If you needed an urgent short term loan, how would you do it?

Unre4L

Hey guys, here is the story. A friend of mine works in accounting and deals with a lot of small time businesses who find interesting loop holes to pay less tax. Sometimes they dump stock at no profit and even at loss in order to utilise certain loop holes which ends up saving them money.

Im in a position where I can buy the aforementioned stock, but the problem is that they are only willing to sell in large quantities and at very short notice. Once I have the stock it can take me some time to find buyers, but the stock generally doesn’t expire.

So I need cashflow ideas. I think payday loans would suit me in these situations. Generally I can sell enough to pay back in less than 1 week. 2 weeks tops.
I need the cash fast and at short notice so paydays seem ideal.
Im not sure about my credit history but I doubt banks would help here. So Im pretty much restricted in options.
The way I see it, payday loans can be useful if you have a game plan.

so...

I would appreciate advice and which companies I should approach for the best deal.

Would also appreciate advice from you veterans on how to avoid this going chest up

Thanks in advance.

For your time, here is a kitten (standard internet trading currency)
Seems I cant post pictures...iou a kitten I guess.

suicidebob

What loopholes are you talking about?

I think you're about to get scammed. Twice over.

Unre4L

I dont get involved in the accounting. I just buy stock cheap which is shipped in from places like Hong Kong and I sell it on.
I have done this before but at a smaller scale with the same people. I just need advice on taking on short term loans.

Fruit_and_Nut_Case

Work up to it gradually. Use the profit from the last time to finance your next project.

suicidebob

Why are you posting this on MSE? Why not find some business community, bring some investors on board? I'm sure they'll be falling over you to get a piece of this opportunity.

SailorSam

If the banks wont lend you money, what about P2P. Must be better efan a payday loan.

lazer

What about an overdraft? Or a credit card low interest transfer into bank account

Gaz83

Unre4L wrote: »

Hey guys, here is the story. A friend of mine works in accounting and deals with a lot of small time businesses who find interesting loop holes to pay less tax. Sometimes they dump stock at no profit and even at loss in order to utilise certain loop holes which ends up saving them money.

Im in a position where I can buy the aforementioned stock, but the problem is that they are only willing to sell in large quantities and at very short notice. Once I have the stock it can take me some time to find buyers, but the stock generally doesn’t expire.

So I need cashflow ideas. I think payday loans would suit me in these situations. Generally I can sell enough to pay back in less than 1 week. 2 weeks tops.
I need the cash fast and at short notice so paydays seem ideal.
Im not sure about my credit history but I doubt banks would help here. So Im pretty much restricted in options.
The way I see it, payday loans can be useful if you have a game plan.

so...

I would appreciate advice and which companies I should approach for the best deal.

Would also appreciate advice from you veterans on how to avoid this going chest up

Thanks in advance.

For your time, here is a kitten (standard internet trading currency)
Seems I cant post pictures...iou a kitten I guess.

What if you can't find a buyer within a fortnight, as your original post suggests?

Lips_and_Lashes

Please don't use payday loans. You can really get into a sticky situation with these companies, especially as you cannot guarantee to repay it back on time.

Remember just because you've dealt with the same people before, it doesn't mean they aren't building up to scam you.

As post #4 says, work up to it gradually and use the profit you made last time. If you've not got the profit from last time then save before you venture into something like this. At least you'd only have yourself to pay back rather than a licensed 'shark'.

Apples2

This has irresponsible borrowing written all over it.

It will soon turn into complaints of irresponsible lending.

If you don't think your bank will help you due to your history, then you are the perfect example of someone who should not be accepted for a loan..... Any loan.

Which would be a good thing in this case to stop you getting scammed.

Vectis

Given the op's chosen name - Unreal - I wouldn't be taking his post too seriously.