Need a short term $20,000 loan

[jtr1962]

I have some bills which need to be paid very soon. I'm looking for a $20,000 loan which can be repaid within about 3 or 4 months at most, but more likely within a few weeks. So far I've been rejected by all the online borrowing places I've tried. Can anyone help, either by loaning me the money, or referring me to a place where I'm likely to get approved for a loan? I'd prefer it if the loan can be in USDC so I can pay the people I owe right away. They all accept cryptocurrency as payment.

As for collateral I have my retirement accounts in the event the planned sources I have to repay the loans don't materialize. I can send anyone willing and able to loan me the money screenshots of my account balances.

 

[Handruin]

If you're in desperate need of that money why not take it from your retirement account as a hardship distribution?

 

[jtr1962]

If you're in desperate need of that money why not take it from your retirement account as a hardship distribution?

Because it's silly to pay income taxes on a short-term loan. And I'll get a hard-time from my financial manager.

Long-term taking $20K out now could mean $100K less or more I'll be able to withdraw from the account over my lifetime. The additional income on my taxes will also increase my student loan payment. I'm on income-based repayments now. My payments have been $0. They won't be if I withdraw $20K.

There are three parts to this loan. I owe $14,700 to one person, $2,700 to another, and I need the rest to pay my real estate taxes by the 30th. I've been doing a new project with someone but he's having cash flow problems. He still owes about $2,700. No idea when I'll get it.

I lost 80% of my last project to the tariffs or I wouldn't even be in this position.

 

[Handruin]

I guess I was trying to asses and understand why the prospective people who may loan you $20k would take on that high risk. If you default on repayment and are already reluctant to use the hardship withdrawal mechanism, how will that person even get repaid in 3-4 months? If no credible institution will loan you this amount, what amount of interest is reasonable to request for a high risk loan? 25+%?

If you are in a hardship now, worrying about a future unknown potential growth is a confusing situation to me. Doesn't matter to me what a financial manager would say (I don't value their perspectives), especially if they are made aware of whatever situation you're in and cannot secure this $20k for whatever purposes you plan to use it for.

 

[jtr1962]

I guess I was trying to asses and understand why the prospective people who may loan you $20k would take on that high risk. If you default on repayment and are already reluctant to use the hardship withdrawal mechanism, how will that person even get repaid in 3-4 months? If no credible institution will loan you this amount, what amount of interest is reasonable to request for a high risk loan? 25+%?

What hardship withdrawal mechanism are you referring to? I looked it up and the only thing I found was that they waived the 10% early withdrawal penalty. That's not even applicable in my case since I'm over 59 and a half.

How will that person get repaid in 3 to 4 months? I will have income from the new project by then, and probably also money from my crypto investment. The initial order for the new project is 50 units at $500 profit each. The units are mostly built. My friend just has to start selling them now.

There are two other mechanisms by which I may also get more money by then but I'm not at liberty to discuss them right now. Those mechanisms would be how I can repay the loan within weeks, not months.

I'm willing to actually pay 50% interest on a loan like this to compensate for risk given that my returns from the two mechanisms I just mentioned will be about an order of magnitude higher.

Online loan places go by income, not just credit rating. I suspect this is the reason they rejected my loan application.

If you are in a hardship now, worrying about a future unknown potential growth is a confusing situation to me. Doesn't matter to me what a financial manager would say (I don't value their perspectives), especially if they are made aware of whatever situation you're in and cannot secure this $20k for whatever purposes you plan to use it for.

It takes about two weeks to get any money out of my retirement account so it's moot. I need it much sooner than that. The retirement account is a long-term option to repay any loans should none of the things I just mentioned materialize.

If nobody can help that's fine. It took a lot of soul-searching to even make this post but my other options are all exhausted and I'm almost out of time.

I'm sorry if you might think I'm a scammer. I'm not. Remember I was scammed out of $260,000 myself last year. I know how it feels. My financial manager doesn't know I was scammed and I prefer to keep it that way.

 

[jtr1962]

$2,700 is more important right now than the rest. The $2,700 might get me all the rest of the money I need.

 

[jtr1962]

BTW, I tried for a loan on Candlepowerforums about two months ago and all I got was ridicule. If nobody wants to help that's fine but please don't ridicule me. I've had enough bullshit over the past 8 or 9 months to last a lifetime.

 

[Handruin]

I'm sorry if you might think I'm a scammer. I'm not. Remember I was scammed out of $260,000 myself last year. I know how it feels. My financial manager doesn't know I was scammed and I prefer to keep it that way.

I wasn't thinking that you are a scammer. I am just risk intolerant when it comes to most financial things. Part of assessing risk means obtaining more information to understand better. I'm also an engineer, so pre-planning multiple scenarios and considering multiple outcomes is just part of my nature.

All that said, since you have a financial manager, my recommendation is to have a heart to heart to disclose your situation. The reason people pay for financial managers is to navigate complicated scenarios like this to come up with creative solutions. I have trouble understanding why you wouldn't discuss this with them since you pay for their advice. If you don't value their advice my recommendation is to stop paying them either directly or as part of a percentage of your assets.

 

[jtr1962]

I wasn't thinking that you are a scammer. I am just risk intolerant when it comes to most financial things. Part of assessing risk means obtaining more information to understand better. I'm also an engineer, so pre-planning multiple scenarios and considering multiple outcomes is just part of my nature.

I can provide a little more detail about what I need and why:

$2,700 will result in a return of $60,000 for me if successful
$14,700 will result in a return of $209,420 for me if successful

Right now $2,700 is more important because if that part is successful I have enough money to go through with the second part. Note that what I I stand to gain here isn't profit. It's simply a return of some of the money I was scammed out of. As for how and why I was able to get these arrangements, let's just say I've been using a lot of coercion, along with calling in a few favors, on the people who scammed me. When people no longer feel safe in their world they suddenly become a lot more cooperative.

