If you've got your money sitting safely in a savings account, you're probably earning less than 1% on that money; if you're lucky, you may be earning 1.5 or 2 percent interest on those funds. If you've invested them wisely, you may be getting a 4% or 5% return. With NO risk whatsoever, though, I want to offer you a way to earn 50% --- yes, that's FIFTY percent --- interest on your money in the next three years; that's well over 16% per year for the next three years. Safely and securely.
I'm spending the evening in the home of friends who have not only helped me out financially from time to time over the last few years, but suggested that I turn to Crowdfunding sites for help; I've done that, and I have received help. I'm poor now. I'm broke. I'm hurting. Believe me, this is embarrassing. You have no idea how embarrassing it has been for me to ask for help in the past --- and to ask now for the help I desperately need now.
Here's my situation: I no longer have investments or any income other than my social security check. My total income now is about $1154/month --- but my rent takes up $700 of that each month, and that doesn't include utilities (admittedly, very low), or transportation, or food, or prescription drug co-pays (I'm completely out of several of my meds, after having taken them every day for awhile, then one of each every two days for a month or so, then one every three days for awhile...now, nothing. I have age-related macular degeneration, plus cataracts, plus glaucoma, but I've been completely out of the eye drops that my ophthalmologist warned me never to miss a single day in using. And I'm wallowing around daily in the Pit of Depression, because I simply can't afford the antidepressant that I'm supposed to be taking; and the Namenda that I'm supposed to be taking for my memory and other mental issues is much too costly, so I haven't taken that for days (although a Facebook friend who is a physician has suggested some generics that I'd been told didn't exist, so maybe this is going to be taken care of!).
Other friends have helped out, too: Friends from church, and a couple of Facebook friends that I absolutely guarantee that you would NOT think would have cared or helped at all. And, whenever I was in a real bind --- as I am now --- a certain other friend who was listed everywhere as my Emergency Contact stepped up to the plate. But, he died recently.
The friends with whom I'm having dinner now, and who've made suggestions to me in the past suggested that I do something now which I really, really find very difficult to do: Ask for a loan.
I had a loan with CashCall, and that happens to be one of the only two good credit references that I have. If my income were higher, CashCall has assured me that they'd give me another loan in a heartbeat. But, my only income is social security (unless and until I find some part-time work), so CashCall is out. I'm very embarrassed not to emphasize that this isn't really my idea, but here's what I am asking and offering:
I need to borrow $2400 for 3 years. Unlike the smaller amounts friends have given me in the past, this amount would allow me to "catch up." I can offer to repay this loan at the rate of $100 a month for 3 years --- a total repayment of $3600, or $1200 (50%) more than I borrowed. Of course, I'm OLD, so I'm willing to take out a life insurance policy for $3600, with whoever loans me the money as beneficiary; that way, if I dropped dead within the three years, whoever loaned me the money would get their money back.
My friend who passed away a couple of months ago would never let me repay more than he gave me, so I never asked him for this larger amount, which could have helped me get beyond just "treading water." I have no alternative now, so I have to ask:
I need to borrow $2400, and will repay $100/month for 36 months.