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.