The big banks aren’t lending. Not to small businesses and not to individuals — even those exceeding worthy of the loan. Management consultant Charles H Green tells the story of one high-earning customer, “Jane,” with excellent credit who had to jump through hoops to try and get a construction loan approved by a major bank. After months of redundant and inane questioning about years-old account history, she realized they were never going to approve the loan, no matter what she did.
At that point I realized I was never going to get a loan from the mortgage giant Wells Fargo, nor are they seeking ideal customers who pay their loans. Happily, our architect is talented and trustworthy and our contractor is honest and hard-working. Those business relationships have been highly professional and free of impediments. We can finance our second home without paying Wells Fargo $50,000 for the privilege of lending us money. But if I can’t get a loan, who can?
No wonder we have a credit crisis in this country!
Who is lending to help communities rebuild? Small banks and credit unions. Yet another reason to move your money.
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We did, my husband and I got a 9,000 loan through Beneficial. Just beware of the high interest. It sucks and they are reworking the loan so we can actually pay off the principal and not just interest.