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I am an unemployed professional that when fully employed earns low six figures. The economic crash was particularly difficult on my space, which is selling technology to Wall Street. I was unemployed for 10 months, then underemployed for another 10 months, then when the company started losing money, I was back to being unemployed since October 2010. Over this time my wife and I went through our savings and then racked up high interest debt to the tune of about $25K. I have 3 very good prospects now for employment that will pay six figures again. However, this is my difficulty. Starting one of these jobs will require upfront expenses for travel and misc. expenses, that while reimburseable, will have to come out of my pocket first. And given that unemployment has kept us in a state of very real poverty, I have no money. I have no working credit card. And the payments when I am employed on 25K with interest rates as high as 28% are going to be burdensome. So given all of that, here is my question:
Is it legal to place a classified ad in a couple of newspapers that would say something like "10% Return on Your Money! Instead of paying 28% to creditors, I would prefer to pay YOU a guaranteed 10%! Contact me for details."
The details are that I am a seasoned professional with a solid work background making good money. We would work out a payment plan over a few years. I can be looked up on LinkedIn and I would be open to providing whatever documentation short of a SS# to lend credibility. I could also provide a credit report. I can't go to banks since I have little collateral and my credit rating would probably be an issue.
So again, have you heard of anyone doing this? I'm not thinking of someone helping out that would just be financially comfortable. I'm thinking about someone with a large portfolio that might want to diversify a bit and help someone out at the same time.
I am seriously thinking of doing this if I am offered a position over the next two weeks as I expect. What do you all think? Feasible? Crazy? (Also, no family/friends money available).
Thank you for your thoughts. And please, no spam responses from loan sharks, check cashers or lending companies.
Okay, so I could forget about the credit cards. My main priority is upfront money for business expenses, say $3K. I could pay that off over a couple months at most once I started to receive a paycheck. Could offer to pay back $3500 in two months. This would work out to an annualized rate of 100% if my math is accurate. Anyone think THAT might entice anyone?
Thanks.
Last edited by rvs053063; 05-10-2011 at 09:48 PM..
Okay, so I could forget about the credit cards. My main priority is upfront money for business expenses, say $3K. I could pay that off over a couple months at most once I started to receive a paycheck. Could offer to pay back $3500 in two months. This would work out to an annualized rate of 100% if my math is accurate. Anyone think THAT might entice anyone?
Thanks.
I could do it, and it would be better than I'm getting now.
But I have NO WAY of knowing how likely I am of getting mine back.
Thanks for the replay. Sure, I'd be in the same boat. That's why if I could do this from someone who would be reading a local paper, that couple could meet my wife and I and get to know us and our dog, see my work history, my wife's prayer ministry with our church, etc. etc. see that we've owned our home for 10 years, so that is why I'm thinking local classified. You do business with those you like and trust over strangers. The meet and greet I think would be critical to success here.
Thanks for the replay. Sure, I'd be in the same boat. That's why if I could do this from someone who would be reading a local paper, that couple could meet my wife and I and get to know us and our dog, see my work history, my wife's prayer ministry with our church, etc. etc. see that we've owned our home for 10 years, so that is why I'm thinking local classified. You do business with those you like and trust over strangers. The meet and greet I think would be critical to success here.
I've tried to "help out" people I KNOW similar to where you are...
Didn't end well.
You MIGHT be able to do it through someone you know, but if you have equidity in your house, title to your car, or even some more upscale jewelry....
Hmmm. Well, I do have a minivan worth about $7500 free and clear I could use as collateral for a loan. Would an agreement require an attorney, and I wonder how expensive that would be. Or maybe we just draw it up and both sign with a notary? Anybody done anything like this? Thanks.
Hmmm. Well, I do have a minivan worth about $7500 free and clear I could use as collateral for a loan. Would an agreement require an attorney, and I wonder how expensive that would be. Or maybe we just draw it up and both sign with a notary? Anybody done anything like this? Thanks.
Go get a title loan
Don't usually recomend it, but hat would be your easiest option, and if you are SURE they will repay you...
Thanks to everyone on the forum for your input. I did look into a title loan. Some don't do business in PA. Others only loan for 30 days, so that's probably not the route I'll be going.
I spoke with Citadel Credit Union who I have an auto loan with. I explained my situation and they will loan up to the value of the car. I discussed my situation, needing the money before I start a new job, and whereas he couldn't guarantee anything, he does know that they have done this in the past.
So that's what I'll be working towards. Thanks to all for your ideas.
Rick
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I'm Hoping That I've Found My Solution
