans and student loans. Instead, we form a mutual arrangement where you pay Lendorse a fixed percentage of your future salary over a fixed term. In return, we provide you with a one-time payment for your tuition, living expenses and support you through the Lendorse platform in finding employment upon graduation in Europe.

Whilst your future salary might change, there are two parts to our ISA's that do not: the percentage that we take of your salary per month, and the number of payments you make to us.

This means that the amount of your monthly repayment will vary, depending on your salary at the time. If you earn more, your repayment amount will be higher. If you earn less, the repayment amount will be lower.

Let's break the terms down first:

• Funding received = This is how much money you have requested from Lendorse to cover tuition fees & living expenses
• ISA % = The percentage of salary to be repaid to Lendorse from your future salary. The percentage is per month. E.g. if your ISA is calculated with a 8% rate, you pay 8% of your gross monthly salary back to Lendorse.
• Minimum Salary Requirement = The best part about our ISA's is that you don't have to start repaying until you meet the minimum salary requirement that we set for you. This could be anywhere between 1500 EUR - 3000 EUR per month (before taxes) and depends on your personal conditions
• Number of repayment months = We set a fixed amount of time for you to repay, represented in monthly repayments.
• Lendorse Fee = The fee we charge for the administration of the financing as well as our ongoing mentoring and career support services.
  

Example of what this looks like in a hypothetical ISA:

Funding received: 10 000 EUR
% of salary to be paid to Lendorse, monthly: 8%
Minimum monthly salary requirement: 2 500 EUR per month (before taxes)
Number of repayment months: 24 months
Lendorse fee: 1000 EUR

Your monthly payments to Lendorse under a signed ISA will start when you meet the minimum salary floor which is set by Lendorse. We will advise you of this minimum salary requirement as part of your ISA conditions, and before you sign the contract. This is currently anywhere between €1500 - €3000 gross (before taxes) per month.

The ISA contract can only be exited in one of three ways:

1. Term: Your ISA contract will include a repayment term, specified in months. The number of monthly repayments that you make will reduce the total term remaining. E.g. if your repayment term is 12 months, and you have made a monthly repayment for 11 months, then your next monthly repayment will be your last. You will not be required to make any further payments and the contract will be satisfied. A monthly repayment is defined as; one repayment that meets your specified ISA salary % on a fixed date of the calendar month. If your monthly salary changes and no longer meets the minimum income requirement, the monthly repayments will pause until you meet the required minimum income requirement again. Please contact us at contact@lendorse.com if this is your situation.
   
2. 2.5x cap: We will never ask for more than 2.5x the initial funding amount that we gave you. E.g. if you received €10 000 from Lendorse, you will not be required to make any further payments if you've paid equal to the 2.5x cap, which in this hypothetical case would be €25 000.
   
3. Voluntary repayment: If you would like to voluntarily exit the contract before the above two criteria have been met (i.e you still have repayment months remaining and you haven't yet met the 2.5x repayment cap) you will be required to pay the difference between the amount that you have already paid, and the 2.5x cap. E.g: You received 10 000 EUR. You have already repaid 9 500 EUR and have 5 repayment months left. To terminate your contract early in this case, you would need to repay €15,500 (Calculated as: (10 000 EUR * 2.5x) - 9500 EUR). Please consider if voluntarily exiting your contract is the right scenario for you, as it can carry a significant financial impact. We recommend you seek the advice of a qualified financial advisor before you commit to any early voluntary contract exits.

You only make repayments during the time that you have an income. This means that if you lose your job and lose access to any disposable income, Lendorse will not demand any payments until you have a source of income again. Please inform Lendorse (contact@lendorse.com) in the above case and share proof of your termination in order to ensure that there are no misunderstandings.

In case you encounter this situation, please let us know via email: contact@lendorse.com. You don't need to fill in the form on our website once again. Our representative will contact you to discuss the details.