Document:

<PAGE>   1
                                                                 Exhibit 10.20

                         SHORT-TERM SENIOR SECURED DEBT

ISSUE:         Senior Secured Note (the "Note"), secured by a lien on a
               separate depository bank account.

TOTAL AMOUNT:  $115,000

MATURITY:      May 17, 2000 (30 days from April 17)

TERMS:         In three units of $30,000 each and one unit of $25,000, the
               following applies to units of $30,000 each:

          1.   the face amount of the Note is $36,000 (20% premium above the
               cash outlay); and

          2.   common stock is to be issued totaling 12,000 shares at $.25 per
               share or a value of $3,000 (10% of the cash outlay).

ACCEPTED AND AGREED TO:

/s/ L. Clarke Hill, Jr.
----------------------------
L. CLARK HILL, JR.

Date:      4/15/00
      ----------------------

ACCEPTED AND AGREED TO:

/s/ John J. Tsucalas
----------------------------
For FUNW
JOHN J. TSUCALAS, CFA
Chief Executive Officer
Chief Financial Officer

Date: April 14, 2000
      ----------------------
<PAGE>   2
                         SHORT-TERM SENIOR SECURED DEBT

ISSUE:         Senior Secured Note (the "Note"), secured by a lien on a
               separate depository bank account.

TOTAL AMOUNT:  $115,000

MATURITY:      May 17, 2000 (30 days from April 17)

TERMS:        *In three units of $30,000 each and one unit of $25,000, the
               following applies to units of $30,000 each:

         *1.   the face amount of the Note is $36,000 (20% premium above the
               cash outlay); and

         *2.   common stock is to be issued totaling 12,000 shares at $.25 per
               share or a value of $3,000 (10% of the cash outlay).

* 60% - P.S. ROSENBLUM, 40% - R&R EQUITY - TWO SEPARATE WIRES

ACCEPTED AND AGREED TO:

/s/ Paul S. Rosenblum
----------------------------
PAUL S. ROSENBLUM
MANAGING PARTNER
R&R EQUITY

Date:      4/17/00
      ----------------------

ACCEPTED AND AGREED TO:

/s/ John J. Tsucalas
----------------------------
For FUNW
JOHN J. TSUCALAS, CFA
Chief Executive Officer
Chief Financial Officer

Date: April 14, 2000
      ----------------------
<PAGE>   3
                         SHORT-TERM SENIOR SECURED DEBT

ISSUE:         Senior Secured Note (the "Note"), secured by a lien on a
               separate depository bank account.

TOTAL AMOUNT:  $115,000

MATURITY:      May 17, 2000 (30 days from April 17)

TERMS:         In three units of $30,000 each and one unit of $25,000, the
               following applies to units of $30,000 each:

          1.   the face amount of the Note is $36,000 (20% premium above the
               cash outlay); and

          2.   common stock is to be issued totaling 12,000 shares at $.25 per
               share or a value of $3,000 (10% of the cash outlay).

ACCEPTED AND AGREED TO:

/s/ Ada G. Halbreich, Trustee
-----------------------------
ADA HALBREICH, TRUSTEE

Date:      04/14/00
      ----------------------

ACCEPTED AND AGREED TO:

/s/ John J. Tsucalas
----------------------------
For FUNW
JOHN J. TSUCALAS, CFA
Chief Executive Officer
Chief Financial Officer

Date: April 14, 2000
      ----------------------
<PAGE>   4
                         SHORT-TERM SENIOR SECURED DEBT

ISSUE:         Senior Secured Note (the "Note"), secured by a lien on a
               separate depository bank account.

TOTAL AMOUNT:  $115,000

MATURITY:      May 17, 2000 (30 days from April 17)

TERMS:         In three units of $30,000 each and one unit of $25,000, the
               following applies to the unit of $25,000:

          1.   the face amount of the Note is $30,000 (20% premium above the
               cash outlay); and

          2.   common stock is to be issued totaling 10,000 shares at $.25 per
               share or a value of $2,500 (10% of the cash outlay).

