Well first, it's not s costly loan!. Second it would give me the opportunity to gain credit !. I'm sure this would not be your first time. I'd even look contour for business in the future for the help !. I understand the terms. It's really not worth pouring my heart out for $40. But I'd definitely appreciate it !..
You requested a $380 loan, not a $40 loan. In any case your collateral is not valid as it cannot be secured.