I need a loan of $10,000

Discussion in 'Growing and Managing a Business' started by needloan, Oct 2, 2010.

  1. needloan

    needloan
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    I need a loan of $10,000 I will return $50,000 in 2 months.

    Can anyone please give me loan.

    I have tried at the bank, they won't give for I don't know what reason.

    I have a plan to make $10,000/day from $10,000 investment and I'm 101% sure it will work.
     
  2. Mountain Man

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    In the world I grew up in this looks, feels, taste, and smells like a bad idea. There is a reason the bank won't invest.
     
  3. Kay

    Kay
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    If the bank won't give you it, they don't believe in your venture nor your ability to pay it back as much as you do, needloan. Sorry, but that's the truth. Ask them politely for more specifics on why they rejected you and you might find out something that you hadn't considered yourself as a flaw in your plan.

    I dearly hope someone hasn't just talked you into a get rich quick scheme. Most of them are scams.
    Please be careful.
     
  4. GekiDan

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    Welcome to BAF needloan. And thanks for posting your questions here.
    I agree with all the posts above me. If the bank won't give you any loan, why would someone you just knew in the internet give you one? Besides, I'm thinking that you want to join "a get rich quick scheme" that's most likely be a scam.

    I suggests you to find another business opportunity with little or no start up cost so you can do them on your own. Besides, if you fail on this, and I hope not, you will be on a BIG DEBT.

    I do hope you understand what I meant here.
     
  5. Fergal

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    Welcome to our business forum needloan. If you really had the ability to make a return of $50,000 from $10,000 in two months, you would not be struggling to find a loan. What gives you the confidence that you can make that kind of return?
     
  6. daytrader

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    thats $10K. i guess you really need to ask it for someone who knew you personally.
    no offense
     
  7. Jahan Choudhry

    Jahan Choudhry
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    I would lend you the $10,000 but

    1. You would have to show me your business plan which would have to be accurate, comprehensive, with a SWOT and contain contingency plans if you were not as successful as you think you might be.

    2. As Kay said examine why the bank rejected you and work on those points.

    The following points are for the rest of the normal users/lurkers that may be reading this thread.

    3. When creating a business plan or proposal look at it from the investor's viewpoint, what would they get from it, and how much reliability/credibility are they looking for? (Of course someone you have never met on the internet asking for money out of the blue lacks credibility).

    4. Success is gradual and accumulative and not instant. Any success coach who says there is an overnight way to become rich is lying. I went to a seminar a few months back in London and appreciated it when one of the speakers, who charges thousands of pounds for one of his more elite property courses, said there is no quick way to success and it requires hard work.

    This is just to reinforce what other members have said, most get rich schemes are scams.
     
  8. Fira

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    What I would suggest is QuickLoans and ask and tell them in specific what you want and need.
     
  9. adams

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    Yeah no one will give you $10000 loan without security. You can only borrow loan of $10000 from the money lenders or bank by providing security otherwise it is difficult to get it.
     
  10. TiaWood

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    Unfortunately, being "101% sure" isn't enough to convince someone to lend you the money. You need to have a solid business plan on paper with numbers doing the talking.

    Good luck.
     
  11. James00

    James00
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    Well I cant help regarding that as whats the plan how you will earn money perday.Give me your plan details.
     
  12. johnhuston

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    Well its a big amount and i prefer you to go for bank and fulfill their requirements. I don't think anyone will give you such big amount. I am sure you will consider my suggestion.
     
  13. sigma

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    If you can sure that you can able to make money from the investment, why dont you go to the bank and get a personal loan? This will be the better way
     
  14. GekiDan

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    He previously said that the bank won't allow him to make a loan...
     
  15. sigma

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    sorry since i dont make the clear statement, i mean use your own properties to make loan from bank. And it is possible to try on different bank since different bank might have different stardard
     
  16. James00

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    Whats your business plan as earning so much money is how come possible and why bank rejected you ?You can ask with your friends,relatives.
     
  17. Justin

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    Most of It has all been said. Anyone who is going to lend money will want to see a plan.

    Assuming you have one I would look up angel investors and pitch your plan to them.

    I wish you luck, it's always really exciting when we have a seemingly great idea, although frustrating when we can't seem to raise the money.

    If you are finding it hard to raise money it is frequently a sign that something is wrong with your proposal so you need to sit back and think it through some more. Also put yourselves in the shoes of the investor. Why would they want to invest in you? A promise of a fast return without specific's isn't enough.

    Whatever happens with this idea or with others stay positive. Entrepreneurship is a long but exciting road!
     
  18. Mountain Man

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    It seems Mr. needsloan has not been back. I have a feeling that rather than earn $50,000 from an investment he was trying to get $10,000 from us as a interest free Non repayable "loan". I hop no one was foolish enough to send him money.
     
  19. Derek59

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    Good Luck!

    10k with 50k return in 2 months? Sounds too good to be true.....which would make be very cautious, and the banks are instructed to be more stricter when it comes to loans as well.
     
  20. Kay

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    Getting a personal loan and using your home (I'm assuming that's what he would need to use as that's the only property most people have) as collateral to fund a business venture is a bad idea. If it all goes sour, you lose everything including the roof over your head.

    Other banks may be worth a try as they do tweak the lending requirements every so often. That said, they all use the same type of basic formula, such as credit checks to see if you can afford to pay it back, and taking into account what's already coming in and going out every month. Every time you apply for a loan, that shows up on your credit report. All banks and lending institutions can view that. When they see you refused repeatedly by other banks, that doesn't count well in your favor either. Banks are extremely cautious, particularly now in this economy, about handing out money. It's not wise to apply to dozens at once and hope one takes you onboard.

    needsloan: rather than trying to find a way around it, I feel it would be best if you were to see past the dollar signs of projected income and look for another route to make money. Really we should almost be glad when a bank refuses a loan because they are forewarning us that we really can't afford to risk doing what we want to do.

    Either that or he was hoping someone would ask him how he gets that kind of return and was baiting people to offer to invest alongside him. I'm not totally convinced this was on the up and up either and hope no-one did.
     
    #20 Kay, Oct 25, 2010
    Last edited: Oct 25, 2010

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