Startup Money—for a Piece of Your Future PaycheckBy
Young people who can show they’ll earn a decent living in the future should be able to access some of that wealth now. So says Upstart, a new type of lender based in Silicon Valley. It matches wealthy folks willing to front money to college students and recent grads. Generally within one year of accepting the money, recipients have to start repaying backers. The twist: Rather than return the specific amount, they agree to pay a chunk of their annual income, as reported on their tax returns, for 10 years.
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