Would you accept this offer?

This is starting to look like one of those classic threads where someone asks for advice, doesn’t like the advice they get, so they proceed to do the dumb thing anyway without following any of the advice that they asked for. LOL

 

No, I am not taking out the loan.

 

Good call. But what about the 20k you already borrowed. What do you plan to do with it?

 

I am keeping their $20k as a short term insurance for a while till trucking pays. After a few months of successful trucking I will send them all their money. Their money is safe in my checking account.

 

A 401k is an investment fund that you put a percentage of your income into. A good employer will match a certain percentage as well... Example...

My old 401k my employer would match up to 6%. That means that my employer would put in the same amount as I did, upto 6% of my pay. So I always did at least 6%. For every $100 I made I put in $6 AND my employer put in $6. That portion the employer puts in is basically free money.

My new 401k is not as good... My employer will match 50% of what I put in, up to 1.5%. That means if I put in 3% of My paycheck they will put in 1.5%. For every $100 I make I put in $3 AND my employer puts in $1.50... Again the employer portion us free money.

Once the money is in the fund it is invested by whatever firm the 401k is through. You can specify how it is invested, or you can just say I want to fully retire in 30 years (or 20 years or 40 or whatever) and they will invest it so that can be possible. Basically the closer to retirement you get the less agressive they will be with your investments, so the chances of taking a big loss are not as likely. Aggressive investing=big gains, but at a high risk of loss. Less aggresive investing=small gains, but little to no risk of loss.

 

I have been broke and dirt poor all my adult life. I know how it feels when you have no food. Their $20k is just an insurance during my switch of careers. If trucking companies fire me in a few months for not being good enough, I will have some cash and won't end up starving.

 

The mortgage company will want to see your tax records and a personal financial sheet. If you don’t list the sba loan then that’ll be fraud. You will have both defrauded the sba, irs, and the bank.

Send the 20k back and be happy you didn’t take the bait. Your standing on the edge of a cliff and it’s #### windy so to speak. lol

 

Wow, I didn't even consider that. Thanks. The banks are not stupid to accept a huge pile of cash without questioning me

 

I think it's a horrible idea. Does the SBA report to the credit associations? Work on building your credit. Take out a small loan with a short term and make the payments or get a credit card and use it for gas or something and pay it off monthly

 

This loan has nothing to do with one's credit, none whatsoever. My credit is 720, but even if it was 420, I could still get the money. Because credit is irrelevant to begin with. How do I know? Because after getting the $20k, I see no signs of it in my credit. The $20k doesn't show anywhere.