Small loan

[90s_tuner]

I need someone to approve my friend for 3800. Hes 20, no credit but has a steady job. He owes me the money for one of my bikes which he dropped and now has to buy it. Hes been to CIBC and TD, they both pretty much said no.

I need him to get this money because its been over a month and a half now and I'm getting pissed off.

Tell me some places that would approve him.

[GQBalla]

he has a steady job why can't he afford to pay you back?

get a co-sign?

[asuth077]

Thats odd, if he works full time at a steady job he should be able to get the money. Are you sure he is really trying?

[90s_tuner]

His dad tried co-signing but apparently he owes enough money as it is.

He would pay me monthly like 200 bucks but I want it in whole; i'm not a bank. Plus I took out money from my savings to get another bike and I need to put it back asap.

His main problem is lack of credit. He had no visa/mc until he signed up a few weeks ago.

[FiveFreshFish]

Originally posted by 90s_tuner
He had no visa/mc until he signed up a few weeks ago.

Get him to do a cash advance as soon as he gets his credit card. Let him worry about the high interest.

[90s_tuner]

Originally posted by FiveFreshFish


Get him to do a cash advance as soon as he gets his credit card. Let him worry about the high interest.

Good idea but I doubt they will give him a high enough limit. When I got my first CC it was 500 bucks. I had to make up way up to 7000 over a year.

[cocoabrova]

What does he have for collateral

[TrevorK]

Wells Fargo - but they charge 28% interest or so.

But they'll definetely lend to him.

[broken_legs]

citi financial, same rape on interest

[90s_tuner]

Originally posted by TrevorK
Wells Fargo - but they charge 28% interest or so.

But they'll definetely lend to him.

Where is Wells Fargo? I'll tell him to go there.

[TrevorK]

Originally posted by 90s_tuner


Where is Wells Fargo? I'll tell him to go there.

In the worst parts of town

Here's a couple:
Wells Fargo Financial - 4315 Macleod Trail Sw - (403) 243-2703
Wells Fargo Financial - 222-855 42 Avenue SE - (403) 214-4380
Wells Fargo Financial - 114-1725 32 Avenue NE - (403) 250-9009

[aram1000]

try citifinancial, they will lend to anyone but the interest is high, has he tried scotia bank or bank or montreal, is he a student? because if he is, could look into getting a student line of credit

[90s_tuner]

Yea I'll tell him to go to Citi first since its right by the Futureshop by my place

Then he can try Wells Fargo. haha

As long as the interest is less than like 20% he'll take it. He doesn't have bad credit so I think he should be alright there.

[James]

Wells fargo usually charges in the high teens to low thirties for interest...its disgusting....when i was young and stupid i went through Trans Canada Credit( i think wells fargo bought them out)....I didnt make much money, with a cosigner that had no problem giving me a loan.

[broken_legs]

i thought charging more than 28% was illegal??

[FiveFreshFish]

Originally posted by broken_legs
i thought charging more than 28% was illegal??

Nope. If you charge 60% or more, it's illegal.

[Xtrema]

Originally posted by FiveFreshFish


Nope. If you charge 60% or more, it's illegal.

Charge your friend 60% then

[Supa Dexta]

Originally posted by cocoabrova
What does he have for collateral

a busted up bike...

[sabad66]

Was the bike ruined after he dropped it?

[88CRXGUY]

I think that he should just suck it up and try to pay for it without a loan. In the end he is going to be paying more anways, he should think about getting a second job over the summer...

Also too since taht he is going to be applying for all these loans and stuff its going to be showing up on his history. Which means the banks are going to see that, its kind fo like red flagging, it shows that he needs the money. When its red flagged he's more of a risk and the bank isn't going to give it to him. But if he wants to pay 28 plus percent interest, then he is just raping himself twice, once with the bike and now the interest...