Best Source/Way to get a VERY Short Term Loan

[Nir]

Hey Everyone,

What is the most efficient and safest way to get 25K-50K loan for a special project for 3 MONTH ONLY without affecting your credit score? Please note: it is required for 3 MONTHS ONLY and then the entire amount will be paid back to the lender. 10%-15% interest is fine.

Also, does such a loan affect your credit score in any way or is it not even shown in the credit report when taking it from someone like the jeweler from the funny commercial who is also known in Toronto as "I`m Russel the loan arranger... Oh Yeah!"?

http://www.citynews.ca/news/features_24595...ures_21234.aspx

Bottom line what is the recommended way to do it assuming it can not come from family or friends? THANKS.

 

[GarthChapman]

Look for a Mortgage Banker who provides loans from Private money sources. And be prepared to pay more than your quoted figures.

Information on the loan will appear on your Credit Report only if the Lender is one who reports to Equifax, Trans Union etc.

 

[Nir]

Thanks Garth.

just curious why is a known business man like Russel "the loan arranger" not a better option?

well, I guess I can call him tomorrow and find out about his process and what he has to offer ...

Cheers,
Neil

 

[RobMacdonald]

You`ll just have to see what the `loan arranger` is offering, and then shop around for the best options. Be careful of the fees, the interest rate is not the only charge in the loan from a private source. There will be generally a lot less red tape when dealing with a private lender. Your exit strategy is what is important in many cases.