Just got off the phone with cashcall.com. They said they need a paycheck stub also to prove proof of income. I told him that I don't have paycheck stubs or proof of income and I need the money to fund daytrading because that is how I make my living. But he laughed at me and said I need a paycheck stub for proof of income because they want to make sure I can pay it back. I have excellent credit and he still wouldn't do it. And I was willing to pay the 56% interest rates.
what kind of living are you making if you need to borrow money from loan shark outfits?how much money are you trading with now?
This thread is scary - get a job, save some money, and trade again when you are more financially secure.
Everyone is going to need a paycheck. There's just no way you're going to get a loan at decent rates from anyone for anything without proof of steady income. You might know you're a decent person, but the money lenders just don't factor that into their considerations, and there are plenty of people who aren't. If you need to refuel, I'd say get a part-time job. Good luck, JJ
That may be easier for some people than it is for others, so don't be to quick on the trigger. Nevertheless, that trading should only be done with money which easily put at risk is the very first rule of good trading, so if really want to do it, you should earn it P. JJ
pumpkinhead, This all sounds like a bad idea for you, but here is a way. You said you have good credit, so you must be getting credit card apps in the mail or balance transfer offers from your existing cards. Just take out a cash advance or use one of those checks they send you. After you do that, transfer the balance to a new credit card or one of yours that offers like a 4% or 5% life of balance transfer rates. Although I just told you a way to do it, I suggest you don't get a loan to daytrade with. Especially, if you don't have an income or any other money. Bad, Bad Idea.
Where are the "real" loan sharks? Makes no sense that these online lenders will finance somebody without a paycheck job to play the horse races but they won't loan me money to trade the stock market without a paycheck job. They don't understand that daytraders have no paycheck job. Stock market is a better bet than horses. A "real" loan shark is what I need.
Why don't you show the lenders all your proof that you are going to make lots of money daytrading and then maybe they will loan you the cash?
Don't take a loan, don't. You are breaking the fundamental laws of trading........don't trade with money you can't afford to lose. Trading is a game of psychology, you have just increased the stress factor greatly IMO. :eek: I don't advocate doing this, but if you must search google for hard money loans, it's legalized loan sharking from what I have heard and read.