US Easy Loans
How Easy Are They?
How easy is it to get a loan today, especially here in the good old USA? We have a friend who is a loan officer at a bank here in Connecticut, and this is what she does for her job. She travels to different companies to secure for them a loan through her bank.
How a Loan Works
We do not want to confuse you with the technical terms, but in simple terms a loan is a certain amount of money that you borrow from a company, like a bank or an individual, with a promise to repay with interest.
Applying for a Personal Loan
In our experience, it was not easy getting a loan. We went to the bank, and they took our information, and then in a couple of days informed me that I had a bad credit report, and wouldn't give me a loan. Why not? I just needed to get a car, that's all, to go to work.
I really don't think the loan officer enjoyed not giving me a loan. But if you are considered a "risk." then I guess they turn you down. For example, they want to know what kind of assets I had. Well, I don't have any assets. Yet at the same time, I don't have any bills or loans either, and I'm working, so what's the problem? Read more...
Applying for a Business Loan
The point of starting a new business is to make money. If you are starting up a new business and want to make a profit, you will need a business plan. A business plan is just that. It is your idea put on paper.
A business plan lets the bank know what type of business you are starting and where you are going to do this business. It also tells the bank who your customers will be and how much money you need for the start up and how much you will need to keep the business running. Read more...
Apparently, my credit report had one thing on it that was not good, it was a delay in child support payments, which they were uptodate anyway, but the CSO said they were going to report it to the credit bureau, and it would not come off my credit report for seven years! At the time I didn't care, I thought, "So what?" But then when I tried to go get a loan, they wouldn't give me one.
So I walked to work. Then my boss sold me his car, so it worked out anyway. I didn't really need a loan afterall. I just needed to be patient till something came along.
But nowadays, it seems everybody gets a loan. Even when I get calls from credit card companies, they want to give me a credit card so that I will take out a loan! They will even send me a credit card for free, with the hopes of me losing control and going into debt.