Posted on 08/30/2023 11:39:46 AM PDT by RandFan
Never had this before but got a letter offering me up to a 30k personal loan.
The letter even entices you with suggestions: "Think what you can do with the money. A new car? A new kitchen?"
I thought that was grossly irresponsible.
The banksters are truly evil people.
You need to explore different options. MY CU offers 9 month CDs near 5%. Auto loans aren't any were near 13% unless one has terrible credit
Savings accounts haven’t been very good for a long time. Only use em for money that you need on hand in case of emergency. Best place to put money you want to save and earn with is mutual funds. There is risk involved but do some research, pick funds with good long term and recent performance.
If you need less risk you can do money market funds and/or CD’s, the return isn’t as great but very little risk as opposed to mutual funds having a down year or two in a row.
I made a killing in communications and technology mutual funds between 2004 and 2022 when I retired, the money i put in was quadrupled over that time. There were some really bad years but long term I averaged over 12% return.
Simply offering a loan is not usury if they are doing so at rates that are ridiculous or offering to people who cannot pay that’s another story
Just say no…..easy .
….
I’m getting both snail-mailed offers and emailed offers for loans, credit cards, and requests to open checking and savings accounts at banking institutions I’ve never frequented.. All have some incentive such as deposit bonuses and eighteen months of no interest.
Banks need deposits and loans on their books. A few dozen regional banks were downgraded recently and I suspect more will be downgraded in the future. I’ve read of rumors of more bank mergers or failures in the next couple of months.
I do not trust any of the governmental agencies on their economic reporting. I’m really getting a bad vibe about where we are headed in the short-term. I know where the long-term ends.
Nothing terribly new about this. And if you manage it right you can get those to grow. A friend of mine got offered a 10 grand home improvement line of credit, he took it and paid, and then they offered him more, lather rinse repeat. Eventually they offered him enough to buy a 2nd home (bigger and in a better neighborhood with zero down. then he turned the original home into a rental. If you know how to work the system these things can be great. Of course if you don’t know how to work the system they’ll crush you. My bank periodically offers me lines of credit, but I’m not good at working the system so I just say no.
Well, if you can’t pay, they can then seize your assets and make a killing on those.
Now days anything over 650 is good.
I get at least one offer a week from my mortgage company for a home equity loan.
You can do better by simply opening up an account at Fidelity Investments and leaving it in a Fidelity government cash reserve account, currently paying 4.97%.
The only reason I’m not living paycheck to paycheck and I’m making decent money and have a stay at home wife to keep an eye on The Boy, is because Chase sent me an offer like the one under discussion here. I read and reread the fine print, every word of it, Signed on the dotted line and 30 large appeared in my account three days later. The rest is history.
“at least they didn’t say “Borrow from us or we will close your accounts!””
Ahem...my credit card company sent me a letter stating that if I did not use it, I would be cancelled. I have a very high credit, so now I run a tiny balance. I know, but sometimes you have to throw crumbs at them.
I get those occasionally. I have no interest (no pun intended) in acquiring any more debt than what I already have, and that has been reduced to a tiny fraction of what my original mortgage was. Paying extra each month pays down debt FAST.
AmP
Guess what is going to happen when you go to get it. Nope.
When my son bought a new car, the salesman dangled a really low interest rate. When he went to the F&I guy, I told him “They are just setting the hook. You won’t get that rate”. They told him the payment and I said “No way. $50 more and another year”.
This is why I pay cash for cars
Well, OK - that’s one half to one third of a new car. They’re hitting the bottom of the jenga tower.
If you were illegal you’d get 250k
I get those offers quite frequently.
Do you expect something different?
Money as debt. What a wonderful concept.
I don’t understand why that is inappropriate.
That is their job to give people loans.
Are you suggesting that giving loans or taking loans is immoral?
Are you Muslim?
What am I missing here?
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