Like many, I’m one of those people who paid their way through college with the collective funds saved up from hard work, student loans, and yes, a lot of credit cards. Back in those days (2002 to 2006 era to be exact), you could get a student loan, or be approved for a credit card faster than you could get one of the many quick loans or business loans available. To be totally honest about it, I chose to live in a very nice condo in an even nicer part of Miami which I couldn’t really afford; I was ok with that. At the time, I had never lived in a place like that before.
So in a world of instant gratification, why not? I always had the mindset, I’m not going to work some low level low paying job while trying to cram for an exam when I can just borrow the money. The little bit of money I could have made back then would not have made a dent in my finances; but it would have made dent in my GPA.
I thought it much wiser to just borrow the money and then pay it back after graduation when I’m making more of what I’m worth? So not wanting to work full time during my last year in college, I borrowed hard, studied hard, and partied even harder. I enjoyed every minute of it and wouldn’t change a thing. On the downside, however, I was left with sizable amount student loan debt and even worse–revolving credit card debt.
Well, my salary after college was much more effective at paying off my debt; although, I’m still chipping away at it. The thing is, I’ve always been an entrepreneur at heart. So later on, when I found an internet business to invest in and was needed funding, this credit card debt came back to haunt me. You see, I have a phenomenal history of paying my debts on time and never missing payments. The problem is, many of my debts are revolving debts which kill your credit score, especially if the ratio of revolving debt to credit is not favorable. Every conventional institution would always tell me, “We love how you pay your bills on time every month but we hate the kind (revolving debt, aka, credit cards) of bills you paying. Adding to this, there are not millions of lenders dying to administer unsecured personal loans for investors in biz ops.
Well, after meeting defeat many times with conventional institutions and some modern day loan sharks, I decided to look into quick loans and internet business loans. I ran across an offer from NetCredit; and to my surprise, I was approved instantly for one of their unsecured personal loans. The money hit my bank account the same day I applied. So what’s the catch? Just one–my interest rate is much higher than a conventional loan and many credit cards. And for that, I’m not the least bit bitter NetCredit is making so much off of me. They are taking a substantial risk in funding my business when no one else would. For that reason, I want to recommend you only take out a loan with NetCredit if you can pay off the loan early or you need immediate investment capital and stand to bank a huge profit. This is not the kind of loan you want to take out and pay on for the next 5 or 10 years. This is the kind of loan you take out if you strictly need to leverage someone elses money and the end payoff justifies the cost. In my case, the end payoff did and does justify borrowing this kind of loan. And as long as you are responsible and honest with yourself about the risk benefit, you can’t go wrong should you borrow from this lender.
While navigating all the quick loans and business loans out there, one thing I was very careful about was making sure their were no prepayment penalties if I paid this loan off early; and with my loan from NetCredit, there are none. If you have a reasonable expectation of being able to pay off the loan within a year or two–and it will help you finance something that can either enhance your financial position or dramatically enhance your quality of life–I would say go for it. Just to be upfront, I will make a commission when you apply for this loan; however, it has no bearing on your interest rate or fees. The thing that set’s me apart from some other affiliates promoting this same offer is I am actually a customer of NetCredit and I can personally vouch for their professionalism and ease of the application process. Loan amounts range from $1,000 to $10,000. I borrowed the max.
And if you’re curious why this internet business was and still is worthy of my investment, join my mailing list. You will get an ebook that will explain how you can profit online and what the tools and primary vehicle (MOBE) I use to drive in the internet profits.
It came to my attention recently that this lender does have some higher interest rates than what I initially understood. I just happened to qualify for their better rate (and my credit score is far from perfect); therefore, in an effort to be responsible, transparent, and provide you the best information I can, here is what I think you should know.
Apparently, if your credit is really bad, you could get a higher interest rate (up to 200%). When you apply, they will inform you of your interest rate or APR. It will be fixed.
The other thing I should point out is that in CA, for example, while there are no prepayment fees/penalties as I was told, there is a minimum time the loan can be paid back. The minimum loan term is 6 months; and the maximum loan term is 4 years.
The good thing is the loan is simple interest. So look at it this way: if you take out a $10,000 loan in California, you have to keep the loan for at least 6 months. At a 35% APR, you would pay back roughly $3,500 interest in 12 months’ time; therefore, if you kept the loan only 6 months, you could expect to pay about half of that in interest which would be around $1,750.
In closing, I want everyone to understand I am not recommending this lender, categorically, for every borrower. This lender, in my opinion, is only appropriate for certain borrowers. When I took out my loan, I had just lost $5,000 in commission on one business transaction, just because I hadn’t acquired a certain asset for my work at home business. I refused to let that happen again; therefore, I took out this loan with the reasonable expectation of being able to pay it back very soon by being positioned properly in my business. It was the lessor of two evils because I would rather pay $1,750 in interest than lose another $5,000 commission, essentially.
You have to look at your own circumstances and make sure you are making the right decision for you and (or) your family when you take out this loan. It would be easy to slam this lender and say they are taking advantage of people; but in reality, this lender is giving people options to grow their business. To do that, however, the lender has to be protected from the extraordinary risk they are taking on with some borrowers; hence, some of the perceived shocking interest rates some borrowers incur.
My “This is On You Disclaimer”:
Disclaimer: by clicking any of the banner or text links, you may be routed to a lending group who will help find you the best loan for your situation . I only work with top tier reputable lenders. When I wrote this post and made the video, I envisioned NetCredit as my goto lender for referals; however, turns out they are limited to certain geographical regions. Also, I have been driving traffic to the NetCredit offer for over a year now (March 8, 2015 to April 7, 2016) and I have not seen one single conversion (affiliate commission), which is odd to say the least.
Your comments below are appreciated and will be replied to:) Thanks for reading,
Jody Heath, CEO of SouthernProfit.com