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Personal Loan Needed and Need to Show Proof

Discussion in 'Business & Tax Advice' started by natedogg, Dec 14, 2014.

  1. natedogg

    natedogg Regular Member

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    Hey guys, I need to apply for a personal loan and I have a full time job but would like to show my Clickbank earnings for this year. How would I print this out and show proof? I get paid Bi-weekly with Clickbank and could show them my earnings in my bank account but my bank account doesn't add up to what I made this year. Any advice?

    Thanks
     
  2. kypso

    kypso Junior Member

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    Clickbank is just a payment service and does not count as a proof of security for the one lending you the money.

    K.
     
  3. natedogg

    natedogg Regular Member

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    So if someone is making 50K a year with clickbank and that is their only income how do they show proof to the bank where the money is coming?
     
  4. lightningblitz

    lightningblitz Jr. VIP Jr. VIP Premium Member

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    You don't.

    Unless you have some type of collateral for a loan, a non - secure income will not move the needle of a bank.

    I tried in the past, in the US, for a personal loan for training expenses while being a professional in a sport. Even with regular pay outs as an 'athlete' I was told no, despite also having a full time secure job.

    Now, if your Click Bank went into an LLC and you were paid as an employee, that would be a different thing.
     
  5. natedogg

    natedogg Regular Member

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    So basically I need a LLC to show proof of income with Clickbank for banks?
     
  6. lightningblitz

    lightningblitz Jr. VIP Jr. VIP Premium Member

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    If your payments go to an LLC you can pay yourself as an employee. Set the income to bi - weekly, make it full time, get the full pay out every two weeks. It can count as salary. Make it seem like you really do work two full time jobs.

    The problem is the Tax Man will then tax you (Potentially, depending where the LLC is from) for earnings to Click Bank and your personal Tax's.

    But this is a way around the banking requirement for enough income.

    I would check with a bank or two of which you may get a loan from to see what exactly they would want. For a small bank, loans typically go to a review board. Larger banks are more automated. The knowledge of this should change what strategy you use to prove income.

    For many larger banks, just showing you make X amount of dollars, are full time, and have been for X amount of months is enough.

    For smaller banks, they often will take more things into consideration and look for what is the lowest risk. Having the income may not be as important as other factors.

    The LLC does open the possibility of getting a loan for your company as well. Which can be extremely difficult to do, but can be done. It is another option.

    Disclaimer: This is all my personal experience only. I had to apply for a few private loans for different ventures (Athletic and Job Expenses in which I got paid after performance), private loan for financial expenses, and finally applying for a personal loan for a dating niche company. Different credit ranking and different assets at all times, but I found the same problems. Ay money I made from private ventures, paid in cash business, athletic ventures were ignored even with proof of payout. Small and Large financial institution wanted from me, personally, a company to be paying me consistently.
     
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