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How Do People With Bad Credit Get Loans???

Rere84

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Not car or housing.....

I'm asking because there's a thread on here and Dave Ramsey was counseling this couple that had like $90,000 or so dollars in debt from loans with bad credit and I'm wondering who the hell gave it to them.....
 

Bux Heaux

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Not car or housing.....

I'm asking because there's a thread on here and Dave Ramsey was counseling this couple that had like $90,000 or so dollars in debt from loans with bad credit and I'm wondering who the hell gave it to them.....

If they were white that plays a factor. They may had a co signer as well
 

Chris Partlow

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Shady lenders.

I know people whose cars stay getting repoed yet they’ll have another one by the next week.


And I’m sure that couple on Dave Ramsey was probably white, so that helps.
 

MoonPie

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Probably multiple payday loans or living off of private student loans. A lot of these payday loan places will give people with bad credit loans with ridiculous interest rates that balloon over time. Remember Western Sky Loans, they finally went under, but I remember people were reporting that the APR on those loans was something like 250%.
 

coppertop

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They probably got loans with excessively high interest rates or the bad credit came after not paying off the loans.
 

S O S Y E

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Kinda unrelated to the question

But I went with my younger sister to a car dealership once. The salesman, an older Black man who was SO nice to us, ran her credit. His entire demeanor changed. He straight up said that she should be embarrassed and ashamed to come into a dealership with that kind of credit.

I have great credit but I was turned off (though appreciative of his honesty). I was going to buy the car and let her pay me, but I ended up saying EFF THIS! and just walked out.
 

ToFreedom

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Predatory lenders (usually online lenders) that have crazy ass adjustable interest rates. Literally signing up for financial ruin.
 

Tall Tee

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Yt?

Yt folks with double digit credit scores can:

- Go into a bank and walk out with a loan
- Apply for multiple credit cards and come away approved for them all
- Walk into a car dealership with poor credit, no down payment, and walk out with an approved loan (and an APR lower than a Black person with a higher credit score)

When I was young (freshly started college) I worked for Visa collections. It was a real eye opener. 30, 60, and 90 day late payments can affect one's credit score--but only if the latenesses are reported (which oftentimes is just left up to a supervisor's discretion). White folks would be 60, 80, 120 days late, cuss us out on the phone and make death threats at us but sure enough: #fffff supervisor would review the file and encourage us to try again.

Meanwhile, Black person late? First 30 day late payment gets reported. Then they show up to buy a car (or apply for a loan or credit card) and get someone smirking at them about their horrible, terrible, very bad 30, 60, and 90 day latenesses...

Everything a rich man's game.
 

Casmira

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I have a yt coworker who has been in 5 figure debt twice. First time hubby took out a second mortgage to pay everything off. Second time, she didn’t want him to know so she used a debt consolidation companies. Months later she told me she’d gotten a credit card. She had big debt. 20k+ loans from two companies, credit cards, etc.
 

Cupcakebatter

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My coworker has bad credit. She was telling me yesterday she will call a smallish loan company to see if she could get a loan to help with bills and Christmas shopping money. Called in asking for 800. They offered her 285 with a 70 per month payment. 36% interest rate.
I googled the company and one of the reviews said their interest rate was 92% they borrowed 200 and paid back 580.

She also recently could not get a new car on her own. Needed a co signer for at least 6 months to reestablish herself . Yes shes black :(
 

Fake Francie

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Kinda unrelated to the question

But I went with my younger sister to a car dealership once. The salesman, an older Black man who was SO nice to us, ran her credit. His entire demeanor changed. He straight up said that she should be embarrassed and ashamed to come into a dealership with that kind of credit.

I have great credit but I was turned off (though appreciative of his honesty). I was going to buy the car and let her pay me, but I ended up saying EFF THIS! and just walked out.

It could have been worse; he could have set her up in one of those 36% auto loans.
 

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