Need a persoanl loan $5000.00 Paid back with 20% interest in 1year?

Question

need a persoanl loan,
to make a purchase for my home base business, i wont qualifty for a loan at a institute, if u can help email me, loan will be paid back in 12mths with a 20% interest
Email: [e-mail]

Answer 1

I don't mean to be disrespectful, but you don't exactly fill people with confidence.

First off, you are asking people to trust you and give you $5,000 to support a home based business. But you write like a child, ignoring spelling, punctuation, and grammar.

Then you admit that a lending institution wouldn't dream of lending you the money. Quite honestly, if your credit is so sorry that you cannot borrow $5,000 to start a business then you obviously have a history of borrowing money and not paying it back.

Next, if you cannot raise $5,000 without resorting to asking on Yahoo! Answers, why should anyone believe that you are going to be capable of paying it back? $5,000 is not a great deal of money these days, and if you need to ask for it in this way, there seems to be a high likelihood that should there be any problems at all with your new business you are simply not going to be able to pay this loan back. What then?

If you want to be successful you are going to need to straighten out your credit, learn to write like an adult, and then come up with a sensible business plan to present to your bank. They will then lend you the money you need. Until that time, I suggest you make do with getting a real job.

Answer 2

My first word of advice is a business plan that you can show to any future investor. If you have a convincing plan (profit and loss estimates, research of competition, qualifications in the industry, etc), you will have no problem getting a loan from a bank or credit union. The Small Business Administration (SBA) is a governmental agency that works with entrepreneurs who can offer free guidance and will back a loan for you. They do not however extend loans. Check with the SBA...

Answer 3

1. no one will just loan you money without credit or collateral.

2. to even put out let alone ask for 20% interest is past insane.

3. due to no.2 I would really rethink being a business owner as true business owners do not do such acts.

4. go delivery pizza's at night or something and make the money in a few months. sell some stuff on ebay, to a pawn shop to make some money.

5. be a business owner and realize at times you have to take a step back to leap forward. put the home business on part time and get a real job for 3 months to make the extra money. then go back to the home based biz full time.

6. don't bug friends, family or customers as this will only drive them away.

Answer 4

In the early stages of a longer term loan, a larger portion of the payment goes to cover interest. Later, as your principal balance shrinks, a much larger portion of the payment goes towards the principal. Look at it this way - VERY rough numbers 1st year - owe $23,000, interest on that is $1587 - payments of $5544 pays that first, then $3957 off principal 2nd year - now only owe $19,043, interest on that is $1313, payments of $5544 cover that then $4231 off principal 3rd year, 4th year, etc. by the 5th year you owe a principal of $5456, interest on that is only $300+, so by then almost all of your monthly payments go to principal. Every little bit you pay above your required payment goes DIRECTLY to the principal, thus lowering the amount of interest you'll end up paying over the life of the loan. Paying a little extra is always a good idea and will cut time off the loan.

Answer 5

Those unsecured loans are often called - credit cards.
If you are starting a business, you should probably have one. Use it because then you have documentation of your business expenses for your taxes and the interest will be tax deductible.

Answer 6

Check out www.prosper.com. They are kinda like an eBay for person to person loans.

Answer 7

If a bank doesn't think you're trustworthy enough for a loan, what makes you think I will trust you with my money?