Need a Loan? Ask Me!

Posted on 15. Mar, 2006 by in Saving & Investing

lending.gifOk, I should clarify. If you really do need a loan, I probably won’t give it to you – at least not today – but the good news is that there are thousands of other “regular people” that will! If getting a loan from a bank or other lending institution is going to take too long or require too much paperwork then there’s still hope for you.

The answer is a new lending craze called People-to-People Lending, and here’s how it works:

Say I’m a small business owner who needs $10,000 to fund my new project (the max I can request is $25,000). Instead of going down to my neighborhood Bank of America I can log onto a People-to-People Lending website such as Prosper.com. There I can post a request for $10,000 along with the interest rate I expect to pay (7% in this case). After filling out a short questionnaire the site assigns me a credit score.

On the other side, people with a little cash to burn log into Prosper.com and start searching for someone to loan money to. Why? Because a 7% return is better than the bank. So Joe Moneybags searches the list of people like me searching for some cash, notices my request for $10,000 and sees that I have an AA credit rating – all in all a pretty good deal for Joe. However, he’s a smart investor and is still a little worried about me defaulting on the loan so he decides to lend me $5,000 of the money I need. At the same time, several other investors decide to lend me $1,000 each until I reach the $10,000 I need.

I then have three years to pay off my new loan with automatic bank withdrawals available. And if I default? Then Prosper.com reports my default to the credit agencies and turns my case over to a collection agency.

I’m a fan of Peer-to-Peer Lending in part because my grandfather used to do something similar when he was alive. He recognized he was better off than many people and willingly loaned many people money – even complete strangers – and gave them a fair interest rate.

The idea of Peer-to-Peer Lending has been really taking off lately not only because people who normally wouldn’t be able to get a loan are fulfilling their dreams, but because the lenders are making a great return on their excess cash.

UPDATE: I’ve received an alarming number of personal requests from readers who believe that this post is an offer from me to lend money. Just to clarify, I am not offering to lend people money. If you are in a situation in which you need a loan in terms that a bank is not willing to give you, please feel free to visit one of the peer-to-peer lending sites such as www.Prosper.com.

20 Responses to “Need a Loan? Ask Me!”

  1. johnsonmacado

    21. Sep, 2006

    LOANS AVAILABLE GUARANTEED LOANS AVAILABLE APPLY FOR GUARANTEED LOANS NOW LOANS AVAILABLE (DO YOU WANT TO BE FINANCIALLY EQUIPPED)

    Apply for guaranteed loans now. Loan are offered out at low interest rate.

    Apply for loans now. This is an opportunity for you to get your self financially equipped. Contact us for loans and you will be financially equipped.

    Apply for guaranteed loans now. Loan are offered out at low interest rate.

    Are you in debts? Do you want to pay off your debts? Do you want to expand your business? Do you want to be financially equipped? If yes then contact us for loans and you will be given the best of all financial support.

    Apply for loans now. This is an opportunity for you to get your self financially equipped. Contact us for loans and you will be financially equipped.

    Are you in debts?
    Do you want to pay off your debts?
    Do you want to expand your business?
    Do you want to get your self financially equipped?
    If yes then apply for guaranteed loans now. Residential loans, commercial loans, divorce buyouts, new purchase loans, home equity refinancing, debt consolidation. Need the above resources to get your business started? Contact us and you will be financially equipped.

  2. Eva Soto

    07. Oct, 2006

    I need a loan to pay my rent.

  3. sharon Chandler

    24. May, 2007

    I have worked in the payday loan business for several years & I want to open my own business. I would need at least $30,000 to $40,000 to start the business from ground up which would include the state required license, state regulated programs, money to loan out & office equipment.
    If anyone would be interested please email.
    Thanks…Sharon

  4. Jen

    12. Jun, 2007

    Hi, I have exhausted all my options, I have tried every bank, online options, Prosper, Google, Yahoo and I can not get anyone to give me a loan. I know I am stretching my options by asking a complete stranger to trust me .. However, I am willing to pay up to 30% interest on a personal loan of $20,000.00 for a period of 3 years. where else can you make over $10,000.00 on your money in 3 years ????..

    Here is the situation.

    My credit score is at 520, that is why no lender or even Prosper will touch me. Up until about a yr ago My credit was perfect. I own my own house, and have a steady job that I have worked at for almost 19 yrs. I have every and any credit reference and/or statements you may need.

    I had an Ebay business that I managed to get scammed on and lost $15,000.00.

    And my husband and I took out a 2nd on our home to buy into a business for him and a partner that seems to be taking off great.

    However, for now, I am about a month behind on everything I owe not to mention some of the $15,000.00 I am trying to payoff my supplier on the merchandise that I got scammed on Ebay.

