Home     Forum     401k     401k Rollovers
    Register   Login   Members   Search   FAQs     Recent Posts    




How to borrow money from a stranger?

Reply to topic
Money Talk > Credit & Loans

Author Thread
smart-investor
Full Member


Cash: $ 3.50

Posts: 60
Joined: 16 Apr 2011
Location: San Diego
How to borrow money from a stranger?  Reply with quote  

I've been considering the idea of seeking the money I need from a small group of people I would meet online.

So far my thoughts have been:

1) I need to communicate with a potential lender very well so that they feel great about lending.

2) I should find a 3rd party trustworthy company to keep records in addition to me and a lender. The 3rd party would track payment records as well. Maybe I could find a good accountant to help with this.

3) It seems a little contract that specifies all important details should be made and agreed upon before any lending happens.

4) I have no idea what the tax considerations would be here.

5) I also wonder about legal issues. For instance, maybe there are restrictions if the amount of money to be lent is in the thousands.


If anyone could shed some light on this for me, it would be appreciated.

Thanks. Smile
Post Mon May 23, 2011 3:33 am
 View user's profile Send private message
dthomas
Contributing Member


Cash: $ 5.85

Posts: 29
Joined: 20 Jan 2011

 Reply with quote  

I am confused about this "borrowing money from a stranger" scenario. How much money do you need to borrow? Have you thought about borrowing money from...a bank?
If you are worried about not qualifying...depending on how much money you are looking to borrow and how long you will need to repay it... you can look in to borrowing a short term loan from an online lender. There are plenty of ways to get a loan that seem way more simple than this plan you seem to have devised.
Post Thu May 26, 2011 10:58 pm
 View user's profile Send private message
smart-investor
Full Member


Cash: $ 3.50

Posts: 60
Joined: 16 Apr 2011
Location: San Diego
 Reply with quote  

quote:
Originally posted by dthomas
I am confused about this "borrowing money from a stranger" scenario. How much money do you need to borrow? Have you thought about borrowing money from...a bank?
If you are worried about not qualifying...depending on how much money you are looking to borrow and how long you will need to repay it... you can look in to borrowing a short term loan from an online lender. There are plenty of ways to get a loan that seem way more simple than this plan you seem to have devised.


I've had horrible luck with online payday type lenders. I applied on a couple and just get tons of spam. Not much luck with Bank's either. I suppose that could change if I wrote a detailed plan up.

Ideally I would like to get a loan for $100k. I could maybe break that up between 20 people that could go for making some extra cash.
Post Thu May 26, 2011 11:50 pm
 View user's profile Send private message
smart-investor
Full Member


Cash: $ 3.50

Posts: 60
Joined: 16 Apr 2011
Location: San Diego
 Reply with quote  

I had an unread e-mail I looked at just a couple minutes ago. The footer of the message had a physical mailing address near me. It wound up linking to what I'm figuring is a scam.

[deleted]

Doesn't sound that legit. Confused
Post Fri May 27, 2011 1:17 am
 View user's profile Send private message
coaster
Senior Advisor


Cash: $ 1626.30

Posts: 7990
Joined: 11 Oct 2005
Location: Wisconsin
mod's note  Reply with quote  

quote:
It wound up linking to what I'm figuring is a scam.

I took your word for that and so removed it from your post. Smile
Post Fri May 27, 2011 6:05 am
 View user's profile Send private message
eastmn
Senior Member


Cash: $ 85.80

Posts: 414
Joined: 04 Apr 2010

 Reply with quote  

100K, what are the odds of something like that happening? What you need is a sugar-momma Wink

SBA loans are for the disadvantaged, where the govt guarantees payment to the bank (govt assumes the risk). You might want to write them and get their free videos on Small Business Startup and SBA Loans.
Post Fri May 27, 2011 10:54 pm
 View user's profile Send private message
smart-investor
Full Member


Cash: $ 3.50

Posts: 60
Joined: 16 Apr 2011
Location: San Diego
 Reply with quote  

quote:
Originally posted by eastmn
100K, what are the odds of something like that happening? What you need is a sugar-momma Wink

SBA loans are for the disadvantaged, where the govt guarantees payment to the bank (govt assumes the risk). You might want to write them and get their free videos on Small Business Startup and SBA Loans.


