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| *Loan,banking and credit>>>credit line |
I was just approved for a large line of credit from my bank.? |
I would like to find an investor or small biz partner to loan some money to. My interest is 12% on my line of credit. How much should I ask in return or should I just keep the credit line for a rainy day? You would have to loan the money out a rate of at least 15% to make much money on it. Businesses/people who are willing to borrow at 15% aren't the type of people you want to be lending to, if you are borrowing the money yourself. The prime rate is now 8.25%. Most businesses/people who are likely to pay back the money would be able to get a loan for somewhere around prime, up to prime plus 3% (11.25%), depending on the size and length of the loan. Would you be able to pay the payments if the borrower didn't pay their payments to you? And not just for a few months, but for the life of the loan? If not, you should not borrow to lend money out. Keep it for a rainy day unless you have so much money and are CERTAIN that an investor can afford to pay you back, at the amount that you want, in the time frame you decide. dont you think you should save it and pay off debt. but its your life and if you get into deeper debt with the bank it will be your problem. You better file it in the round file and forget it. I know a man that borrowed 350,000 invested it for %15 even though he was paying %2.5. only problem the company he invested in declared bankruptcy three months after they got his money. This smart guy borrowed this money from the federal Gov. on a crop disaster loan now he is paying the price. |
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