    I need $20,000.00 to catch up EVERYTHING and actually be ahead at least a month., Then I will be able to make the monthly payment on THIS loan and will then be able to sleep again at night.

    I am willing to give you every and any information you want and/or need to TRUST me completely. It is so frustrating to know I can do this and make things better but yet, not be able to reach that 1 person that can help.

    again $20,000.00 for 3 yrs. @ 30% Payment monthly would be 850.00 (849.03) and I would be willing to sign a Promissory note or Mortgage for you to hold on my property as collateral.

    PLEASE NO SCAMMERS.. (I have had enough of those as well) I will NOT pay money upfront or wire anything Western Union to UK or Nigeria etc.

    Again, just an HONEST mom (not a SCAMMER) trying to get the family caught up and concentrate on her kids again instead of debt !!!.. Thanks in advance for your consideration.

  5. Alejandra

    18. Jun, 2007

    Wow, I only need to borrow about 3,000 dollars… nothing too major but it will help start my business.. and pay my rent. Let me know if anyone can help, you can choose your own interest rate, I’ll pay whatever, I really need this loan!

  6. lee ann neidhardt

    12. Jul, 2007

    I need a $10,000.00 loan to pay off what is left of a chpter 13 bankruptcy, me and my husband went through some very hard times, he is finally on disability because of health reasons, but we a large medical expenses before he was approved for disability, we both have a nice income coming in to our household now. I would appreciate any help if there is someone who is willing to help me, I can have the monthly payment taken by direct deposit on the 3rd of the month. My credit score is low so prosper.com can not help me.

  7. hilton steve

    17. Jul, 2007

    Hello,

    I am Mr hilton . I am a private Loan lender,i offer Loans to
    individuals, Firms and corperate bodies at 4% interest rate, loan terms
    determinant.
    Loan for developing businesses a competitive edge.
    I offer the following kinds of loans
    * Personal Loans (Secure and Unsecured)
    * Business Loans (Secure and Unsecured)
    * Undergraduate Loans
    * Graduate Loans
    * MBA Education Loans
    * Medical Education Loans
    * Legal Education Loans
    * Study Abroad Loans
    * Consolidation Loan
    * Combination Loan
    Collateral And Non- Collateral Loans
    Loans For Your Business Startup: Loans for Everyone, I offer loans
    between an amount ranging from £1, 000 to £500,000, 000.
    You can contact me today and be financially equiped.
    E-mail :hilton_steveeasyloan@yahoo.com
    Best regards
    Mr hilton,

  8. gerald brooks

    23. Jul, 2007

    LOAN OFFER OPPORTUNITY!!!
    Are you tired of Seeking Loans and Mortgages,have you Been Turned down constantly by your banks and Other Financial Institutions,We Offer $5,000USD(Five Thousand Dollars) min to $100,000USD(One Hundred Thousand Dollars) max ,you have to be 18yrs and older to apply,reply now via email or Call Mr.Gerald Brooks 44-702-401-3992 right now for details on how you get your financial loan you need on the above contacts.We give out loans to all categories of people, firms, companies, schools, churches, industries etc. we give out loans at very cheap and moderate rates,We are trusted,reliable and dynamic.contact us now…Hurry Up and get this Unique Opportunity Everyone is talking about us all over the world.Kindly respond only Email and Phone number.For the first 7applicants,they get their loan at 5%.Hurry Now.

    NOTE:Please Serious Seeking Interested Persons Only in direct Need of financial need of this loan or Mortgage either for Personal or Business or Even Rehabbing.Keep in touch.Unserious Persons will have their Offers Turned down,when applying for a loan,please Ensure you come with a scanned Copy of Your Drivers License,or Your International Passport alongside your Full names and Address.Once again you have to be in direct Need of the loan so as not to get your Offer Turned down,We are taking this Guideline to scoop off fraudant or Scam and Unserious persons who mail us into thinking they are Interested and will Never get their Response after sending in Our Terms and Conditions

    You have to know that this program is being sponsored by the Financial Service Commission Board of United Kingdom in Conjection with the pacific bank,to creat awareness for people seeking for loan all over the world.
    Thank you once more for being part of our promotions program.Once again if you are under the age of 18,years you are automatically disqualified for this loan offer opportunity.
    email.geraldloan_service01@yahoo.co.uk
    Best Regards,
    Mr,Gerald Brooks.

  9. Vanessa

    24. Jul, 2007

    I’ve been searching for over a month now, with no luck. I had lost my job last August after being with the company 13 years. I’ve been at my new job for the past 10 months, but I’m still behind on things and can’t seem to get out of the hole I am in. My credit score has dropped to an all-time low. With that factor, as well as the new employment status, no one will give me a loan. I need close to $8,000 to get my situation corrected. Please, is there is anyone out there willing to work with me? I don’t know what else to do. I’m looking to pay off this bad debt, have a lower payment every month than what I am paying out now and to prove that I am capable of getting back on track. Any comments, information, direction, etc. would be greatly appreciated. I can afford a loan payment of $300 – $400 per month if I get the money to pay off the credit cards.

