Private Loans
I'm trying to purchase a coin collection from a private party that has severely undervalued his lot. The melt value alone of the gold and silver coins is equal to his asking price. Knowing a lot about this hobby and having made money off of reselling coins I see a once-in-a-lifetime opportunity with one problem: I don't have enough greenbacks to make the purchase. The amount needed is $10,000 and having consulted my family, which is financially stretched as any family can be, I have no other options that I'm aware of. A sum that big is too big for a payday loan and I drive a car that can't be used as collateral. Haven't talked with my closest friends yet but even finding 3 people willing to lend $333 each is going to be tough as most people don't have that much in cash (Just an assumption)
Any ideas short of robbery, donation of fluids, or prostitution?
wow...
Are you the prince of Nigeria?
Yes, that's me alright, you got me. Sorry for all that spam.
I'm not asking for people on WSO to loan me money, not sure how that comes across to anyone. Just ideas on how to come up with $10k in 2-3 weeks. It's a serious question, although I can imagine what type of response I'm going to get, especially from people such as firefighter,chubbybunny, and other trolls.
why don't you draft a plan to show to your local bank. I don't know shit about coins etc but if you can prove that the melt is worth the price your getting charged etc...
Family, Friends and Fools dr. Zulu.
I suppose if done right I could try that at the local credit union, but I just hate the thought of not being able to make a couple grand this easy. Should've been prepared for something on this scale.
Thanks anyways.
Would sites like prosper.com work for you in this case?
im a coin collector what kind of coins are they and are they all graded?
Real Deal - if you're going to turn around the collection to another buyer, why not just ask to borrow them and promise payment the next day? Then, you take the coins to the buyer, collect, and pay off the original owner. There's no need to actually own them.
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I would try lending club or Prosper. I don't know their terms, but if there is no early payment penalty that could work well for you.
Otherwise, go to a bank. 3 years ago I ran into a crappy situation where my small (crappy) IB was closing it's doors. Worried about rent, etc.. I went straight to 53 bank (where I had a checking account). I asked for a $5k loan for personal expenses. They really didn't ask too many questions and I was approved in about 45 minutes. The guy did say it usually takes a few days for approval, but apparently I was a good enough candidate for an express approval.
If you are 100% legit PM me. I have a cousin who invests in just about everything to keep his $ out of banks these days. For the right return, he'd go for it.
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lol i have a credit card with 0%APR/12months on purchases with an 8k credit limit. if you have good credit, it could be an option.
am I the only one who thinks this is weird?
you're in business school and you don't have money or know any friends who have money? how are you paying for b-school?
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Plenty of kids... I'm an undergrad with loads of debt and could still front the 10k.
If you work/intern and pay for your own expenses there's no way you shouldn't have a few grand stashed away
If one of my friends said 'Hey, Happy. Let me hold 10 grand so I can buy some coins. They are soo undervalued. We could make bank." I would probably laugh in his face and/or hit him.
Hey happy let me borrow 10 grand so I can buy some coins. They are so undervalued. We can make some bank.
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