ACCEPTED AND AGREED TO:

/s/ Ron Weiner
----------------------------
RON WEINER

Date: April 14, 2000
      ----------------------

ACCEPTED AND AGREED TO:

/s/ John J. Tsucalas
----------------------------
For FUNW
JOHN J. TSUCALAS, CFA
Chief Executive Officer
Chief Financial Officer

Date: April 14, 2000
      ----------------------<PAGE>

                                                                  Exhibit 10.1

                                                                  Execution Copy

                                AMENDMENT NO. 1

                                      TO

                             BRIDGE LOAN AGREEMENT

                                  Dated as of

                                August 2, 1999

                                     Among

                            CREDITRUST SPV99-2, LLC
                                  as Borrower

                          CRDT SPV99-2 CAPITAL, INC.
                                 as Guarantor

                            CREDITRUST CORPORATION,
                              as Parent Guarantor

                           THE LENDERS named therein

                                      and

                 NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION,
                            as Administrative Agent

                          Dated as of April 11, 2000

                                       1
<PAGE>

                    AMENDMENT NO. 1 TO BRIDGE LOAN AGREEMENT
                    ----------------------------------------

     This Amendment No. 1 to Bridge Loan Agreement, dated as of April 11, 2000
and effective as of March 1, 2000 (this "Amendment") is executed by and among
Creditrust SPV99-2, LLC, as borrower (the "Borrower"), CRDT SPV99-2 Capital,
Inc., as guarantor (the "Guarantor"), Creditrust Corporation, as parent
guarantor (the "Parent Guarantor"), the lenders named therein (the "Lenders"),
and Norwest Bank Minnesota, National Association, as administrative agent (in
such capacity, the "Agent").

                                    RECITALS

     WHEREAS, the parties hereto have executed and delivered a Bridge Loan
Agreement dated as of August 2, 1999, by and among the Borrower, the Guarantor,
the Parent Guarantor, the Lenders and the Agent (the "Existing Agreement"); and

     WHEREAS, the parties desire to agree to certain changes in the Existing
Agreement as set forth herein; and

     WHEREAS, the parties hereto have obtained the unanimous consent (the
"Consent") of the Lenders to make these changes;

     NOW, THEREFORE, in consideration of the mutual agreements herein contained,
each party agrees as follows for the benefit of the other parties and the
Lenders to the extent provided herein:

                                   ARTICLE I
                            DEFINITIONS; AMENDMENTS

     SECTION 1.1.  Definitions.  Any capitalized term used herein but not
defined herein shall have the meaning ascribed to it in the Existing Agreement.

     SECTION 1.2.  Amendments to Definitions.

          (a)  The definition of "Available Funds Payment Date"
               in the Existing Agreement is hereby amended to
               delete the reference to "15th" in the third lien
               thereof and substitute therefor a reference to
               "12th."

          (b)  The definition of "Conversion Date" in the
               Existing Agreement is hereby amended to delete the
               reference to "May 2, 2000" and substitute therefor
               a reference to "March 1, 2000."

          (c)  The definition of "Conversion Default" in the
               Existing Agreement is amended to delete the clause
               "(iii) the Conversion Fee shall not have been
               paid" and substitute

                                       2
<PAGE>

               therefor the following:

                    "(iii) payment of the Conversion Fee shall
                    not have been provided for in the Amended
                    Servicing Agreement."

          (d)  The definition of "Conversion Fee" in the Existing
               Agreement is hereby amended in its entirety to
               read as follows:

               "Conversion Fee" means the conversion fee payable
               for the benefit of the Lenders on the Conversion
               Date equal to $2,787,063 and payable to the
               Lenders as provided in Section 4.04 of the Amended
               Servicing Agreement.

          (e)  A definition of "Excluded Proceeds" is added to
               read in its entirety as follows:

               "Excluded Proceeds" means (i) Net Cash Proceeds of
               Indebtedness or equity securities of the Parent
               Guarantor in a maximum amount of $20,000,000
               (measured on a cumulative basis from the
               Conversion Date) used for its working capital
               purposes and not to purchase accounts receivable
               and identified by the Borrower and the Parent
               Guarantor in one or more officers' certificates
               delivered to the Administrative Agent; and (ii)
               Capital Lease Obligations of the Parent Guarantor
               in the maximum amount of $5,000,000 during each
               calendar year. Excluded Proceeds shall be over and
               above the Revolving Facility.

