Getting loans.. (WAY off topic)

[Todd....!!]

If ya calulate the interest on a $1,000 loan with an APR of, what, 10%
MAX.

Multiply $1,000 by 10%, this equals $100, then divide the $100 by 12
months in a year, this gives ya about $10/mo interest MAX.

The entire loan only lasts about 6 weeks so thats about $15 MAX for
interest, however, since the loan is a SECURED loan SECURED with CASH
MONEY in THEIR BANK, the interest rate should be less than a normal
unsecured loans' interest would be... so the interest lost would be
minimal...

THEN we must look at the BIG picture, we're building a repore with a
bank which in the end will allow us to borrow money thru unsecured
loans, which will allow us to purchase propertis that we would otherwise
be unable to purchase....

The siz week loan period is to get within the visible loan length range
where the banks and other lending institution will notice the loans...

Any shorter length than 6 weeks will go unnoticed by most banks...

Then the SUPER big picture is to be able to fund a f.i.'d twin turbo
451/440 project for the Superbee.... which is why I'm here learning as
much as I can before doin any buying or investing in parts.....

Take it easy!,

Sincerely,

Todd....!!
http://www.c-com.net/~atc347/toddlnk.htm

William T Wilson wrote:
> 
> On Thu, 27 May 1999, Stegbauer, Michael wrote:
> 
> > > Will be goin out and gettin loans using this $3,000 as my collateral in
> > > several banks in series, i.e. deposit the $3000 in one bank, get a loan
> > > using it as collateral, take the loan money from the first bank, deposit
> > > it into another bank, get a loan on that money etc....
> 
> A stunt like this will cost you a fortune in interest.  However, it's
> mathematically sound.  Basic economics class will demonstrate that exactly
> the same phenomenon is already at work and makes the banking system go.
> 
> It is marginally useful for building credit references, but otherwise,
> won't do you much good.  The credit bureaus know how much money you have
> loaned out total, and they know how many loans you have, too.  And, of
> course, you have to pay the interest on the total amount you have
> borrowed whether it is in small or large lumps.