$100k "shouldn't" be hard, but it seems unlikely from a Bank. If I knew someone wealthy who was looking for a good investment opportunity, then I think it would work out getting $100k.

Seriously. The risk seems low enough that I can almost say guaranteed.
Post Fri May 27, 2011 11:14 pm
 View user's profile Send private message
colintheron
New Member


Cash: $ 1.00

Posts: 5
Joined: 11 Jun 2011

 Reply with quote  

They were going through the menu adding up the cost for meals.The only way you truly get to know someones real identity is if you need to lend or borrow money from them.As more peer-to-peer lending companies pop up, they offer varying approaches.
Post Sat Jun 11, 2011 7:10 am
 View user's profile Send private message Send e-mail
eastmn
Senior Member


Cash: $ 85.80

Posts: 414
Joined: 04 Apr 2010

 Reply with quote  

Fiat money, fractional reserve system, you're not really borrowing anything. I'll tell you a little something which might help you to find this loan. Look for a retired businessmen association in your area, called "Score". << Hint >>
Elderly people mentoring, with some looking for an investment vehicle. http://www.score.org/

Another possibility is that you could run an advertisement in your local paper, or the NYTimes, looking for investors.
Post Sat Jun 11, 2011 7:50 am
 View user's profile Send private message
smart-investor
Full Member


Cash: $ 3.50

Posts: 60
Joined: 16 Apr 2011
Location: San Diego
 Reply with quote  

quote:
Originally posted by eastmn
Fiat money, fractional reserve system, you're not really borrowing anything. I'll tell you a little something which might help you to find this loan. Look for a retired businessmen association in your area, called "Score". << Hint >>
Elderly people mentoring, with some looking for an investment vehicle. http://www.score.org/

Another possibility is that you could run an advertisement in your local paper, or the NYTimes, looking for investors.


Thanks for the replies.

I was thinking I could use Google adwords and that would work. I'm pretty indecisive tho and don't know what I want to do yet.

I went by Score several times in the past and also took a class they put on. Maybe worth doing again.
Post Sat Jun 11, 2011 7:56 pm
 View user's profile Send private message
misaelwade
Member


Cash: $ 3.00

Posts: 15
Joined: 14 Mar 2011
Location: london
 Reply with quote  

Most people are turning to peer-to-peer online lending as the only viable option for borrowers to get dire needed cash or for lenders who want to play risk. Peer-to-peer lending can be a good way for friends or family to formalize a loan amongst themselves, but borrowers and lenders need to be wary of their internet dealings.
Post Thu Jun 16, 2011 8:07 am
 View user's profile Send private message
kate032
Preferred Member


Cash: $ 22.35

Posts: 111
Joined: 25 Feb 2011
Location: Michigan
 Reply with quote  

First, put yourself in the potential lender's shoes. Why should that person lend you money? I've never loaned people money, but if I were considering it (I'm not), I'd want to know why you need to borrow that amount and what insurance do I have that you'll pay it back.

With mortgages at super low rates at places like ING Direct, I would think that any potential investors would question why you don't (or can't) seem to get the loan via more conventional avenues.

I'm not trying to be contentious, but anyone with serious money to loan you will be asking those questions.
Post Fri Jul 29, 2011 2:13 am
 View user's profile Send private message
jonymony
Member


Cash: $ 2.20

Posts: 11
Joined: 26 Jul 2011

 Reply with quote  

They were passing through the menu by adding the cost of meals.The the only way to get to really know the true identity of someone, if you want to borrow or lend money to them.As more peer-to-peer lending companies Pop-ups, which offer a variety of approaches.
Post Wed Aug 03, 2011 9:23 am
 View user's profile Send private message

Goto page 1, 2  Next
Reply to topic
Forum Jump:
Jump to:  
  Display posts from previous:      





Money Talk © 2003-2018