          (f)  The definition of "Maturity Date" in the Existing
               Agreement is hereby amended to delete the
               reference to "May 2, 2000' and substitute therefor
               a reference to "March 1, 2000."

          (g)  The definition of "Revolving Facility" is amended
               to read in its entirety as follows:

               "Revolving Facility" means any revolving credit or
               similar facility reflected on the Parent
               Guarantor's balance sheet for the fiscal quarter
               ending immediately prior to the date of this
               Agreement, as such facility may from time to time
               be amended; provided, that in no event shall the
               aggregate principal amount of Indebtedness
               thereunder exceed $20.0 million at any time
               outstanding.

          (h)  The definition of "Servicing Agreement" is amended
               to read in its entirety as Follows:

               "Servicing Agreement" means the Amended and
               Restated Servicing Agreement, dated as of March 1,
               2000, among the

                                       3
<PAGE>

               Borrower, the Parent Guarantor and Norwest Bank
               Minnesota, National Association, pursuant to which
               the Parent Guarantor will service the Consumer
               Receivables owned by the Borrower in accordance
               with Section 4.25.

     SECTION 1.3.  Amendments to Sections 2 and 4.

          (a)  Section 2.2 is amended to delete the reference to
               "the fourth anniversary of the original Maturity
               Date" on the seventh line thereof and the
               reference to "such fourth anniversary date" on the
               eighth line thereof and substitute therefor a
               reference to "September 30, 2002."

          (b)  Section 2.5(a) is amended to add the following at
               the end of the first sentence thereof: ";
               provided, however, that no such prepayment shall
               be required pursuant to this Section 2.5(a) from
               Excluded Proceeds."

          (c)  Section 2.9(e) is deleted in its entirety and the
               following provision is added:

     (e)  Allocation.  Any money paid to, received by, or collected by the
     Administrative Agent or any Lender pursuant to this Agreement or any other
     Loan Document, shall be applied in the manner set forth in Section 4.04(b)
     of the Servicing Agreement.

          (d)  Section 4.20 is amended to delete the proviso at
               the end thereof and to capitalize the word
               "Dispose" on the second line thereof.

     SECTION 1.4.  Additional Borrower Covenants.

          (a)  A new Section 4.32 is added to read in its entirety as follows:

          4.32.  Changes to Borrower's LLC Operating Agreement or Servicing
     Agreement; Borrower's Separate Legal Existence.  Neither the Borrower nor
     the Parent Guarantor shall permit or suffer to be made any amendment to the
     Limited Liability Company Operating Agreement of the Borrower or the
     Servicing Agreement without the approval of the Majority Lenders.  Borrower
     shall take, or cause to be taken, all steps required to maintain the
     Borrower's status as a separate legal entity.

          (b)  A new section 4.33 is added to read in its entirety as follows:

          4.33.   Access Rights.  Borrower shall cause Parent Guarantor to
     provide Lenders reasonable access to the Parent Guarantor's financial
     advisors who are assisting on capital raising and merger and acquisition
     activities, subject to the confidentiality requirements of Section 11.18
     hereof.

                                       4
<PAGE>

     SECTION 1.5. Amendment to Miscellaneous Provisions.