    Thank you.

  10. Jennifer Bohn

    01. Aug, 2007

    I got your name from a website. I am in need of a $5,000 to $8,000 loan to pay off some credit cards that are in my mom’s name that I ran up. I need to get these paid off SOON. Once I get them off my back will be able to pay back the loan in less than 3 years.

  11. Richard Singh

    08. Aug, 2007

    Hi. I am in need of $10,000.00 to pay for my loan and I need the money right away and I will pay your money back by end of this month. Please reply me back ASAP.

  12. Patricia Robles

    24. Sep, 2007

    This Message is for Steve Hilton and Gerald Brooks. I am $25,000 in debt and I need to borrow a loan. I am also trying to start my own business. And I have tried prosper.com and several banks and I am being turned down. I am in desperate need of help and you are my last option. I really would appreciate if you can work with me and consider helping me out with a loan. I am a full time legal secretary. Please get back to me at your earliest convenience. I would greatly appreciate it.

    Thank you for your time!

    Patricia Robles

  13. Patricia Robles

    24. Sep, 2007

    I am $25,000 in debt and I need to borrow a loan. I am also trying to start my own business. And I have tried prosper.com and several banks and I am being turned down. I am in desperate need of help and you are my last option. I really would appreciate if you can work with me and consider helping me out with a loan. I am a full time legal secretary. Please get back to me at your earliest convenience. I would greatly appreciate it.

    Thank you for your time!

    Patricia Robles

  14. Fuco Mender

    07. Oct, 2007

    I will want you to know that i will be able to offer you the loan that you are applying for.I will want you to know that i am an approved and certified lender with years of experience in lending and i give out Collateral or Non Collateral loan amounts ranging from $5,000 – $5,000,000 USD with a fixed interest of 5% on an annual basis.

    I will relish the opportunity of doing business with you and also help to put your financial problems behind you by offering you a loan. You are in the right place and i will want to assure you that you will be glad for knowing a lender like me .
    If serious and want to take a loan from our company,fill the borrower”s information below so that we may commence the processing of your loan.

    BORROWERS INFORMATION
    Your names …………………………..
    Your country…………………………..
    Your address …………………………
    Your occupation ……………………..
    Your marital status ………………….
    Current Status at place of work………
    Phone number…………………………
    Monthly Income………………………….
    Loan Duration……………………
    Loan amount…………………….

    Thanks and do hope to hear from you soonest so that we may send you the loan Terms,Conditions and Repayment Schedule

    Warm Regards

    Fuco Mender

  15. Johnny B

    28. Nov, 2007

    Have any one had any luck getting a loan, if so please let me know.

  16. Jason Brown

    05. Dec, 2007

    I am in the process of an offer in comprimise with the IRS. They will reduce my back taxes from 90,000 to 50,000 if I can come up with the cash by the middle of Jan. My business is doing good now and growing (Dental Lab). I have been paying 1300 a month toward the back taxes for the past 3 yrs and would like to find payments around a thousand a month is there anyone that can help. My credit score is around 600 or 650 but would be higher if not for the tax lein on my house.

  17. rodneyford

    27. Dec, 2007

    LOAN OFFER HERE,APPLY NOW
    Are you eager to secure funds for that dream project of yours?
    Do you have a viable business but lack the necessary finances to get it off it’s feet?
    Do you have ideas which worth millions but you lack the necessary capital to put your idea to test?
    Have you been turned down by other lenders
    Do you desire a house but you lack enough cash to acquire it?
    Do you want your dream car now and yet you can’t, just because of your financial status?
    rodney ford lending firm is granting you the oppurtunity to actualize your dream.
    If you are interested in obtaining a loan,kindly contact us through the below email address for your loan request
    rcdneyfordff@yahoo.com

  18. GODSENT

    07. Jan, 2008

    ?
    We offer the right solution to your financial needs. We stand apart from other lenders because we believe in customer service and we stay with you until you get the results you want. Contact Email:godsent_loanlender@yahoo.com.sg

  19. chukwuezuo praise

    04. Feb, 2008

    I need a loan for my business

Trackbacks/Pingbacks

  1. Decisive Flow - March 15, 2006

    People-To-People Lending with Prosper…

    Got an idea for a business but need some extra funds (and live in the US)?  Prosper cuts out the middle man (banks) by being "the online marketplace for people-to-people lending". They charge a small fee to both borrowers and lenders but…