MR. GARCIA - Posted by Allen

Posted by Allen on December 03, 2000 at 10:42:07:

Mr. Garcia,

I don’t have good credit due to my marriage so what are my other options? You said that I could borrow from investors at one rate and lend at a higher rate? Can you A) Give me an example transaction of this and B) Can you tell me where I would find investors that would even consider doing that with me? PS: I found out that with a $600 license in my state I can be a private lender making 30% on the first $2000, then the % goes down as the amount of the loan goes up. It goes down to 18% at the lowest. Loans over $25,000 have to be under 18%. Are these good return rates? It seems like a VERY hard business unless you have connections because with bad credit, what investor is going to lend me money at a lower rate to re-lend out at a higher rate?