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Author Topic: In fairly dire need of a $25k USD loan  (Read 3765 times)
Eisenhower34
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September 12, 2012, 04:39:00 PM
 #21

It is spelled "debt".

Your "b" is upside down.

Thanks, there must pe a broplem with with my keypoard. Cheesy
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guruvan
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September 13, 2012, 04:46:41 AM
 #22

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.



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September 13, 2012, 08:29:07 AM
 #23

I will gladly pay you Tuesday for a hamburger today.
I hope you get your loan Kluge.  Pirate seems to be taking down alot of peeps Sad

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.
Kluge
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September 13, 2012, 08:49:20 AM
 #24

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...

So ... how do you plan to pay back the dept?
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.
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September 13, 2012, 03:55:16 PM
 #25

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...

So ... how do you plan to pay back the dept?
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.
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.

Trading MtGox USD for Dwolla/ACH deposit/Chase cash deposit
https://bitcointalk.org/index.php?topic=90115.0
Buy/Sell Call/Put Bitcoin options https://bitcointalk.org/index.php?topic=99853.0
Kluge
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September 13, 2012, 04:02:52 PM
 #26

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...

So ... how do you plan to pay back the dept?
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.
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.
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.
chungenhung
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September 13, 2012, 05:40:00 PM
 #27

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...

So ... how do you plan to pay back the dept?
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.
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.
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.
No, I am talking about forum members lending to you, not banks.

Trading MtGox USD for Dwolla/ACH deposit/Chase cash deposit
https://bitcointalk.org/index.php?topic=90115.0
Buy/Sell Call/Put Bitcoin options https://bitcointalk.org/index.php?topic=99853.0
Kluge
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September 14, 2012, 04:29:04 AM
 #28

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...

So ... how do you plan to pay back the dept?
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.
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.
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.
No, I am talking about forum members lending to you, not banks.
Yeah, I could do that, then.
Kluge
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September 14, 2012, 04:38:08 AM
 #29

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.
chungenhung
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September 14, 2012, 03:10:26 PM
 #30

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

Trading MtGox USD for Dwolla/ACH deposit/Chase cash deposit
https://bitcointalk.org/index.php?topic=90115.0
Buy/Sell Call/Put Bitcoin options https://bitcointalk.org/index.php?topic=99853.0
exahash
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September 15, 2012, 01:34:02 AM
 #31

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.

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.
Kluge
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September 15, 2012, 08:16:39 AM
 #32

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.

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.

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
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