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Bank loan for traders

  • #61
  • Sep 10, 2012 11:20pm Sep 10, 2012 11:20pm
Quoting Forexnuts
We are all wondering about the same thing - talk about throwing down your entire pay into the wishing well..

More than a few have seen an opportunity and gone to their buddy at the next bank over for an "investment loan." Say 30K... Couple months or so 30k is paid back with the profit in pocket.
Do your time and enjoy the ride...
  • #62
  • Sep 12, 2012 12:34am Sep 12, 2012 12:34am
Quoting Good Fortune
More than a few have seen an opportunity and gone to their buddy at the next bank over for an "investment loan." Say 30K... Couple months or so 30k is paid back with the profit in pocket.
I want some..the damn luck others have with their friends - the moment I try to touch one for a lousy $5 for a burger, they start running for the hills. I need friends like the sort you refer to..smh and feel free to post bank info we would love to know any particulars about the lending agency/bank/friends etc.
  • #63
  • Sep 12, 2012 12:18pm Sep 12, 2012 12:18pm
Quoting Forexnuts
I want some..the damn luck others have with their friends - the moment I try to touch one for a lousy $5 for a burger, they start running for the hills. I need friends like the sort you refer to..smh and feel free to post bank info we would love to know any particulars about the lending agency/bank/friends etc.
Doesn't quite work that way. The guys I know of that did/do this deal with people they know. Could be old buddies from a Bachelor Club group that happen to both be in banking together. They see each other at social's and their girlfriends or wives now know each other. Just a ton of ways to meet people and deal. Just wanted to show what is possible and out there. Even if you don't have access to this opportunity exactly be open minded to possibilities... You are thinking along lines others have thought of and found a way to make happen.
Do your time and enjoy the ride...
  • #64
  • Sep 13, 2012 12:29pm Sep 13, 2012 12:29pm
Nuts! really wish someone would post a "go and ask for $200, you'll get it right away" sort of signpost..but on a more serious note, wouldn't getting a loan be more of an issue especially if the amount in question is huge as opposed to a small loan? Wouldn't the financial institution ask for a collateral of some sort? Just curious..
  • #65
  • Sep 13, 2012 6:53pm Sep 13, 2012 6:53pm
I have used my Line of Credit to boost my account size temporarily when I have run low on margin to take all of the trades I have wanted to take. It has paid off. You have to know what you are doing though.
  • #66
  • Sep 14, 2012 12:42pm Sep 14, 2012 12:42pm
Quoting Forexnuts
Nuts! really wish someone would post a "go and ask for $200, you'll get it right away" sort of signpost..but on a more serious note, wouldn't getting a loan be more of an issue especially if the amount in question is huge as opposed to a small loan? Wouldn't the financial institution ask for a collateral of some sort? Just curious..
Depends on the amount and who is asking. How high up the chain your lender is. If it's a small bank or even a large one and your guy is the Pres or Chief Loan Officer he can do what he wants in many cases...
Do your time and enjoy the ride...
  • #67
  • Sep 15, 2012 1:02am Sep 15, 2012 1:02am
Quoting Good Fortune
Depends on the amount and who is asking. How high up the chain your lender is. If it's a small bank or even a large one and your guy is the Pres or Chief Loan Officer he can do what he wants in many cases...
Not too sure, while a bank pres may enjoy a certain amount of freedom he would still have to account for the funds. In other words, there's a certain degree of accountability and this is exactly why the housing bubble impacted on quite a few banks all over the US..
  • #68
  • Sep 25, 2012 2:58pm Sep 25, 2012 2:58pm
Quoting Fx93
I'll resurrect this thread to say that Prosper.com and LendingClub.com avoid the banks (not sure if they are just US based, probably).

http://www.doughroller.net/p2p-lendi...nterest-rates/

I had excellent credit and just got a loan for $2k from prosper.com. It worked out to just under 20% for 3 years. I am going to put an ea on it that backtests well for 10 years and see if it beats the 6.6%.

Say I push the risk and get 50% AAR. My 2k grows into $6750. If it grows above $2400...
I went through the motions with lending club and they would give me a loan 3% cheaper than prosper above. Still, 17% is $340 for every $2k, so it is rather steep. It might be better to just get another job and work your ass off to raise start up capital for a while. However my Ea's are off to a good start and are already up $175 of the $400 I need to BE in a little over a month. Since I have 3 years to make the $400 it should work out fine.
  • #69
  • Sep 26, 2012 3:33pm Sep 26, 2012 3:33pm
Quoting Forexnuts
Not too sure, while a bank pres may enjoy a certain amount of freedom he would still have to account for the funds. In other words, there's a certain degree of accountability and this is exactly why the housing bubble impacted on quite a few banks all over the US..

Sure. That is what a personal guarantee is for. The guy guaranteeing has enough capital, but it's a quick deal without all the recording fees, and closing costs...
Do your time and enjoy the ride...
  • #70
  • Oct 1, 2012 10:33am Oct 1, 2012 10:33am
In Germany you would need to show that you have a steady income as a self employed person for about 3 years. I personally don´t go for bank loans.
  • #71
  • Last Post: May 31, 2015 1:46am May 31, 2015 1:46am
Its nothing more than silly idea... as Forex it self is a Risky market & on top of that loan is also another risky things that will add more burden on your shoulders...

btw, how much ROE you think you will accrue in 1 month time period?
It is the dust where you came from & it is the dust where you shall return
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