[division4thor]

Hello my name is steve and I started my small buisness last july and well with the economy the way it is drained everything i had saved up and some. I am 19 years old currently own a tanning salon and Have 2 part time jobs aside that. Anyway I am looking for a loan to pay back all of my debt this way I can get caught up and start sleeping again haha if anyone has any suggestions or if any one can help id really appreciate it, I am willing to pay back 400 a month for the next 25 months so your 8000 will turn right back into 10,000. Some months i can even give you more I just want to make it an affordable payment that i know i can make so that is why i adjusted it to be 400 but im sure it will get paid back faster than 25 months and i will still make sure to give you 2000 in profit thanks for all your help steve

[PsiPro]

Hey Steve,

What your proposing is essentially at approximately 21% interest rate. Taking this loan out would be an extremely bad decision in general.... You can get credit cards with a lower APR.

Because the return is so high your proposition sounds like a scam. It may not be.... but something smells fishy.

[division4thor]

Yea i totally understand why you would think its a scam but personally i think 2 years and 2000 dollars in return is a good investment and still something i can afford to pay someone. Thats why im saying so high because at 400 a month i can pay someone that payment and be stress free because with the 8000 that will pay off all my debt and i would only have one payment and that would be the 400 so its worth me paying high interest unfortunately at my age and only being in business for 12months it is so hard to get a loan from the bank and unless you have any other ideas which i would love to hear i posted this to get help. Do you have any other suggestions for me, a way to get peoples trust, i will personally meet up with them exchange all information etc.. thanks for all your help and im glad to see people look out for one another on here and try to make it a scam free environment because trust me i posted on craigslist as well and i get like so many emails that are just scams, you cant even sell things with out getting emails about people wanting you to ship to Africa and all this nonsence but anyway thanks alot steve

[pboychuk]

is the summer, "off season" for tanning salons?

Also, I don't understand why you work 2 part time jobs. shouldn't you work at your own business?

[PsiPro]

Why it sounds fishy:
1) $10k is small potatoes in business loans.... Your probably looking from money from alternate sources because your not an acceptable risk to banks, or you do not have the ability to legally take a loan out on your business.

2) Like I said, credit cards can easily provide $10k in credit and if your a modest risk you can get less then a 21% interest rate. You have not explored this option, possibly because your cards are maxed, your credit isn't good enough to get $10k in credit or the rate is to high.

3) Your actually willing to take out a ~20% loan. This shows (me personally at least) your not making financially sound decisions, so why would I want to fund you?

I have partially funded business loans before through prosper.com and lendingclub.com but I would want to know all of the above before considering it.

[division4thor]

I own a tanning salon so its not really my gig...I dont mind working it sometimes but i have my sister and girlfriend running it as i have 2 other part time jobs trying to keep up and pay back my dues beings when i worked at the salon i put back everything i earned back into the buisness and just didnt work out for me that way, now i working my 2 other jobs i am slowly starting to catch back up but fell so far behind it would be nice to get a hold of things

[division4thor]

yes you are 100% completely right so far i have 2 cards that are maxed out plus i have a department store credit that was maxed out everything totals up to about 8000 so i just thought if i could just consolidate everything into one payment it would be much easier for me to get a hold of it and hopefully start fresh. I am 19 years old had no previous credit history and started my buisness just about a year ago and everywhere i went for a loan told me to try back when im in buisness at least 2 years now with my part time job + the buisness i would be able to afford 400 a month and at the same time catch myself with all my debt and finally get some sleep thanks alot keep asking as many questions as you would like ill try to answer all...I love learning and i dont know everything so I appreciate you trying to help me out thanks again and sorry if you got the wrong impression on me at first I shouldve explained things a little better but im Learning as i go and alls i can say is im trying my best