For anyone able and willing to loan me money, there are two scenarios, each with different terms. You mentioned being compensated for risk. I will do that if your money is genuinely at risk. There's a possibility one or both of the above "deals" won't go through. So here are the terms:

You can loan me money under a no risk scenario where you'll definitely get your money back within a few months regardless of what happens. I'll first try to repay using my earnings. If I don't have enough by, say, the beginning of next year I'll repay the balance from my retirement accounts. I'll pay 12% interest from the time I receive the loan until I repay it. For example, if I'm loaned $14,700 and repay 4 months later you'll receive $15,140 back.

The second scenario involves real risk to your principal but potentially much higher returns. If I successfully get paid you get twice your money back. If I don't you lose the entire amount.

Right now I'm only taking a loan for the first situation-$2,700. If it's successful I won't need a $14,700 loan for the second. Anyone who loans me $2,700 under the no risk scenario gets the money returned to them within about 4 months regardless of what happens, plus 12% interest for however long I'm using the money. If you choose the second scenario, you get back $5,400, possibly within a week or two, if I successfully get the $60,000 promised to me. If I never get it, you lose the money.

Lastly here's a screenshot of my Chase accounts to prove I have the money to repay:

 

[jtr1962]

All that said, since you have a financial manager, my recommendation is to have a heart to heart to disclose your situation. The reason people pay for financial managers is to navigate complicated scenarios like this to come up with creative solutions. I have trouble understanding why you wouldn't discuss this with them since you pay for their advice. If you don't value their advice my recommendation is to stop paying them either directly or as part of a percentage of your assets.

To do this would ruin any trust he has in me. Last November I did a $135,000 rollover to cover part of the fees the fake investment platform wanted to unlock my account. Of course since they were scammers they would never unlock my account no matter how much I gave them but I didn't know this at the time. I told him the money was for partial payment of the house to my brother and sister, and that I would cover the rollover within 60 days when I got paid the settlement for my bike accident. In truth I had already been paid my settlement several months earlier. When I realized I would miss the rollover deadline and be forced to pay taxes on it, I used the money in my brokerage account to cover it. At the time I had over $180,000 in that account. Yes, there were still taxes, but just long-term capital gains of about $30,000. In my tax bracket this will only result in about $2,500 in additional taxes, not the $40K or so in taxes if I was unable to cover the $135,000 rollover. He wasn't happy about this because it meant $135,000 less invested with Chase. He locked withdrawals from my retirement accounts until January of 2027 so I couldn't pull another stunt like this.

The bottom line is I lied to him with a straight face. I told him my settlement was delayed, so we had to cover the rollover using my brokerage account. Chase doesn't like cryptocurrency. I fear had I told him everything they might have dropped me as a customer.

 

[Handruin]

I understand you're in a tough situation with all this. I also understand that your intents are to get to a better situation through whatever creative means are possible to you.

Here's where I have to be clear that based on how I manage risk and finances, I could not consider this loan based on what you've shared.

You have a financial manager that you elected to have, and pay for, but won't use their advice. Even more so, you have actively admitted to lying to them to get to your end goals. I wouldn't want to risk you lying to me in the future as you navigate yourself through other financial situations that may happen because I don't think you would want to lie and I wouldn't want to be in that position.

My simple logic here is, if you're willing to lie to a person you chose to hire, in order to manage your assets, can you understand my sincere apprehension for the future possibilities of this?

 

[jtr1962]

I understand you're in a tough situation with all this. I also understand that your intents are to get to a better situation through whatever creative means are possible to you.

Here's where I have to be clear that based on how I manage risk and finances, I could not consider this loan based on what you've shared.

You have a financial manager that you elected to have, and pay for, but won't use their advice. Even more so, you have actively admitted to lying to them to get to your end goals. I wouldn't want to risk you lying to me in the future as you navigate yourself through other financial situations that may happen because I don't think you would want to lie and I wouldn't want to be in that position.

My simple logic here is, if you're willing to lie to a person you chose to hire, in order to manage your assets, can you understand my sincere apprehension for the future possibilities of this?

I understand. Hopefully someone else here can help then.

I explained my reason for lying to my financial advisor. If I told the truth it's entirely possible Chase would dump me as a client and my finances would be a complete wreck.

There's no help I can get from my bank anyway. Chase doesn't do personal loans. I already asked about that. This would have been the ideal solution to my problem. Also, the only reason I'm asking for a loan now if because my real estate taxes are due in less than three weeks. If I get paid any money for the project I'm doing before then I have to put that money towards the real estate taxes. I need loans for any expenses beyond that.

This has been a perfect shit storm. After I got scammed I lost most of the business from my last project due to the tariffs, and one of our former customers copying our design. After that my bank account gradually got drained paying the bills. Now I have just enough left to pay this month's electric bill. Never mind next month. I hope I can get paid enough for the current project this month to at least cover the taxes.

$2,700 isn't much money by most standards. If the tables were turned, I had the money, and someone here needed it, I would loan it without hesitation, but that's just me. In the past I loaned over $6,000 to a friend twice. No promissory notes. I also was worth far less at the time. But again that's just me. I trusted him enough that he would repay, which he did.

I would consider starting a GoFundMe but I'm almost out of time.

I'm also rather disgusted how I've been going around screaming for help for the past few months to anyone who might be in a position to help and nobody was willing. This included a person who still owes me $9,000 for design work for a project years ago which didn't sell as well as we had hoped. That doesn't say much for the human race.