If you're having a hard time getting a loan right now, there is another solution: P2P lending.

[girl gone mad]

If you or your small business cannot secure debt for ongoing operations, emergency car repairs, or any other necessary spending because of the credit crunch, you might want to consider taking out a person-to-person loan.

Creditworthy individuals and businesses can usually get unsecured loans at very competitive rates. These loans do not have early pay penalties. You can use this loan as a short term bridge until the credit market unfreezes, or keep the loan if you are happy with the terms.

http://en.wikipedia.org/wiki/Peer-to-peer_lending

https://www.loanio.com/
http://www.prosper.com/

[stray cat]

1. Who here wants to lend someone money to buy a new car or pay someones college tuition

somehow I don't think most people will lend money to a stranger and risk court fees if they don't pay it back.

[girl gone mad]

5. Please explain yourself.

Prosper has almost 500,000 lenders who have given over 175 million in loans.

Lenders bid on loans before they are funded. You can put in as little as $25 to each loan, minimizing your risk.

I personally lend through Kiva, which is a highly successful P2P loan network for people in developing nations.

[girl gone mad]

14. Still waiting for an explanation.

Or do you just want to hit and run when people propose real solutions in your effort to drum up fear?

[Taverner]

2. Isn't that also called Loan Sharking?

[girl gone mad]

6. How is it loan sharking?

Did you look at the links?

[Shakespeare]

9. I'm a Prosper member. It's not loan-sharking.

Look into it a bit before criticizing.

[Taverner]

10. I'm not criticizing

I'm just asking...

[LiberalHeart]

3. And there's bartering (reported on our local news tonight)....link

http://www.metrotrading.com/

This is for folks in the Great Lakes region. Businesses and individuals trade services and products instead of doling out cash. I wonder how the tax laws apply to this.

[Vincardog]

4. There is no IRS involvment as there is no cash

[Lex]

8. whatever good or service you're bartering has an imputed value by the IRS

fyi

[Vincardog]

12. IF I give you a apple pie because you washed my car. Where is the tax liability?

Bear in mind that my home made apple pies are Priceless.

[Lex]

13. An even swap, sure. But just because no cash is used is irrelevant.

nt

[LiberalHeart]

11. Just found the tax info on the website....

Q. Are there any tax advantages or disadvantages to barter?

A. Barter income should be viewed as you would your cash income. Metro Trading Association has a responsibility, imposed by law, to provide the IRS with information on the annual barter income of each client in the form of a 1099B. Therefore, there are no inherent tax advantages or disadvantages just because you use a barter association. However, as with cash income, barter purchases that are business related are considered deductible.

[dkofos]

7. You could also join your local Credit Union.