Topic: In fairly dire need of a $25k USD loan (Read 3874 times)

Thanks. Looking through there and locking this thread. 1% MPR on USD loan offer's still open, and I'd be willing to provide all information requested, but I won't need $25k anymore. My income's in USD, debt'll be in USD, no reason I shouldn't be using conventional finance. Cheers,
Ben

Cards are your best bet.  I have bootstrapped two different business with 0% APR cards.  Think hard about your household income.  The higher you say it is, the better the lines will be.  I'm not saying to lie, just make sure you include everything you possibly can.  If your credit score is good, you should be able to get multiple cards to reach your total.

If you want a pretty sound strategy and discussion on getting a bunch of cards, check out http://www.fatwallet.com/forums/finance/ Look for the threads labelled AOR (app-o-rama).

If your 401k is in equities, I wouldn't touch it.  QE3 means inflation.  Plus retirement accounts are usually excluded from bankruptcy.

You shouldn't have any problem getting credit line over $5000, even for 0% APR.

Not sure why this slipped my mind, earlier. I'm going to look into credit cards. I've never taken anything outside of 0% APR offers, but maybe I can snag a credit line over $5k if I accept paying interest. Probably worth going to main CU branch and seeing if there's anything they can do to help me out. Doubt it, but worth trying now that I'm after USD.

Yeah, I could do that, then.

No, I am talking about forum members lending to you, not banks.

I'm fairly sure banks won't do a personal loan against the house without 2 years' employment on tax records. I could be wrong, though.

Why not put the lien on the house?
Since you know for sure that you will be emptying the 401(k), your house will not be at risk.
Unless..... you don't intend to pay back the loan at all, and you just throw in the 401(k) to make people believe you.
No, I am not trolling, I would like you to get the loan, and so your investors get paid.

BTW, I have NO OUTSTANDING business relationship with Kluge.

Repayment comes from emptying the 401(k) starting in January at a rate of between $5k-10k/mo. I don't want to start draining it this tax year for reasons I'd prefer to keep to myself.

His name was pirate, and he was offering 7% returns a week, there's no way it wasn't a ponzi and everyone who got taken in it knew it and deserves what they got for trying to game it.

considering your well publicized (by you) insolvency, it would seem that a $25K uncollaterized loan is insane - why don't you offer a 2nd place lien on the house?

without documentation on how you intend to repay the loan, it seems very unclear the amount of real risk, leaving most to assume it's astronomical (if you review your own post history, you wouldn't lend you money - you have clearly lacked any sort of a business plan, and as such have consistently lost money. this isn't a very promising track record)

I have lost money due to your poor financial management - I'm not sure how you're going to use that skill to creatively finance your way out of this hole.  Your one investment in pirate didn't lose my money. You've shown consistent losses.

I have seen creative financing work - I've seen my father pay bills for 10yrs by paying one loan off with a new loan at a new rate - I just don't see a track record showing your clear ability to achieve this.

Thanks, there must pe a broplem with with my keypoard.

It is spelled "debt".

Your "b" is upside down.

Will you be repaying the loan using your lending/CD business, or are you trying to wind that up?

I understand that replacing a loan with a cheaper one, saves you some depts, but you still make minus every month and without any income...

Like I mentioned - I need to keep from touching the 401(k) until next year. The loan replaces much higher-interest loans in the form of BDK.BND, which I'm paying 1% weekly on. Since I've called almost all of the good loans, I don't really have any BTC left, either, subjecting me to a lot of currency risk.

I notice everyone still thinks I'm having troubles now because I invested directly in Pirate. 

No need to spread misinformation, my friend.

try prosper.com or similar services

He learns from the "best", Ben, Mervin and Mario would be proud.

Didn't the subprime mortgage crisis teach people anything?

In dank defense his plans have been getting better.  I would be more likely to fund that, than to fund this "plan" which is pay for debt by taking on more debt.

Are you generating income from your bitcoin investments? Is it enough to pay back this loan?

