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Help securing a $63,000 loan

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Mason

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Hey everyone, I am trying to secure a $63,000 personal loan for an investment. I have been applying online but I can't get anyone to give me a loan and I am not sure why. I have a credit score over 750, I have paid off 4 loans worth 20K or less in the past few years, My income is roughly 120K-240K a year. (Consistent contract work) Are there any alternatives or somewhere else I can look to get this big of a loan? The payments that I am seeing are a $1,000 a month or a little more. I can easily do that with my income and I have very little expenses in my month to month life, but nobody will give me a loan. I am lost. Any help would be great. Thank you!
 

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Lucky Lu

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Hey everyone, I am trying to secure a $63,000 personal loan for an investment. I have been applying online but I can't get anyone to give me a loan and I am not sure why. I have a credit score over 750, I have paid off 4 loans worth 20K or less in the past few years, My income is roughly 120K-240K a year. (Consistent contract work) Are there any alternatives or somewhere else I can look to get this big of a loan? The payments that I am seeing are a $1,000 a month or a little more. I can easily do that with my income and I have very little expenses in my month to month life, but nobody will give me a loan. I am lost. Any help would be great. Thank you!
 

biophase

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Hey everyone, I am trying to secure a $63,000 personal loan for an investment. I have been applying online but I can't get anyone to give me a loan and I am not sure why. I have a credit score over 750, I have paid off 4 loans worth 20K or less in the past few years, My income is roughly 120K-240K a year. (Consistent contract work) Are there any alternatives or somewhere else I can look to get this big of a loan? The payments that I am seeing are a $1,000 a month or a little more. I can easily do that with my income and I have very little expenses in my month to month life, but nobody will give me a loan. I am lost. Any help would be great. Thank you!

Try lightstream.
 

Mason

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Try lightstream.
That was the first place I tried and where I usually get my loans. But they didn't let me.
There has to be something weird going on....

This isn't for real estate or anything of that nature. I would have to take out a personal loan for this.
I just can't find anyone who will give it to me.
 

BusinessInShorts

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Jan 20, 2019
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Hey everyone, I am trying to secure a $63,000 personal loan for an investment. I have been applying online but I can't get anyone to give me a loan and I am not sure why. I have a credit score over 750, I have paid off 4 loans worth 20K or less in the past few years, My income is roughly 120K-240K a year. (Consistent contract work) Are there any alternatives or somewhere else I can look to get this big of a loan? The payments that I am seeing are a $1,000 a month or a little more. I can easily do that with my income and I have very little expenses in my month to month life, but nobody will give me a loan. I am lost. Any help would be great. Thank you!
I'm not sure I understand that correctly. You have such a high income and mention that you have low expenses. Why can't you foot the $63k yourself? I mean with that income you should be able to put 30k aside a year and I'm assuming you did not just reach that income this year.
 

Mason

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I'm not sure I understand that correctly. You have such a high income and mention that you have low expenses. Why can't you foot the $63k yourself? I mean with that income you should be able to put 30k aside a year and I'm assuming you did not just reach that income this year.
I leverage everything. I don't out right pay for almost anything.
I always try and get some liquid capital, and then use OPM to get me in the door.
I but 90% of what I make into investments. I currently don't have 30K sitting anywhere I can get to it.
My thought is that if I put in investments over the last few years, it'll pay off big in the coming years.
I use what liquid capital I have just to pay monthly on loans until I can pay them off entirely once my investments go up.
 

BusinessInShorts

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I leverage everything. I don't out right pay for almost anything.
I always try and get some liquid capital, and then use OPM to get me in the door.
I but 90% of what I make into investments. I currently don't have 30K sitting anywhere I can get to it.
My thought is that if I put in investments over the last few years, it'll pay off big in the coming years.
I use what liquid capital I have just to pay monthly on loans until I can pay them off entirely once my investments go up.

I get it, but I think that if you have a good plan to pay back the loan and it goes towards something that a bank can understand, it shouldn't be a problem to secure it. Additionally, I still feel that if it's possible it makes sense to keep a certain amount of money saved up in case of basically anything. As well as if you need it for investing.
 

Mysterious

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I am not US citizen, but you said your income is from contract work and between 120k-240k. Is your income structured as self-employed or are you worker under your own LLC or whatever correct legal term is for a company in the US?
From my experience in Europe, nobody likes to give loans for real estate or personal loans from very volatile incomes like yours, even it is high, because it means that income could go also below 100k very fast. Banks like stable incomes.
I will use Real estate mortgage as an example. You can get better deals from banks if you have 10k a month income from your own LLC, where you pay yourself 10k every month for 2 years. And the rest of it you pay yourself in dividends. You can get really good mortgage rates using this technique, so maybe this can work for personal loans too?
So if you are self-employed, maybe change legal structure? I am not attorney or certified financial advisor, so you should check with yours in the United States.
 

Lucky Lu

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Can you provide a little more details regarding the investment you want to make? Maybe that will clarify the struggle on getting funding for it and we will be able to assess the potential better.
 

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Mammoth

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Some lenders will do it if you are a sole prop. and have business bank accounts. If your income is just coming from you though it makes the file risky, thus high interest unfortunately, and a short term.

PayPal and AMEX have tightened up on lending at the moment, but worth a shot if you haven't tried them yet.
 

BBobby

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like someone else said, perhaps one of your credit card companies you've been using for years and paying off consistently? or the same idea just with a bank you've been with for a while

otherwise - credit union?

2 private loans for 30k each? mom/dad/uncle/friend etc.

do you own a home? HELOC?
 

WJK

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I leverage everything. I don't out right pay for almost anything.
I always try and get some liquid capital, and then use OPM to get me in the door.
I but 90% of what I make into investments. I currently don't have 30K sitting anywhere I can get to it.
My thought is that if I put in investments over the last few years, it'll pay off big in the coming years.
I use what liquid capital I have just to pay monthly on loans until I can pay them off entirely once my investments go up.
Yuck. In my mind, you're setting yourself up to fail. I knew a bunch of people in the RE business did this same thing in 1980s. They were into OPM for all of their deals. They laughed at me because I wasn't into that leverage. Then the market fell apart and they end up with the hats in their hands in bankruptcy court. They lost everything. But, what would an old girl like me know about high finance?
 

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