          (a)  Section 11.18 is deleted in its entirety and the
               following provision is added:

          11.18  Confidentiality. Each of the Administrative Agent and the
     Lenders agrees to keep confidential all non-public information provided to
     it by the Parent Guarantor, any of its Subsidiaries, or any of its
     financial advisers pursuant to this Agreement that is designated by the
     Parent Guarantor or the financial adviser as confidential; provided that
     nothing herein shall prevent the Administrative Agent or any Lender from
     disclosing any such information (a) to the Administrative Agent, any other
     Lender or any affiliate of any thereof, (b) to any Transferee or
     prospective Transferee that agrees to comply with the provisions of this
     Section 11.18, (c) to any of its employees, directors, agents, attorneys,
     accountants and other professional advisors, (d) upon the request or demand
     of any Governmental Authority having jurisdiction over it, (e) in response
     to any order of any court or other Governmental Authority or as may
     otherwise be required pursuant to any Requirement of Law, (f) if requested
     or required to do so in connection with any litigation or similar
     proceeding, (g) that has been publicly disclosed other than in breach of
     this Section 11.18, (h) to the National Association of Insurance
     Commissioners or any similar organization or any nationally recognized
     rating agency that requires access to information about a Lender's
     investment portfolio in connection with ratings issued with respect to such
     Lender or (i) in connection with the exercise of any remedy hereunder or
     under any other Loan Document.

     SECTION 1.6. Amendment to Other Agreements.

          (a)  Warrants and Warrant Agreement.

               (i)  Clause (x) of the definition of the exercise
               price in each of the Warrants and the Warrant
               Agreement is hereby amended in its entirety to
               read as follows: "$4.875".

               (ii)  Section 5 of the Warrant Agreement is hereby
               amended to delete the reference to "May 2, 2000"
               on the third line thereof and substitute therefor
               a reference to "March 31, 2000".

               (iii)  The first sentence of the second paragraph
               on the reverse of each of the Warrants is hereby
               amended to delete the reference to "May 2, 2000"
               and substitute therefor a reference to "March 31,
               2000".

          (b)  Equity Registration Rights Agreement.

               (i)  Section 2.1(a) of the Equity Registration
               Rights Agreement is hereby amended to delete the
               reference to "May 2, 2000" on

                                       5
<PAGE>

               the second line thereof and substitute therefor a
               reference to "March 31, 2000".

               (ii)  Section 2.1(b) of the Equity Registration
               Rights Agreement is hereby amended to (A) delete
               the reference to "180-day" on the seventh line
               thereof and substitute therefor a reference to "90-
               day," and (B) add the following sentence to the
               end of Section 2.1(b): "Each Holder's obligation
               set forth in this Section 2.1(b) is limited to the
               first Registration Statement filed by the Company
               pursuant to this Section 2.1."

               (iii) Section 2.1 (g) of the Equity Registration
               Rights Agreement is hereby amended in its entirety
               to read as follows:

          (g)  The Company's obligations under this Section 2.1
     are limited to two occasions only, unless the Company shall
     be eligible to file a registration statement on Form S-3 (or
     other comparable short form) under the Securities Act, in
     which event the Company's obligations under this Section 2.1
     shall not be limited to any number of occasions in respect
     of such short-form registration statements.

               (iv)  Section 3.2 of the Equity Registration
               Rights Agreement is hereby amended to add the
               following at the end of the first sentence
               thereof: "; provided, however, that the
               indemnification obligation of each Holder pursuant
               to this Section 3.2 shall not exceed the net
               proceeds received by such Holder in the offering."

                                  ARTICLE II
                        REPRESENTATIONS AND WARRANTIES

     Section 2.1.  The Borrower, the Parent Guarantor and the Guarantor jointly
and severally represent and warrant to the Administrative Agent and the Lenders
as follows:

     (a)  No Conversion Default has occurred or is continuing or will occur upon
          the effectiveness of this Amendment and all conditions set forth in
          Section 2.2 of the Existing Agreement (without giving effect to the
          amendments herein) have been satisfied.

     (b)  Each of this Amendment, the Amended and Restated Servicing Agreement
          and the Borrower's Amended and Restated Limited Liability Operating
          Agreement has been duly authorized, executed and delivered by each of
          the Borrower, the Guarantor and the Parent Guarantor to the extent a
          party thereto, and constitutes the legal, valid and binding obligation
          of each of the Borrower, the Guarantor and the Parent Guarantor, to
          the extent a party thereto, enforceable against each of them in
          accordance with its terms.

