It is your loss. I have no problem investing $500 to $5,000 in a project or an idea that looks promising. The risk/reward ratio is critical, though, and in your case, not being sure what the product will be, the reward is not worth taking on.

There are a lot of very savvy people out there who will happily lend you money for a project that is promising. Too bad you didn't look up for an angel investors before you decided to try to scam people. Now you are stuck with your bad reputation and financial situation. Your reputation is ruined, and your future here is ruined. That is a tough way to go. Hopefully, you will move on to other pastures to make a buck.