getting a loan to fund grows

Discussion in 'Growing Marijuana Indoors' started by black2green, Dec 29, 2012.

  1. I was thinking about getting a home equity loan to be able to purchase more substantial grow equipment. I was wondering:

    A) Has anybody done this before?
    B) Is it a good idea?
    C) What all do I need to do in order to get the loan? (without saying that I want to use the money to grow weed)
    D) Is there an alternative way to obtain the money? (e.g., different kind of loan)

    I looked at my bank's rates, and I can easily afford the monthly payments, and I have more than enough equity in my home to cover the loan.

    Thanks!
     
  2. Idk your situation and I haven't done this but I would think you could say alot of different things any type of indoor project that won't be to easily checked. Like you can't say you building something in your front yard and not do it. Say redoing a bathroom or something. It doesn't really sound like a bad idea but that's just me.
     
  3. #3 xDisciplex, Dec 29, 2012
    Last edited by a moderator: Dec 29, 2012
    If you have good credit just get a personal loan.Also credit unions are better to borrow from then banks IMO.

    I mean how much $ do you plan on spending.You can prolly get a personal loan for up to 5k with decent credit.


    And remember all you have to say is you need a personal loan.No details.If it makes you feel better,or they do ask just say home improvments.Same if you get an equity loan.

    GL
     
  4. I'm currently living and doing a grow on credit. Is it a good idea? Hell no, but if it pans out the reward will be well worth it.
     
  5. Not for us to say. Look around and try to find the best APR %, as well as making sure it is a discreet operation as possible. weigh risks and rewards, calculate it all out, stick to the plan, keep to yourself.
     
  6. Yea definatly don't tell anyone about it at all and don't go crazy spending cause remember its a loan and say something did go bad cops or anything you don't want to be screwed for stuff that wasn't necessary.
     
  7. You're gonna have either a crazy high interest rate on an unsecured private loan, because realistically you probably can't use grow equipment as collateral.

    Depending how much you plan on spending and how long you plan to take to pay it off, a home equity loan is an option but probably not worth it for a small amount.

    I would look for a private loan for maybe a vehicle title, or something of that nature through a small organization that doesn't ask too many questions and has relatively low interest
     

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