Can I Get A Loan To Pay Of Losses In The Stock Market?
This consumer fits the classic description of someone who may not have the risk tolerance level to be in the stock market. On top of that he borrowed from his savings without discussing his plans with his spouse. Now not only is he worried about losing money on the stock market he is worried about his wife finding out.
Basically he borrowed money from their joint savings without first discussing his plans with his spouse. Next he purchased several stocks at or near the dividend record date. This is the date that companies announce ahead of time as the date that they will take a record of all owners of their stock and pay a dividend several weeks later. If you miss this date by even one day, you will not receive the dividend. Many investors will bid up the stock just before the dividend record date. They make money as a result even though they miss out on the dividend. Our consumer bought high only to see his investment decline by several dollars just after this date.
He is worried about having lost money so quickly. He is also worried about whether the stock will regain enough to enable him to sell and recoup his current losses. Finally he is worried about his spouse finding out before he can replace the money he took from his savings.
This consumer wants to obtain a loan to pay off losses in the stock market now to replace the money he borrowed from his savings before his spouse finds out. He claims that his investments are good quality stocks, so there is a good chance that he will see his stock increase again as they near the next dividend record date. There is no guarantee of course and he might have to hold onto these stocks for sometime before recouping his losses through gains or through dividends paid out.
Lenders will not lend money with stocks used as equity for a secured loan. Since he does not want his spouse to know about this, he also cannot use his home as security for the loan since that would require both their signatures. They own the home jointly. This loan will need to be a personal loan in his name only.
Our consumer has a decent credit rating, a stable job and a good record of paying his bills. We believe that a lender will be willing to extend credit to him in the form of a personal loan. He may have to pay a higher interest rate since the loan will be unsecured. Hopefully this will all work out for him. We hope he will be able to sell his investments at a small profit and replace the funds he borrowed from their joint savings accounts. Maybe he will also get a good nights sleep as well since this investment has been keeping him up at night.
DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION
Home/Mortgage Loan Amount :: $50,000
Home Loan Application and Processing Speed (when do you need the funds):: I would really like to deal with this loss quickly so a loan in the next few days would be really appreciated.
Do you currently have a mortgage? :: yes, we own our own home and the mortgage amounts to roughly 50% of the value of the home.
Bank Name and Branch :: Farmers and Merchants Bank, California Ave
What City/Town, State and County do you live in? :: Long Beach, California
Zip :: 90807
What is your employment field? :: Shipping
Employment Position :: Short haul truck driver
When are you paid? (monthly/weekly/biweekly):: biweekly
Your credit rating to be – excellent, fair, or bad? :: fair
How did you find us? :: looking online for loans to pay off losses in the stock market.
How are you paid? (direct deposit/paper check):: direct deposit
Gross Amount Per Paycheck :: $ 2500
Do you agree to have this information published online, without your PRIVATE information of course? :: I have no problem with the information I provide being published online as long as my personal name and personal details are not released.
Extra information here please (some detail):: I tried investing in the stock market and lost money, or at least if I sell now, I will have lost money. The stocks I purchased have dropped a bit below what I paid for them and if I sell now, they I will lock in these losses.
The problem is that I used our savings to purchase the stocks. They were supposedly a sure thing. I did not tell my wife, so she thinks that the savings we had are still in place. This is money for a rainy day, for an emergency or for our retirement, whichever comes first. She is going to be really upset when she finds out that I used this money without telling her.
The stocks I purchased are actually good quality stocks that pay a dividend. I am new to the stock market game and purchased them just before the dividend record date when they were at their highest level. After the dividend record date passed, they dropped a few dollars putting me in a loss position. I am pretty sure they will come back, but I just cannot deal with the stress of having used money from our savings and not telling my wife about the purchase. I am actually losing sleep at night worrying about this situation.
I would like to borrow the money, use it to replace what I took out of our savings and then pay it off when I sell the stocks. Even if I sell them at a loss, I will have to deal with that knowing that our savings are secure. There is a pretty good chance they will come back to their previous levels in a few months around the next dividend record date.
Note to Lender :: This loan should be in my name only. I really do not want my wife to know anything about it. My credit rating is fair as far as I know. Neither of us have missed any payments and we have no outstanding debts in terms of credit cards or other loans. We do have a mortgage on our home. the home is jointly owned by both of us so I guess I cannot use the equity in the home as security for the loan.
Please help me get out of this pickle that I created for myself.