Seeking and appeal to buddies

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#1
I am currently paying high interest rates for credit cards and wanting to seek help from investors as below; please guide and let me know for any shortcomings, this is a genuine request pleaseee

Loan Sharks please excuse.......

I am making this appeal to help myself consolidate my debts as I am paying huge interest rates for my loans.

I am paying high interest of around 24% on my CC and Overdraft loans, I would like to cutdown interest rates down so my monthly amounts can pay principal amount and I am out of debt soon.

I request generous people out there to help me get out of this situation, I will be grateful to you all my life.

My offer is as follows:
I want to borrow SGD5000 and pay monthly installment of $ 450 for 12months.
So, In summary, after one year you would get 5400.
I agree to pay around 8% interest per annum for the amount I borrow.
I am ready to sign a contract with above terms.

Snapshot:
Loan amount : 5000
Monthly Installment : 450
Principal repaid : 400
Interest :50
Tenor : 12 months
Total amount paid : 5400

Additional inforamation:
I am PR with good job in a MNC with decent salary and still under manageable financial conditions.
I am not ready to pay anyother fees, charges, etc.
I am ok to sign a contract for one year with clear terms as above.
No negotiation on interest rate as that is something I can afford

Any other suggesstions and advice are most welcome

Please send me a mail @ swissfun99@yahoo.com for further discussion.
I can meet in person to discuss.
#2
Talk to Credit Counselling Singapore (CCS). They can help you to negotiate with the banks e.g. to convert the balances into a term loan with a lower interest rate and monthly repayment.
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I do not give stock tips. So please do not ask, because you shall not receive.
#3
agree with d.o.g.

in addition, if i were u, i wld take on a second job to try to pay off the loan doubly quick.
#4
Based on $5000, at 24% interest, the difference in payment is around $30. I am sure that with a manageable finance and a decent job, you can pay the difference. A ready-credit or similar loan at 12% will reduce the monthly amount to $444/mth. Better than the one that you are asking for.
#5
(19-05-2013, 07:28 PM)NTL Wrote: Based on $5000, at 24% interest, the difference in payment is around $30. I am sure that with a manageable finance and a decent job, you can pay the difference. A ready-credit or similar loan at 12% will reduce the monthly amount to $444/mth. Better than the one that you are asking for.

CC interest is compounded monthly, while the offer's interest is flat.

I agree with d.o.g., CCS approach should be the most work-able solution at the moment.
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
#6
(19-05-2013, 07:44 PM)CityFarmer Wrote:
(19-05-2013, 07:28 PM)NTL Wrote: Based on $5000, at 24% interest, the difference in payment is around $30. I am sure that with a manageable finance and a decent job, you can pay the difference. A ready-credit or similar loan at 12% will reduce the monthly amount to $444/mth. Better than the one that you are asking for.

CC interest is compounded monthly, while the offer's interest is flat.

I agree with d.o.g., CCS approach should be the most work-able solution at the moment.

Ya, this is based on 2% monthly interest.
#7
from the way the post was drafted, i bet it is a scam...
i hope fellow buddies won't fall into it...plus he is a PR here, if realli wanna lend, pls get hold of some collaterals
#8
Actually it is illegal to lend money without a licence. Doesn't matter if it is loan shark rate or not. the sign contract means nothing to the law, just confirms the illegal transaction!
#9
(19-05-2013, 08:23 PM)Jacmar Wrote: Actually it is illegal to lend money without a licence. Doesn't matter if it is loan shark rate or not. the sign contract means nothing to the law, just confirms the illegal transaction!

Yes, agree.

Strictly base on business sense
- 8% interest income for non-secured loan is too low.
- unknown credit rating is too risky
- the amount is un-justifiable for any debt-collection effort if default

Furthermore it is illegal.

So this route is definitely not workable. My apologies if it sounds too mean...
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
#10
This is not a forum for solicitation of loans or funds. I must warn the forumer not to repeat such activities or a permanent ban will be imposed.

As forumers here had already advised, consult CCC for proper advice on how to manage and restructure your debts.

There shall be no more solicitation of loans or funds here as practise is not legal.

Thank you.

This thread will now be closed.
My Value Investing Blog: http://sgmusicwhiz.blogspot.com/


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