                                       6
<PAGE>

     (c)  The Existing Agreement, as amended by this Amendment, constitutes the
          legal, valid and binding obligation of each of the Borrower, the
          Guarantor and the Parent Guarantor, enforceable against each of them
          in accordance with its terms.

     (d)  All contracts to purchase the Consumer Receivables have been entered
          into by and between the Parent Guarantor and the originating sellers
          thereof.

     (e)  All funds for the purchases referred to in subsection (d) above were
          advanced to the originating sellers thereof by the Borrower directly,
          except with respect to (x) $214,591 of Consumer Receivables, and (y) a
          deposit to Commercial Financial Services in the amount of $1,705,000
          in furtherance of the purchase of Consumer Receivables, in both of
          which instances such payments having been advanced by the Parent
          Guarantor on behalf of the Borrower and subsequently reimbursed to the
          Parent Guarantor by the Borrower.

     (f)  The Parent Guarantor acted solely as the agent of the Borrower with
          respect to the Consumer Receivables, and the Parent Guarantor
          disclaims having had at any time legal title or beneficial ownership
          thereof.

                                  ARTICLE III
                           MISCELLANEOUS PROVISIONS

     SECTION 3.1.  Amendment.  This Amendment shall only be amended in the same
manner as the Existing Agreement shall be amended.

     SECTION 3.2.  Entire Agreement; Effect.  This Amendment, together with the
Existing Agreement constitutes the entire contract among the parties relating to
the subject matter hereof and supersedes any and all previous agreements among
the parties relating to the subject matter hereof.  This Amendment does not
alter, amend or waive any of the terms or provisions of the Existing Agreement
except for those terms or provisions expressly amended hereby.

     SECTION 3.3.  Governing Law.  This Amendment shall be governed by and
construed in accordance with the laws of the State of New York to the same
extent as the Existing Agreement shall be so governed.

     SECTION 3.4.  Counterparts.  This Amendment may be executed simultaneously
in any number of counterparts, each of which shall be deemed to be an original,
and all of which shall constitute but one and the same instrument.

     SECTION 3.5.  Costs and Expenses.  The Borrower hereby agrees to pay or
reimburse the Administrative Agent and the Lenders, as provided in the Servicing
Agreement, for all of their costs and expenses in connection with this
transaction, including, without limitation, the fees and expenses of Weil,
Gotshal & Manges LLP, counsel to Whippoorwill Associates, Inc.

                                       7
<PAGE>

and its affiliates, incurred since January 1, 2000 in connection with their
Loans to the Borrower, and the fees and expenses of counsel to the
Administrative Agent and the other Lenders in connection herewith. The Borrower
may also pay the reasonable fees and expenses of its own counsel and counsel to
the Parent Guarantor incurred in connection with this Amendment up to an
aggregate amount of $30,000.

     SECTION 3.6.  Conditions Precedent.  This Amendment shall become effective
as of March 1, 2000 (the "Effective Date"), the Bridge Loans shall be deemed
converted to Term Loans as of such date and interest thereon shall be calculated
at the Conversion Rate commencing as of such date, upon the satisfaction of the
following conditions precedent:

     (a)  Each of the Lenders, the Borrower, the Guarantor, the Parent Guarantor
          and the Administrative Agent shall have executed this Amendment;

     (b)  An aggregate of 1,236,138 Warrants pursuant to the Warrant Agreement
          shall have been released from escrow dated as of the date of such
          release for the benefit of the holders of the Term Loans pursuant to
          the Escrow Agreement, which Escrow Agreement is hereby deemed amended
          to delete the reference in Section 2.1(a) thereof to "May 2, 2000" and
          substitute therefor the date hereof.

     (c)  The Amended and Restated Limited Liability Company Agreement of the
          Borrower in the form of Exhibit A hereto shall have been executed and
          delivered by the parties thereto with a copy delivered to the
          Administrative Agent and the Lenders; and

     (d)  The Amended and Restated Servicing Agreement shall have been executed
          and delivered by the parties thereto, with a copy delivered to the
          Administrative Agent and the Lenders.

