Financial Channel

Hi financial gurus,
I've been reading very good advice here since a long time. Finally decided to pose a question of my own.
I'm looking to borrow approx. 80K for a short term... say 1 year or max 1.5 years.
Which is the best way to go about this? I do not have any house in my name, my car is not worth much. But I always pay my bills on time and I have a good credit record.
Suggestions on types of loans or any particular bank(s) that I should check out?

Thanks in advance.

80K will require some kind of collateral ... what's the money for?

If you are planning on investing the 80K in the markets, you picked a bad time to do it.

Not for playing stocks.
I need it for a partnership venture with a friend. Will the bank require me to tell them what it is to be used for? I mean will the rates change depending on what I am going to use my loan for?
It's nothing illegal, just a one time chance to make some money.

Thanks for quick responses.

Hell yes they will want to know. They don't just through cash out the door. 80K is a tonne of money, and with no collateral you better hope you have a steady history of income.

Good luck

Ohh, very tough. If you're going into an investment and require a loan from a bank, you will have to try and prove to them that you can handle the monthly payments, do not require this venture to earn money, as well as you would have to have some collateral and make sure they dont lose their money. The only other solution could be try to get a Line of Credit from ING for $50k if your credit is very good as you do not have any collateral, and come up with the difference. If you borrowed $80k from lines of credit/credit cards, you'd be roughly paying $2400 a month based on 3% minimum payments. You would not get approved if you just walked into a bank and requested a loan for that amount if you were not fully prepared to show them all the info of why you wanted that loan, repayment time period, etc.

Hmm.. I see.
Well, my annual salary is about 40K.
My first time looking to get a loan. Thanks for the heads-up. I will have to look more into this - preparation wise.

How about your parents / relatives?

You mean as collateral? I don't think so. They have their own mortgage to pay.

Hmmm... looks like I may have to rob a bank. Any good deals around here for fake guns?

Then you'd have made $80k profit + the profit from your business venture. Good plan. To bad the cons extremely outway the gains, but I assume this is based on how you look at it.

I know the feeling of being in a great position to make money from a good deal but sometimes they gotta pass by. Take the opportunity to start building on a smaller scale if you cannot get in on a bigger scale. Atleast you will gain experience along the way and make some money and if you lose some, it won't be as huge. Or you can try to pool together a bunch of other investors willing to be part of it and take a small percentage of their gains. Of course this should be disclosed to them upfront.