Can you get a loan from a bank with bad credit

This is a very erroneous statement. During the last recession and every year many people lose their homes and businesses, with no fault of their own.
Giving customers a 30 day credit then have several customers default in the same month can be and is an economic tsunami that many can't endure.

Yes management of business is a needed skill to succeed as an owner.
With the best skills some circumstances are beyond ones control.

Many file bankruptcy, some just walk away with debt chasing them the rest of there life.

Debt really can be a debilitating factor in life.

 

Well I use my local bank for most of my needs.
Because I didn't have "credit" before.
I had no credit cards or lines of credit.
I had a hard time getting a fuel card.


Kind of hard to get a loan with NO collateral or credit. All banks, credit unions require assets for a note.
Either assets you own or assets you tie the note with.

I guess those check in to cash places don't.

 

Because that is litterly the title of the thread ....

 

This is a "credit" or asset you have at your bank. It works better at local banks.

My bank president says " you can't change the stripes on a zebra"

Larger national banks rely on numbers.

 

My gross to spend is 11%. Kudos to you. I'm curious though if you're only spending 5% of your income how do you not have any assets to put up as collateral? Do you have all your money tied up in investments that can't be liquidated or put up as collateral? You know Brokerage accounts can be used as Collateral?

The 2008 recession was literally caused by a bunch of people taking out mortgages they couldn't afford under the assumption that real estate was going to keep going up forever so it didn't matter. They couldn't be more at fault for their own demise (and many others).

Diversify your AR. Not the end of the world if 1 or 2 stiff you.

There is so few debts you can't bankrupt out of it would be absurd to be in debt the rest of your life. Pay all your taxes and bankrupt out of all the other debts and get back to work.

You make it sound like debt is some disease you get through no fault of your own. Just walking along and all of a sudden you're in debt. You have to sign paperwork and choose to go into debt to make it happen. It's not something that just afflicts you at random like Dysentery on the Oregon Trail.

 

So easy to file bankruptcy, with no pride. Problem in America today.

What about the small business that has 10 customers and 8 close the door or they file bankruptcy.

So in your statement this owner should just file bankrupt after building his business over 15-20 years . I say circumstances not under their control.

Irs and state still want the taxes on earned income(depends how you file).
Can't bankrupt out of that.

 

Problem I seen was many people got mortgages they could afford until the teasers rates expired and banks foreclosed on the loans because the people couldn't afford the higher interest.

I also seen many hedge funds bundle high risk notes together and the the underwriters rating them as AA or better.

Then I seen government (tax payers) bale out the banks.
Then I seen the banks hand out excessive bonuses to the account managers for the great profits they returned.

I think if the banks would have changed those mortgages to stay at the teaser rates, many foreclosures could have been unnecessary.
The mortgage companies were making money at the lower interest rate.

 

Gotta love the perfect person who's NEVER had hardship EVER in his life.

The mortgage was only part of the problem.

How many people lost their jobs and had absolutely nothing to do with them mortgages.

I didn't have one of them mortgages. I was in the hardest hit industry that lost the most jobs.

Construction.

How many people have enough money to survive for 5 years????? Cuz that's about how long it took just to get the country to start rolling again.

People fall on hard times. For a million reasons. We can all be perfect like you.

 

Call my cousin Vinny he helps many people. The rates are low and the payments can't be beat.
If you don't believe just call my buddy Veto hes one of the good guys. He can not tell a lie, even if you tell him your gonna break his nose.