     SECTION 3.7.  Guarantee and Collateral Agreements.  The Guarantor and the
Parent Guarantor hereby consent to this Amendment and confirm that the Guarantee
and Collateral Agreements shall remain in full force and effect after giving
effect to this Amendment.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       8
<PAGE>

     IN WITNESS WHEREOF, the parties have caused this Amendment No. 1 to Bridge
Loan Agreement to be duly executed by their respective officers as of the day
and year first above written.

                                    CREDITRUST SPV99-2, LLC,
                                     as Borrower

                                    By:  /s/Joseph K. Rensin
                                         ------------------------
                                         Joseph K. Rensin
                                         President

                                    CRDT SPV99-2 CAPITAL, INC.,
                                     as Guarantor

                                    By:  /s/Joseph K. Rensin
                                         ------------------------
                                         Joseph K. Rensin
                                         Chairman and
                                         Chief Executive Officer

                                    CREDITRUST CORPORATION,
                                     as Parent Guarantor

                                    By:  /s/Joseph K. Rensin
                                         ------------------------
                                         Joseph K. Rensin
                                         Chairman and
                                         Chief Executive Officer

                                    NORWEST BANK MINNESOTA, NATIONAL
                                    ASSOCIATION, not in its individual capacity,
                                    but solely as Administrative Agent

                                    By:  _______________________________
                                         Corporate Trust Officer

                                       9
<PAGE>

                                    GREYHOUND LINES, INC. AMALGAMATED COUNCIL
                                    RETIREMENT AND DISABILITY TRUST,
                                    By Bay Harbour Management, L.C., as Agent

                                    By:  _________________________________
                                         Name:
                                         Title:

                                       10
<PAGE>

                              BAY HARBOUR 90-1, LTD.,
                              By Bay Harbour Management, L.C., as Agent

                              By:  _________________________________
                                   Name:
                                   Title:

                                       11
<PAGE>

                              BAY HARBOUR PARTNERS, LTD.,
                              By Bay Harbour Management, L.C., as Agent

                              By:  __________________________________
                                   Name:
                                   Title:

                                       12
<PAGE>

                              BAY HARBOUR 98-1, LTD.,
                              By Bay Harbour Management, L.C., as Agent

                              By:  _________________________________
                                   Name:
                                   Title:

                                       13
<PAGE>

                              EVEREST CAPITAL MASTER FUND L.P.
                              By Everest Capital Ltd., as General Partner

                              By:  ________________________________
                                   Name:
                                   Title:

                                       14
<PAGE>

                              QUANTUM EMERGING GROWTH
                              PARTNERS, C.V.
                              By Everest Capital Ltd., as Investment Advisor

                              By: ___________________________________
                                  Name:
                                  Title:

                                       15
<PAGE>

                             U.S. BANCORP INVESTMENTS, INC.

                             By:  _____________________________
                                  Name:
                                  Title:

                                       16
<PAGE>

                             PRESIDENT & FELLOWS OF HARVARD COLLEGE
                             By Whippoorwill Associates, Inc., as Agent

                             By:  ________________________________
                                  Name:
                                  Title:

                                       17
<PAGE>

                             THE ROCKEFELLER FOUNDATION
                             By Whippoorwill Associates, Inc., as Agent

                             By:  _______________________________
                                  Name:
                                  Title:

                                       18
<PAGE>

                             VEGA PARTNERS III, L.P.
                             By Whippoorwill Associates, Inc., as Agent

                             By:  _______________________________
                                  Name:
                                  Title:

                                       19
<PAGE>

                             VEGA PARTNERS IV, L.P.
                             By Whippoorwill Associates, Inc., as Agent

                             By:  ________________________________
                                  Name:
                                  Title:

                                       20
<PAGE>

                             VEGA OFFSHORE FUND LTD.
                             By Whippoorwill Associates, Inc., as Agent

                             By:  _______________________________
                                  Name:
                                  Title:

                                       21
<PAGE>

                             WHIPPOORWILL PROFIT SHARING PLAN
                             By Whippoorwill Associates, Inc., as Agent

                             By:  __________________________________
                                  Name:
                                  Title:

                                       22

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