As a black man the key to success is not lending people money or co-signing loans

[Hawaiian Punch]

For the record that should be a stickied topic. I’m sure it’s been mentioned but need to said as many times as possible. Fact is a lot of us come from environments where financial or credit management was never taught. So as soon as we come into a little money family and friends want to:

A- borrow some ridiculous amount of money from you.

Or

B- have you co-sign a loan for them.

shyt never fails. Case in point a very good friend of mine had a home foreclosed. He wanted me to co-sign the loan that his wife needed to buy the house back. After 10 secs of consideration I’m like .

We know now these stories end. They beg you and swear they will honor their end and when they eventually don’t you get screwed.


My stance on lending money is this, never lend more money than you are willing to say goodbye to. nikka come to me with their problems begging for $1000 to borrow, I’m like “I got $30”, wish I could do more”. Sure enough I never see that money again and I’m good. Imagine if I was stupid enough to lend the $1000.

Worse is credit. Never do it! Never co-sign!
Family will put you in a fukked up position with this one. They will swear up and down they gonna take care of their end, but how you gonna trust somebody with fukked up credit. You live your life like that so what makes you think you gonna change now. And when they don’t the bill collectors go after you and you like when you getting denied for loans or credit.

 

[MillionMills]

I've never in my life lent someone money and unless its my mama asking, I never will

 

[mamba]

I don't lend out money. I'm very stingy in that regard.

 

[Darth Nubian]

Who is out here cosigning for anyone but their own children

 

[Cynic]

I learnt the hard way

 

[Hawaiian Punch]

I learnt the hard way

Care to go into details on the story?

 

[Hawaiian Punch]

Who is out here cosigning for anyone but their own children

Way too many people. I seen and heard way too many stories about this. Co-signing for a friends car who ends up stop making payments, or a house where the same thing happens. shyt is real and way too many people be quick to hand over a signature, not knowing you signing away your future.

 

[Cynic]

Care to go into details on the story?

I was very generous and people took advantage...when I stopped being so accomodating. All of a sudden I'm selfish and switched up

All I remember is how these same folks clowned me when I was broke and starting out

 

[beenz]

Who is out here cosigning for anyone but their own children

Man, I'm not cosigning for my kids or wife even. I'm fine giving you some bread, but I'm not letting someone else potentially fukk up my credit. Especially a kid that don't know better.

 

[Bubba T]

Last girl I dated cosigned a car loan with some deadbeat fool. Dude stopped paying the loan and it go charged off a few months ago. One of the several dumb decisions she made.

I used to write consumer loans and I would see people with fukked up credit many times. Financial literacy doesn't seem to be the wave with a lot of people.

 

[jackson35]

if you were smart, you would tell your friend that he would have to put you name on the note until he pays you back other wise you would have to kick him and his wife out and find some else to occupy the home and pay what's owed

 

[Hawaiian Punch]

if you were smart, you would tell your friend that he would have to put you name on the note until he pays you back other wise you would have to kick him and his wife out and find some else to occupy the home and pay what's owed

Nah it never works like that. Bottom line is people end up not paying the note, or leaving willingly. Now you stuck with legal fees you never wanted just to evict them and a mortgage you not trying to deal with. That’s a disaster waiting to happen.

The way I see it the fastest way to end a friendship is lending them large amounts of money or co-signing a loan.

 

[Bubba T]

^yup. People who can't get loans usually can't get them for a reason. When someone asks you to consign, they usually don't think of you when they stop paying. More accurately they think how to avoid you once they stop paying.

 

[Hawaiian Punch]

^yup. People who can't get loans usually can't get them for a reason. When someone asks you to consign, they usually don't think of you when they stop paying. More accurately they think how to avoid you once they stop paying.

Facts. People with fukked up credit got there by not being able to pay their bills on time. If that’s the case what makes you think they gonna start paying new bills on time just because you co-signed a loan?


Even worse is lending them money. Everybody swears how grateful they are for the help and how quickly they will pay you back. Thing is after a while you stop being looked at as friend who helped in a pinch, but rather as another bill collecter. That’s when those phone calls stop being answered and they always in a rush when you see them. shyt never fails.

Like I said that’s why I never lend more than I’m willing to say goodbye to. Many times I legit had friends crying to me about shyt, like how they car gonna get repoed if they don’t pay $800 by tomorrow and if I can help. I be like “fam I wish but I just paid my mortgage. I got $70 to lend if that helps” . Lol @ “lend” . Never seeing that bread again but I’m cool with that, because I expected nothing less.

 

[jackson35]

Nah it never works like that. Bottom line is people end up not paying the note, or leaving willingly. Now you stuck with legal fees you never wanted just to evict them and a mortgage you not trying to deal with. That’s a disaster waiting to happen.

The way I see it the fastest way to end a friendship is lending them large amounts of money or co-signing a loan.

are you kidding??? with that arrangement,, you can easily find someone to pay that, plus he would have to sign an agreement where he would have to leave if he don't have the means to pay the money