Need Cash Quick--any Ideas?
I need about $20,000 to pay off a contractor--we obviously went well over budget. I have money coming in from a HELOC but it will be a few more weeks and I want to pay him now as he is getting increasingly anxious.
Any ideas for getting a loan like that quickly?
Thanks in advance.
Have you tried a line of credit or a personal loan at the bank?
You may want to try Bank of America for your HELOC. If everything is in order, they can do it in a matter of days. They are also pretty good for unsecured lines of credit.
Washington Mutual set mine up in 72 hours. All you need is good credit and equity. Supposedly the decision for credit is made by the bank manager in the branch. Good thing I am very friendly with my branch manager.
Ever since I opened it and he knows I am a investor, he bends over backwards to make me happy.
Do you have $20K in CDs, a brokerage account, or an IRA? If so, talk to your banker about using your CDs to secure your loan, or pledging your brokerage/IRA accounts for the amount you need.
I did this for $25K in CDs I have at my local bank and walked out with an additional $25K in my checking account about 30 minutes after I applied for the loan. Since my loan was fully secured by cash equivalents on deposit at the bank, I got my loan without a credit check and without income or asset verification. The loan process was only as long as it took for the branch manager to fill in some forms print them out, have me sign them, and deposit the funds into my checking account.
BTW, the interest rate spread between what I was earning on my CDs and what I was paying for my personal loan was only 3%.[ Edited by NewKidInTown3 on Date 08/15/2007 ]
Both great ideas. Thanks.
I am hopefully getting a loan now with B of A--keep your fingers crossed for me!
Just an update--we close on the loan with B of A tomorrow. Thanks for your help, everyone!
Get an American Express blue card. 0% Interest for the first 15 months and if you call them they will usually increase your limit to $25k with no hassles.