Borrowing Capital

Discussion in 'Professional Trading' started by RisingTide, Jul 14, 2007.

  1. Hey finance gurus:

    Besides, Prosper (, what is the best way of borrowing $4,000?

    I don't want to use friends or family and I definitely don't want to take out a cash loan on my credit card and having to pay 25% APR.

    Banks charge prime plus another 1-5% interest making the loan around 12-15%.

    Any ideas?

  2. get a low intro rate CC? 4-5% for the life of loan doesn't sound too bad.
  3. Surdo


    What do have for collateral and what is your recent FICA score?

    el surdo
  4. My bad but, what is a CC loan?
  5. My FICA score is very good. I don't have much for collateral though.
  6. Surdo


    So when you lose the $4 Grand, how do you plan on paying it back?

    Do you have a stamp or a baseball card collection.

    Work with me, why should I "loan you" 4 Grand?

    Do you have a track record?

    el surdo
  7. sim03


    "CC loan" stands for "credit card loan".

    If your FICA score is really "very good" (care to quote a number?), why would your credit card issuer charge you "25% APR" on cash advances? :confused:

    As already suggested, maybe you should get a different, non-usurious card. That can't be hard to do for someone with a very good FICA score. Unless you happen to have little or no regular income... is that your problem?

    In any case, the first thing I'd do right now is call your CC and REQUEST (in a professional, businesslike way) their best, most competitive APR for your account. Simply tell them you're not happy with your present APR and you'll have no choice but to close your account otherwise.
  8. Yes, don't borrow to invest. You will wind up losing the money and owing the debt at high rates.
  9. djxput


    I agree ... Not only do you have the weight of your losing trades on your mind. But also the high interest credit cards also. And things tend to stack up.

    If you cant afford trading money now; imagine if you lose and then have the added burden of payments.
  10. Actually, FICA is not a score: it 's essentially your soc security tax. Your FICO is a credit score.
    #10     Jul 15, 2007