Do I understand this right, taking your $48k 401(k) / $65k residential property /$2k car out of your pool, because you cannot make them easily to money, you have already ~$30k and ~1500 BTC in liabilities. You have no job right now and passed a job offer of max $500 / month and you are asking for a $25k loan...

So ... how do you plan to pay back the dept? I dont see any regular income. Even those $250 for the first 3 months arent possible, at least not if you dont finance them with more loans...

There has to be someone on these forums arguing that ponzi schemes are perfectly safe investment vehicles, the government only outlawed them because they pose a threat to the GOVERNMENT'S CONTROL OF THE WORTHLESS FIAT CURRENCY MARKET.

At least dank is a loser with a plan.  That plan is "buy me a house, hookah bar and a car and when I'm a millionaire rockstar I'll pay you back with interest," but it's still a plan.

So were all these scam operators insisting they weren't a scam because they were just too young and dumb to figure out that paying old investors with new investor's money isn't a feasible business model?  It's like they stumbled upon the idea of Ponzi and believed that it would really work because why on Earth would anyone stop investing with the returns provided?!?!?

Now some unemployed loser is looking for $25k.  That sure would be a smart investment. 

Yeah, we still haven't seen anyone get jailtime for stealing bitcoins.  Pulling out a fiat loan sounds like a fast-track ticket to jailtime.

You need to liquidate what you can and get even without going into debt. Take the job you've been offered and pare down your lifestyle. The notion of taking on more debt to pay debts is a remnant of thinking left over from the post-Bretton Woods world that is now long gone.

I know you're asking for a loan, not advice. Only a vulture would give you a loan based upon your info. At least my advice isn't interest-bearing.

How old are you?

Can i take the manufacturing job, since you don't want it?  Union jobs are awesome.

I don't suppose you could just disappear, pirate style.  That makes the most sense.

I couldn't resist.

I hope you get your loan Kluge.  Pirate seems to be taking down alot of peeps

I will gladly pay you Tuesday for a hamburger today.

Woke up this morning to another 600BTC default after issuing a voluntary loan call. I need to buy out BDK.BND holders ASAP to remove my exposure to the extremely-scary currency risk I took out BTC loans to prevent in the first place.

My current CD-holders are owed ~$26.5k, for which I'll be paying with from a family loan. I'll be writing up my resume this morning and submitting it to just about every business within a 25-mile radius. Alternately, my dad offered a charity job at the manufacturing plant he works at. I'd prefer not to take that one, but it's open if I can't find employment somewhere else. Minimum wage laws in Michigan are completely fucked (in my favor if anyone hires), so my minimum pre-tax pay per week on 40 hours is ~$300. The charity job my dad offered would give me ~$400/wk pre-tax, ~$500/wk pre-tax after a probationary period I don't recall off the top of my head.

I'm willing to do 1% MPR on the USD loan with interest amortizing with payments on principal. The loan schedule I have in mind is the following:

$25000 lent to me in September
$250 pulse-check interest sent in October
$250 pulse-check interest sent in November
$250 pulse-check interest sent in December
$1500 each month from January to July. (at this point, available income for repayment will be augmented by $5k/mo draws from a 401(k) with $48k in it)
$5000 each month thereafter until the loan is fully repaid. The family loan should be repaid in July, which relieves me of that $3.5k-5.5k/mo burden. You would thus be repaid before the end of 2013, likely in November.

Current assets:
*$55k cash
*$48k 401(k)
*$65k residential property
*$2k car, $5k odds & ends
*200BTC
*355BTC in good loans
*6040BTC in defaulted loans
(TOTAL: ~$181k excl. defaulted loans -- ~$248k incl. defaulted loans)

Current liabilities:
*$5k CC debt
*$47k family loan ($20k of this gets paid on September 13th)
*~2400BTC owed to CD-holders (this will be paid for out of $55k cash on September 13th)
*~2000BTC owed to BDK.BND-holders
(TOTAL: ~$101k)

Current Equity (excl. defaulted loans) = ~$80k (+- $5k)

Proof of ID, account ownership, yada, yada, yada can be provided if interested. PM me.