I received an e-mail from a person who found my site through Google. The person wrote:
I am a Silver PowerSeller on eBay. I maxed out all my credit cards and I have very low credit score. I used my American Express to pay for the eBay fees and some inventories. I need a fast loan of $3000 to pay for the balance on the card. Please kindly direct me to the right source for the loan (not to a loan shark).
I made a few statements and suggested a few things, one of which was to approach people who believed in this person's business savvy and draw up a personal loan arrangement with them. The main advantages of this technique:
- Getting the money can be very fast. When I was considering buying out merchandise in a store, I had a little bit of funding lined up with someone I knew who could produce the money within a day. Try doing that with a bank. Plus, since the person knows you, there can be little more than a handshake, though a promissory note makes it more legitimate and protects both parties better.
- Terms can be flexible. A bank may only offer certain types of repayment frequencies. Borrowing from a person can be more flexible.
Some disadvantages:
- If they're friends, this could strain the relationship. I was in an arrangement with a friend once, and it turned bad for that person. He lost money on the deal for which he borrowed from me, so paying me interest on top was really a big hit financially. Did this strain the relationship? I don't know, but I couldn't see it helping.
- The interest rate may be higher. Some people will do you a favor and give you a low interest rate, but not everyone.
I haven't been in the situation where I needed to borrow money to pay a credit card bill, like the person who wrote me did. Asking for someone to loan money to pay a credit card bill, I might expect, would be a harder sell than asking them for a loan to buy merchandise. The latter indicates an expanding business, while the former indicates a struggling one (whether it actually is or not). Lenders don't want to lend to a business that appears to be struggling because of the possibility that their principal won't be returned. So they offset this discomfort with a higher interest rate, if they make the loan at all.
What would you do? Would you negotiate this kind of arrangement to pay down urgent debt? Would you loan money to someone for this purpose?
Prosper might be a good option depending on what his credit looks like. Often you can get an unsecure loan at a lower price than you could a bank.
I am in a lot of money problem and i woould like to borrow mone from poeple tp people i promise i will repay every penny i borrow my credit is mess up and i am getting married in 5 months and i need this moeny for the weding and paying off my debts. someone please help me. my # 908-227-8870
I was hit by a car while riding my bicycle last August, the day before school began. (I am a high school teacher.) I had to have surgery to repair a torn ligament. I was out for the surgery and recuperation a total of four months, the allowable amount of time under my school district's policy. Now a secondary issue from the accident has developed. I have two bulging discs in my lower back which have pressed against the sciatic nerve running down my left leg to the point that I could not walk for a week. Due to no longer having any sick days left, I lost the pay that I would have had from that week and now I have to miss other days for the doctor appointments aimed at correcting the problem.
Without going into all of the details, I am unable to file against the driver of the car's insurance due to the way the cop filled out the accident report, despite my efforts through an attorney.
The total amount of money I am now going to be short is at least $2000 and I honestly do not know how I am going to make this deficit up. The mortgage, car payment, utilities etc. are not going to wait. What can I do?
Hi,
"Getting the money can be very fast. When I was considering buying out merchandise in a store, I had a little bit of funding lined up with someone I knew who could produce the money within a day. Try doing that with a bank. Plus, since the person knows you, there can be little more than a handshake, though a promissory note makes it more legitimate and protects both parties better.
Terms can be flexible. A bank may only offer certain types of repayment frequencies. Borrowing from a person can be more flexible." is the useful tips for a lot of people. Thanks
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We gave out just this sort of personal loan, but the borrower was healthy and employed – very important if you want to be repaid. The interest rate and repayment schedule were fair, and we even re-negotiated the terms after a couple of years. We have it all in writing, and the borrower took out a life insurance policy to cover the debt in case of death.