Do you think banks deny qualified black customers from getting loans
- Thread starter BrothaZay
- Start date
Elim Garak
Veteran
Fall for a troll that already knows the answer and is using this to fish out c00ns brehs. 
feelosofer
#ninergang
Yes they do. I have have beem denied loans at the bank despite at this point having little debts and making more than the amount needed to borrow almost monthly.
Why can’t I get a business losn then
Can you go in more detail
Wells Fargo wants to say hello?
Pull Up the Roots
Talking? During horse head bookends?
An analysis of financial institutions in Black-majority communities: Black borrowers and depositors face considerable challenges in accessing banking services
In the U.S., access to capital for individuals and business owners is uneven based on race. Most houses are bought with a mortgage and most businesses rely on credit to fund their expansion. This report shows that, at a local level, there are stark contrasts in access to credit for African Americans
www.brookings.edu
MalaKai
Luv is Luv
Is water wet?
MajesticLion
Veteran
JoelB
All Praise To TMH
Wells Fargo Bank sued for race discrimination in mortgage lending practices
Wells Fargo is being sued for discrimination by its Black customers. Plaintiffs are seeking $5 million in damages
www.usatoday.com
Yup. CFPB been on Wells Fargo neck the past few years
How can you prove a negative? The courts can and do all the time. If people come in looking for a loan and they don't get it and you can show that Black people with the same qualifications as white people don't get loans then Black people will win the lawsuits.
All I know if I couldn't get a loan from my bank, I'd close my accounts and go to one where I could. Trust works both ways.
Go to a black bank they will gladly help you out if you are qualified.
Cakebatter
All Star
If you are looking for a loan to start a business, the Small Business Association is the way to go. I got turned down over a dozen times trying to start my first business with a solid business plan in hand, and my business was already running and making money. Nearly every bank was only interested in opening an on-going line of credit to existing businesses. "Come back in 3 years" was told to me by most of the bank manager's. Your local chamber of commerce will also point you in the right direction too.
Put it like this take from it what u will- Ive had a business since 03 and what works for me might not work for the next man. One year I hired a different accountant (white woman) out of necessity I was getting audited. She offered to find funding to fill some gaps and switch it up. She got everything we applied for. I’d tried multiple avenues prior and they all had red octagons