We make over 80,000 a year and we have a bad credit rating because of a health issue and some not so smart choices. We are trying to get a loan to pay off everything on our credit (less than 7000.00) not counting our car loan (up in FEB 07) and our house (we owe110,000 and it is worth 135,000, but can't get a home equity loan in TX b/c of the refiance only 80% law.) We can afford a payment of up to 475.00 a month. I have a listing on Prosper, but I only have a few bids right now. The listing is under gandbcole if you want to find out a little more about us. I just need to know where to find a private investor that wants to carry a loan for 2 yrs at a 28.75% rate. I do not mind paying the high interest if I can get rid of all the old on my credit and only have good stuff showing to improve it. What should I do? I would even sign a personal guarantee putting up the equity on my home for collateral. Just do not know where to look.
2006-07-08 04:21:40 · 4 answers · asked by Anonymous in Business & Finance ➔ Investing
You should be careful that you are not taken advantage of. In many states that have what they call "usury" laws. Under these laws, interest rates for a loan over 16% are illegal and may not be enforced by the lender.
2006-07-08 04:27:35 · answer #1 · answered by Max K. 1 · 0⤊ 0⤋
You can do better than 28%.
Contact a hard money lender in your area. Using your home for collateral, you can get under 21% interest.
2006-07-08 04:26:42 · answer #2 · answered by Nick R 3 · 0⤊ 0⤋
Are you nuts?
Of course that is a bad idea.
2006-07-08 04:25:09 · answer #3 · answered by Puppy Zwolle 7 · 0⤊ 0⤋
How much do you need?
2006-07-08 17:58:13 · answer #4 · answered by Anonymous · 0⤊ 0⤋