Not Fair at all!!

[WiccanSpirit]

Hello again everyone. I am hoping that this is the right place to post. But i figured that since i am basically on topic i would post it here. My beef is about the loan agencies, why is it that when a person is on social assistance that the lenders will not even consider them for a loan?! It just is not fair at all, there are alot of people out there who are hurting and need the money but can't seem to get ahead because in situations like that, the people look down on them! grrrr!
Sorry for the ranting folks, i just feel that it is very unfair and wish there was a way to rectify this.
Thanks for listening guys!

[moonmagick]

That is crazy. I think everyone deserves a chance to try to get ahead in life. It is especially irritating with the new announcement that illegal immigrants will be able to obtain credit through Bank of America easier than citizens without a credit history.

[mamab]

Don't get me started on the illegal aliens being able to obtain things that American's can't qualify for! It's wrong, wrong, wrong.

Personally, I think all lending agencies should look at the individual and the situations they find themselves instead of just saying that if you do X, then you don't qualify. I think it's shameful.

[deanac24]

I dont think it is fair either. Just because you are on public assistance or something doesn't mean you don't need a loan. I think it is discrimination.

[aquariancore]

The reason loan agencies avoid people on assistence is that they can't be a lien on the income if there becomes a problem.

[Melizzy]

Quote:

Originally Posted by aquariancore

The reason loan agencies avoid people on assistence is that they can't be a lien on the income if there becomes a problem.

Exactly. And you have a fixed income. They know if you are coming to them for a loan, chances are good you are carrying all the debt you possibly can and while this would be a short term fix, in the long run it will still be an issue. You are basically borrowing from Peter to pay Paul. At leastin their eyes.

[LyricB]

Quote:

Originally Posted by moonmagick

That is crazy. I think everyone deserves a chance to try to get ahead in life. It is especially irritating with the new announcement that illegal immigrants will be able to obtain credit through Bank of America easier than citizens without a credit history.

Okay, someone is going to have to explain this one to me, because this is something I haven't heard of.

[mamab]

From what I've been able to gather from several sources, some of the larger banking institutions are offering credit cards to illegal aliens. I wasnt' sure at first, but I SNOPEd it. Here's what I came up with:

Urban Legends Reference Pages: Bank of America Credit Cards for Illegals

Apparently there's been a HUGE outcry from people that have been turned down for credit.

[Tangent210]

It's not fair but it's about business and too bad for those on it that those in their position ruin it for others. They are seen as too big of a risk to loan to since they have a high rate of missing payments or not being able to make them. So the only thing the bank can do is deny those on it. I'm sure they could look through all the reports and history and find a few people they would accept on a case by case situation but the man power to do that would cost them more money than it would make them so they simply don't. It's a shame but a fact of life...

[gblued]

Tangent is right that it is all about business. The banks and cash lenders only lend money in order to make money, so they are looking for the best bets. If you are obviously desperate and in need, they tend not to give you a loan. It really isn´t fair, since that is when you need it the most, but that is how they see it.