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    1 Reply Latest reply on May 16, 2009 12:09 PM by phanio

    Just need some insight for a 4k loan option

    idesign Wayfarer
      Quick Overview..
      Self-Employed/Freelance for just over 8yrs 9months, business has steadily grown over the past years and average the past three years has been 46k.
      I work from a home office, have pretty much no overhead. Am debt free, poor but improving credit over the past 4yrs during a debt payoff program.
      Monthly expenses around 1350. No car loans,personal loans,etc. New bank account with BoA for the past 3months or so. All client payments and purchases are processed via paypal or googlecheckout, and some via check.
      Considering a switch to the BoA merchant thing, we'll see.

      I need to borrow 4,700 US for a car repair. A recent move to PA brought the complete failure of my Jeep engine which needs to be replaced totally. Since I need the car asap, I can't wait the 2-3 months to get it fixed and renting would be a silly waste of money. My payment plan for the borrowed 5k would be spread over 18 months or less if there were no pre-payment penalty.
      I have clients lined up through July, and have 3 clients on contract (something new I just started), steady work is not a problem, this "surprise" was just that, a surprise and not a happy one!

      so thats the deal, any insight or thoughts from the financial wizards here on the board?
      Thanks so much for your time, happy to help you anytime in the future with anything you may need!
        • Re: Just need some insight for a 4k loan option
          phanio Pioneer
          I would suggest the follwoing:

          1) An easy to get credit card - like capital one.
          2) peer-to-peer lending - where members borrow and lend to each other - for things like this.
          3) Title loans - based on your car's title.
          4) Friends and family

          We list information and resources regarding several of these on our website.

          Once you get something in place - may want to focus on re-building your credit so that if a situation like this arises again - you will be prepared.


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