Scenario:
You have bad credit. You have a high debt to income ratio. You are on a permanent fixed income due to military disability.
How would you secure a small personal loan? $2,000
Trying to help out a friend.
That’s a bad situation. If anyone loans him money it will be at interest rates that will just make his situation worse, and they’d only do it if he put up a car title or something, and they’d end up with the car most likely. Don’t co-sign a note for him either!
If he was a good friend of mine and legitimately needed it, I’d just loan him the $2K myself.
Capt. Larry Teuton
Swamp Worshiper
Its a friend, but yes, for unsaid reasons, I won’t loan money.
Based on the info above, $2k is not a small personal loan. Maybe for you and I, but based on his situation I would think loaning $500 is a small unsecured loan. He’s going to need to sell something, come up with some capital, or find a gullible person to loan them some money. Tough situation.
If they were friends of mine, and didn’t waste a penny of that fixed income, had no vices, wastefulness, cable, cell phones, etc. I would find a way to help them out.
I assume the $2k is to keep a roof over their head. Any other reason doesn’t seem critical to me.
“Wailord”
1979 17’ Montauk
90 Johnson
Wilderness Ride 115
I know you said his debt-to-income ratio is upside down, but does he have ANY equity in his house? If so, at least he’d have something with which to back the loan.
Another (far less appealing) thought-does he have credit cards? If he does and they’re not maxed-out, he could possible take a cash advance against it/them.
“I’m not a hundred percent in love with your tone right now…”
23 is he Military retired disability or Va Disability. Lots of VA programs can help. If enrolled at the VA he should speak to his social worker every pt has one whether they know or not. I never throw good money at a bad problem unless its a fishing addiction.
Sounds like borrowing more money is the last thing they need to do!!!
quote:
Originally posted by skinneejSounds like borrowing more money is the last thing they need to do!!!
True. No money gurus needed for this. The only lenders that will loan him money are the high-rate lenders and they will scalp him. He would just be digging his hole a little deeper and kicking the can down the road.
Ricky, is this going to help him in the end? Does he have a plan to fix things? Are children going to benefit? Do you believe in him? If so, I’ll send a hundred if 19 others will. If he screws me, so be it. If he tries to pay it back but can’t because things got worse, he needs it more than I do.
quote:
Originally posted by 7csRicky, is this going to help him in the end? Does he have a plan to fix things? Are children going to benefit? Do you believe in him? If so, I’ll send a hundred if 19 others will. If he screws me, so be it. If he tries to pay it back but can’t because things got worse, he needs it more than I do.
I agree with this.
Also, is it something specific he needs? Things like a new hvac or work done on a car? There are lots of resources and able bodied people here that can help.
'06 Mckee Craft
184 Marathon
DF140 Suzuki
There are numerous agencies with in the military/VA that he should contact. Servicemembers Civil Relief Act set up plenty. I’ll throw in with the others but they need to get control of their debt either way… that or declare BK.
What about if you get someone to put 2K into a secure loan at a bank and they pay it off building credit at the same time. That way , the other person will get the money back for sure and they get the cash they need.
quote:Great answer. That's the way they did it before banks separated themselves from the community they exist in.
Originally posted by MyHooker111What about if you get someone to put 2K into a secure loan at a bank and they pay it off building credit at the same time. That way , the other person will get the money back for sure and they get the cash they need.
If it’s not for a necessity, Shelter, food, transportation, power, water, etc. they should put what ever it is on the back burner until they can pay cash. Paying all other debt should happen after taking care of the necessities. I will also put up a hundred bucks if it falls into the necessity category.
quote:Don't forget health. If the family has a serious health issue, I would put up some money too, no strings attached, no repayment.
Originally posted by brav302If it’s not for a necessity, Shelter, food, transportation, power, water, etc. they should put what ever it is on the back burner until they can pay cash. Paying all other debt should happen after taking care of the necessities. I will also put up a hundred bucks if it falls into the necessity category.
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Don’t forget health. If the family has a serious health issue, I would put up some money too, no strings attached, no repayment.
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Agreed
I agree with everything said.
I too would “help” anyone that I could if it were for a necessity.
Believe me…I know all too well how quickly things can change for ANYONE…and if you don’t think it can happen to you…you are fooling yourself.
That’s when you learn to appreciate what you have and to prioritize your “real needs”.
Always remember…there are some “assets” that are of the most value…like family and true friends, your faith and waking up to each day.
As far as the loan…most places will work with you if you explain and provide proof of your situation of need… and if it is a <real need>…and sometimes you have to chose to part with personal items of value to cover a more important need.
miss’n fish’n
212 SEAHUNT CC
Sea Squirt 16