Bros need financial advice

[SexWithRobots]

Our band is looking into a small loan of like $2000 to get our EP and shirts together. Is there any bank stupid enough to give us money. Im assuming they would want some sort of collateral but I guess im just asking what the options are. Each member is able to contribute to monthly payments until we make back money from shows and merch sales.

[Dave]

How is your credit?

Unsecured loans are easy to get. They range from great rates to insane rates depending on your credit history.

[sleewell]

sounds risky man. sounds like one person with good credit is going to get stuck paying for the others who dont care. not trying to be a debbie downer, just my 2 cents.

are you playing shows? how quickly would you be able to pool all that money to get to 2k?

[Pepi]

The bank probably will not loan you the 2 grand but they would give you a 1/2 million on a home

[sleewell]

The bank probably will not loan you the 2 grand but they would give you a 1/2 million on a home

i resemble that comment

[gb74]

How many members in the band? It shouldn't be that hard to raise 2k without needing a loan....

Anyway, the bank won't loan to the band. It may loan to one of the band members, if he has stable employment and good credit.

[RSBro]

yeah, good luck brah.
my fukkin drummer has been duckin' and bobbin' me like Ali since July to pay for his share of the record. pathetic. i even did his 2011 return for free so he could pay me back.
then my singer when he got divorced recently "borrowed" $400 from our cash pool without even asking us which he still hasn't paid back going on 2 mo's now.
that shit never works out clean.

[Lloyd Blankfein]

Is this a troll thread? :freak:

[Dave]

Do the Native American Reservation cash loan as seen on TV! Up to $10k in your bank account by tomorrow, brah!


Payments in the neighborhood of $900 a month for 15 years but you'll get your record done!

[GuitarBilly]

Do the Native American Reservation cash loan as seen on TV! Up to $10k in your bank account by tomorrow, brah!


Payments in the neighborhood of $900 a month for 15 years but you'll get your record done!

[sleewell]

11,000% A.P.R ftl

[Dave]

Yeah, I finally saw the commercials enough times that I had to see how it was even legal.




Loan originates from reservation and immediately sold to an aggressive debt collector in California to enforce the insane terms of the loan. I'm still amazed this is legal!

[OverDriven]

Our band is looking into a small loan of like $2000 to get our EP and shirts together. Is there any bank stupid enough to give us money. Im assuming they would want some sort of collateral but I guess im just asking what the options are. Each member is able to contribute to monthly payments until we make back money from shows and merch sales.

If you don't even have 2K in your account to do this with cash, then you shouldn't be taking out loans anyways.

[RSBro]

Yeah, I finally saw the commercials enough times that I had to see how it was even legal.




Loan originates from reservation and immediately sold to an aggressive debt collector in California to enforce the insane terms of the loan. I'm still amazed this is legal!

it wouldn't be if you or i tried it, brah. :thu:
DOT doesn't look too keenly on "private banking"

or, i could just call myself Elizabeth Warren and i'd be solid!!

[NinjaRaf]

This sounds like a HORRIBLE idea. We left our singer in charge of the band account, and he drained it to pay off his CC debt...this is AFTER we had all thrown in equal parts to get our drums recorded by Andols. Fucking retarded. 800 bucks, gone. Guarantee that will never be seen again. Im pretty glad Im not longer playing in that band because of that and because the other guitarist is a complete turd.

[gb74]

If you don't even have 2K in your account to do this with cash, then you shouldn't be taking out loans anyways.

I tend to agree. I mean, I completely understand the starving musician thing, I've been there myself. But we are talking about what 4 band members here? That's $500 each and you should be able to come up with that kind of money easily... I mean if each one of you set aside $125 for the next 4 paychecks you can get this amount in 2 months. Those who have some spare gear to sell, could do that and come up with their share faster.

Really, $2k is not hard for a band to raise...I would avoid taking loans because it puts unnecessary tension between band members.

Also, don't ever count on recovering this money with CD and merch sales. Now, I am not being negative and saying that you won't. I am saying you shouldn't count on it. Consider the money as an expense to take your band to the next level and don't expect it back. If you DO recover the money with sales, that's sweet. Just don't expect it.

[Mesa/Kramer]

[zach]

Idea is lamesauce.

Play gigs to make the money. If you can't make $2k gigging, you damn sure can't sell records and/or t shirts.

[Ostinato Rubato]

grt er jrb!!!!

[facefirst]

First, a loan? REALLY?!?!?!? It's $2000. If you guys can't each raise your share then you need to quit your job at McDonald's and look for something a bit more lucrative.

Second, don't get into a situation like that with band members. Unless, of course, you're looking to destroy your band and make enemies with your current bandmates. At least one person always ends up not paying.

Third, I really can't imagine a bank lending $2000 to a band to record an EP.

[sleewell]

No need to be rude man, just a question.

Banks would def lend the money if the person signing had decent credit, you are wrong there and I didn't even feel the need to insult you or your job.

[facefirst]

No need to be rude man, just a question.

Banks would def lend the money if the person signing had decent credit, you are wrong there and I didn't even feel the need to insult you or your job.

Then that's a personal loan and not a loan for the band, like the OP asked about.

[Captain Biscuit]

Our band is looking into a small loan of like $2000 to get our EP and shirts together.

Isn't that traditionally called a 'record label advance'?

Seriously man, speak to some indie labels round your area and see if there's anything they can do.
I work for a very small label and we sometimes front bands the money for duplication and merch, and then take 100% of the profits until the investment's recouped. We don't make any real profit doing it, it's just a way to get our name out there while helping bands. If you're good and have a decent fanbase you might get offered a full contract, who knows.

Anything we can have a listen to by the way?

[IAmTheKurgan]

http://www.mytotalmoneymakeover.com

i paid off $50k in debt in one year using this system. i'm sure using this system, you can devise a way to raise $2k to pay for some band stuff.

[Viesczy]

Seriously man, speak to some indie labels round your area and see if there's anything they can do.
I work for a very small label and we sometimes front bands the money for duplication and merch, and then take 100% of the profits until the investment's recouped. We don't make any real profit doing it, it's just a way to get our name out there while helping bands. If you're good and have a decent fanbase you might get offered a full contract, who knows.

Anything we can have a listen to by the way?

^that's how artists end up as slaves! Large or small labels. No dinner & a kiss. No lube. Just stuck in dry. The old "here take this to go your work" and then the artist is told what is still owed w/o the #s being shown. If you dare for an audit you gotta eat the cost if the label is wrong but not over w/e the arbitrary % in the contract.

To the OP,
As far as a band loan, the # of deadbeats out there would cause me to NOT do that.

Donate plasma. $300 a month per person if you go twice a week. Make everyone go twice a week. There's $ in no time.

Derek