(or, Swimming with Loan Sharks)
I only **THOUGHT** the last document my Wells Fargo loan officer needed was a profit and loss statement - something I’ve never generated in over 25 years of running my own business. After a few hiccups, my CPA and I came up with something that looked legit - but when I emailed it to him yesterday, his reply was NOW he needs a balance sheet! (Insert thermonuclear explosion)
I am sick and tired of jumping through these hoops or dancing like their trained bear, so I went back to talking to the loan sharks. A trusted colleague referred me to BHG, which charges credit-card interest rates but should be able to get me my money in three days. They have decent ratings; as best I can tell most of the complaints came from the junk mail you will now receive - but that’s what I have a burn pile for!
https://money.usnews.com/loans/personal-loans/reviews/bhg-personal
The final approval documents are sitting in my email right now, waiting for me to pull the trigger. All I’ll have to do is stay alive for three years, and then I should be able to do the early payoff. (There is a clause in the contract which I need to review - some sort of guarantee that if I die, the loan will be forgiven and they won’t come after my son or my husband) Said husband has already taken off to the gym this morning - he was rather abruptly laid off last Friday, obviously this is my problem to untangle. (My son advised me to borrow from my mom’s investment accounts, which needless to say ain’t happening after all my misery in getting her property taxes paid!)
It’s the cost of doing business, I suppose.
Some places are ridiculous as far as loans go and it sounds like they are. I went through this with my first husband when we wanted a short term small loan and they wanted enough collateral to buy a Porsche. My mom ended up loaning us the money and paid her back in a few weeks in total. I wish you had some other options for this loan. Maybe your mom would loan you the money.
ReplyDeleteWells Fargo can be really annoying. My kid got a run around when they were buying their house. They went with another bank.
ReplyDeleteYes, Wells Fargo SUCKS! So even though Local Bank also gave me too many hoops to jump through on short notice, at least they were more concrete & reasonable so I may end up transferring all my accounts there "in all my spare time", ha ha!
DeleteHuh, my first comment didn't show. Good luck with finances, it's a pain.
ReplyDeleteHa, I've got comment moderation turned on - & I was outta town last weekend...
Delete