what should I look out for?
2007-11-15 01:47:44 · 4 answers · asked by chicksarehot80 1 in Business & Finance ➔ Personal Finance
I'm in Canada, these private lenders are offering 3% interest....
2007-11-15 02:02:25 · update #1
and I'm referring to the private lenders who post on here...
2007-11-15 02:04:06 · update #2
has anyone ever tried a private lender? Can anyone make any referrals?
2007-11-15 02:15:28 · update #3
The ones that post here, or on any other message board, are scammers!!! Period!
Three things to watch for:
1) If they are posting on a message board, they are a scammer.
2) If they have a generic email address (ie Yahoo!, gmail, Hotmail, etc.) they are a scammer.
3) If they require any sort of fee from you upfront, they are a scammer.
2007-11-15 02:09:48 · answer #1 · answered by Wayne Z 7 · 1⤊ 0⤋
Yes - they are for real. If your looking for something for business research venture capitalists if you looking for something personal you can try this website >http://www.zopa.com/ZopaWeb/
Be careful of the interest rates they charge and what they can legally do if you miss a payment/are late. Some can be very strict.
Be careful about what they ask you to put up for collateral.
Be careful about all information ou give until you are certain thaty are legitimate.
Lastly make sure they money they give you isn't illegally funded (ie laundred money or from illegal sources like drugs)
2007-11-15 02:00:32 · answer #2 · answered by Vishal R 2 · 0⤊ 1⤋
yes they are just willing to take the risk for a higher rate of return on their money!!!
2007-11-19 01:20:29 · answer #3 · answered by mister ed 7 · 0⤊ 0⤋
They charge higher interest rates than banks.
2007-11-15 02:00:19 · answer #4 · answered by Harbinger 6 · 0⤊ 1⤋