Answers
I have been looking for a personal line of credit or a loan that doesn't require principal + interest repayments. I am looking to repay the full amount in 6 months or 1 year's time. I have been having trouble with obtaining loans as I seem to have wrecked my credit score by "shopping" for the right rate; however I clear my credit card bill monthly and have never taken out a loan before. Does anyone have such an unsecured revolving line of credit to recommend? Though expensive but I might have to resort to putting it on my credit card...
Apply for a line of credit from your bank.
Good Luck!
www.CashFlowInstitute.com Need business line of credit up to $300K? Unsecured business loans are waiting for you! Business credit lines & ...
I've gone through the calculations and this is the absolute minimum I can use to just scratch by for starting up my business. Does anyone know where I can get this money? I will not be able to start repayment until at least three months after start up.
Since it is under $30k you can try Prosper - an online lending community...
http://www.prosper.com/join/lunyc
They are not some shady loan shop- and they have been featured in the New York Times, Money Magazine, etc.
I first read about them in Money magazine - pretty cool idea, people get together and combine their money as a community into making a single loan.
I have used them for a loan to start a small website (and pay down some high paying interest)- you will have a much better chance of getting a loan than with a bank - and probably at a much lower interest rate.
Right now I am paying 10.5% on a 15k loan- not too bad IMO. You can take loans out for up to $30k I believe.
Make sure you make out a nice profile, and come up with a fun/interesting/sob story background to make yourself look trustworthy - it will help you improve the chance that people will bid on you (oh and a photo always helps :-) )!
Try to join a group as well - it can help lower your interest rate. Don't forget Prosper checks out your credit history, so you won't be eligable for lower interest loans unless you have a great background - but you can always take a higher % rate, it will probably still be lower than a bank loan (if you could get one...).
Even if you have bad credit what you will get from the Prosper community will likely be much lower than you
will get elsewhere - and it will be a secure, safe loan - not some underhanded 'get hit with 50% suddenly' loan shop!
You can also loan out money to help others on the site. Not only will you make a pretty good return, butyour risk is fairly limited- and you can screen each applicant and choose which people you want to lend to- I have not done this yet, but I like the idea..
Good luck!
I then borrow the money I don't have at the moment in hopes of a time when I do have that money (not broke anymore, working).
How long after I get back on my feet will it take me to pay off the borrowed money? If I die before repayment do you think my children will be able to pay it off?
So with the answers I've gotten, lets apply this to our Government and lets say my children will have to pay those who finance me.
hmmm looks like the same thing is going on in Washington.
It all depends on how much you would be making once you got a job again, it could take a relatively short amount of time or it could take years. also depends on how much money you are talking about, although they would cut you off at some point. If you die before repayment your children don't have to pay it, the debt is cancelled, unless it involves a mortgage or lien on property.
I've been working on raising my credit score. I've gotten rid of all the past due accounts. I only 1 line of credit open, it's a secure credit card. I was thinking of taking out a loan from chase where my CD savings account. Granted they report the the repayments to the credit bureaus. Do you think that it will raise my credit score
Yes it will raise your score. Try to get 1 unsecured credit card as well.
This is my second house, which I was trying to sell for one year, and cannot afford to pay any longer. I plan to take a home equity line of credit for $100K+ and refuse to pay any longer, because I do not want to lose equity what I have. Will second mortage provider seek a repayment in case of foreclosure and will he go agains my personal assets or another house that own?
If you took money that is tied to your property, you are legally obligated to repay it. If not, they foreclose and your credit score goes to ... And that lasts for 3-7 years. Don't be dishonest.
Have you talked with the lender about options? If not I suggest you contact them first. See what if anything they will do to help you. Ask about a short sale, ask about interest only payments until it sells. How about drastically reducing your price so it will sell. Ask about deed in lieu of foreclosure.
December 2009 – Monthly Wrap Up « Canadian Savings
Well, This time the Wrap up is right on schedule. Here are the numbers:
Net Worth at End of Month: $83,642.15 Net Worth Change: $5,976.74 Working Income for the Month: $5,082.46 Over Runs in Budget: 0 Amount of Over Runs: $0.00 Total Remaining Debt: $10,709.50 Amount of Debt Paid off: $246.89The Good Stuff
We got back on track and paid at least the minimum off our line of credit. This is our last debt and this one has stuck around for way too long. The debt repayment would have been more, however the $1,500 car repair expense ate through most of that. However, this is a good thing, because we neither had to dive into our emergency fund, or add-on new debt to pay the expense. To be honest, we would have dived into our emergency fund before adding new debt. However when we have the opportunity to just cash-flow the repair and not touch emergency savings, this was the better option. Raiding emergency savings just means I’m reducing debt repayment in future months to help build up the emergency funding once again. Just because we have an emergency fund doesn’t mean I wish to break the glass every time we hit a speed bump. I’d rather cash-flow the expense and not touch emergency savings. Emergency savings are for those times when you can’t cash-flow the expense.
...News
Macquarie Infrastructure Company Completes Repayment of Holding Company Debt ...Benzinga - Dec 28, 2009
MIC will also retain access to a portion of the $30.0 million working capital line of credit associated with the revolving credit facility through the March and more »Louisville Courier-Journal - Dec 31, 2009
Metro council resolutions are non-binding, meaning passage by the full council would not guarantee repayment of the money or a change in the amount of dues and more »Rediff - Dec 29, 2009
When you apply for a new line of credit, the lending institution does a check on your profile with the Credit Information Bureau (India) or Cibil -- the
MiamiHerald.com - Dec 30, 2009
It alleges that from 2006 to 2009, Lippman ``submitted Expense Reports to RRA seeking repayment of personal expenses for items which included furniture for and more »San Francisco Chronicle - Dec 20, 2009
It's like taking out a $20000 line of credit to do a home renovation. The renovation only costs $10000, so you use $10000 to take a vacation. and more »Wall Street Journal - Dec 16, 2009
ReutersWolf maintained her sell rating with the belief that Wells Fargo earnings will still be affected by prolonged difficulties in the credit markets and a GM joins rush to repay bailout fundsIt's Wells Fargo's Turn to Pay Back TARP FundsRecord sale for Citigroupall 1,843 news articles »
Rockford Register Star - Dec 22, 2009
The council approved a new intergovernmental agreement for repayment of the loan and credit line with the MetroCentre. It spells out the $500000 credit line and more »