The Finance Blogger

Lately I have been doing some work for a customer of mine that I was initially a little unsure about. So I thought I would blog about it here and see if there was any reaction within the online community.

These are short fictional stories about people who are looking for loans. Basically anyone who falls into any of these descriptions has not got a hope in hell of getting a loan. Some of them are down right funny. While others are so sad that you wonder what these people would do if they were real. They are stories about people hoping to borrow money under really difficult financial circumstances. Which makes it unlikely that they will be able to be approved for this loan.

Reality or Imagination

The problem is that based on the reading I have done over the years and the stories we watch on TV, there are millions of people who fall into the category that would never qualify for a loan. In fact they should never be given a loan since they have no way of ever paying it back. They either do not have enough income, or if they do, they have no idea of how to manage their money and would treat the loan as almost like winning the lottery.

Now before everyone gets upset with me, I am just reporting what my opinion is. There are thousands of people who do not fit into this category, but there are a lot that do. For those people someone must sit down with them and show them how to manage money, how to save money and how to build up a good credit rating.

Again, all of those people who might be mad at me at this point should stop and think for a minute. What have you done lately to help anyone who needs a loan, who needs some cash  and who needs help to manage their money? In other words don’t throw stones when you live in a glass house.

Online Loan Applications

Anyway back to the online loan applications. I wonder how many people actually apply for loans online and give such crazy stories that they will never even be considered for a loan? We think there are a lot based on the comments to many of our posts about what people are looking for.

For example!

What about the guy who just got out of jail? Does not have a job and barely has enough to get by on. He could apply but would not be considered. It is just too high a risk for the lenders to take in regard lending money.

What about the person who has huge credit card bills, a so so job and bad credit. Would you ever loan them any money. Not me. Again the risk for the lender is just too high.

What about the person who is perpetually late on making their payments? Loans, credit cards, utility bills, it really does not matter. What matters is that all of this gets put on a credit report somewhere and they get to have the worst credit rating possible. No loan for them.

Summary

So if you are looking for an online loan application, try to make some sense out of it and have a good story that the loans manager can at least consider. No bad credit, no late payments, limited debt, good job , well paying job, a job that you have worked at for a while and a history of repaying loans. Make sure you have a bank account that shows no checks passed with insufficient funds. You just might qualify for a loan!

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