My friend wants to borrow $15,000 with so-so credit....where does he go?

[Fishhead]

What are his best options?

His credit is so-so and he has an annual income of roughly $25,000


Who does he turn to besides family, friends, and me?

[Doug]

FHW

[Fishhead]

FHW

He would only qualify for about $900 going that route.............and not close to that if VERNON WELLS wins the DERBY

[durito]

No one is going to loan someone 60% of their annual salary unsecured with poor credit.

At least not anymore.

[Fishhead]

No one is going to loan someone 60% of their annual salary unsecured with poor credit.

At least not anymore.

That's basically what I told him.............and why I'm asking for advice from the wiseguys around here.

[Doug]

What is the 15k to be used for ?

Car, he might get a loan....or buy a cheaper car.

[mtneer1212]

Bankruptcy Court, unless of course if it is a tax debt or gambling debt.

[Ryangene]

Depends what he wants the $15,000 for. If he is buying something that has trade value or as collateral he will be ok at most places. Worsecase get him a co-signer to help out the interest rate.

[Sledge187]

I tried this route and I had to get a co-signer for this to work. It was tough and like durito says it is hard to get a loan now a days.

[Fishhead]

What is the 15k to be used for ?

Car, he might get a loan....or buy a cheaper car.

A POKER bankroll

[biggie12]

Fish more info on your friend.

How long has he played poker for? does he have online screen names at Pstars or FTP

You think he would be willing to played Staked for 40% profits and rakeback?

find out if he has PT and charts to proove he is a winning player.

[Fishhead]

Fish more info on your friend.

How long has he played poker for? does he have online screen names at Pstars or FTP

You think he would be willing to played Staked for 40% profits and rakeback?

find out if he has PT and charts to proove he is a winning player.

He hasn't played poker in 12 years.

[ouman101]

Borrow $1,000 from 15 different places, all in the same day. Hopefully they wont have time to find out about each other.

[Fishhead]

Borrow $1,000 from 15 different places, all in the same day. Hopefully they wont have time to find out about each other.

That's a good one!!!

[Chi_archie]

what range is so-so credit?

[rfr3sh]

maybe he should try to find a job that pays more
how do you live off of 25000$ a yr

[Brock Landers]

MAYBE Citifinancial...

Doubtful he would get more than 7500 though..

http://www.citifinancial.com/USCFA/CFA/portal/Home.do

[biggie12]

He hasn't played poker in 12 years.

LOL GL to him finding a loan.

[rfr3sh]

also if he is managing to live off of 25000 a year
tell him to get a second job to fund his poker BR
if he is that confident in his poker skills he will be able to build his bankroll progressively

[Fishhead]

also if he is managing to live off of 25000 a year
tell him to get a second job to fund his poker BR
if he is that confident in his poker skills he will be able to build his bankroll progressively

He projects himself turning the 15,000 into 80,000 in one years time(playing here in Florida).

[rfr3sh]

so why not get a second job and turn his paychecks into whatever he can until he earns his 15000 BR..because if he loses his money hes gonna have a hard time paying 15000$ back..

[biggie12]

He projects himself turning the 15,000 into 80,000 in one years time(playing here in Florida).

15k to 80k while still working his full time 25k job. GL to him

Ill take a prop bet $2500 saying he wont make 60k in the first year.


If he thinks he has a big edge because flordia is to lose all CAP games and there will be alot of fish throwing away money in bigger games i think he is sadly mistaken

[biggie12]

so why not get a second job and turn his paychecks into whatever he can until he earns his 15000 BR..because if he loses his money hes gonna have a hard time paying 15000$ back..

15k shouldnt be too hard to pay back on a 25k yearly income.

[jjgold]

Fishhead tell this guy to go to GA

He has a problem

[milwaukee mike]

15k shouldnt be too hard to pay back on a 25k yearly income.

really?
25k after fica/med is really 23k

unless he is living at home and not driving i can't imagine he has any money for savings out of that 2k/month - and if he played poker 12 years ago i assume he doesn't still live with his parents


nobody making 25k/year should have a 15k bankroll, that's way too much of your income to be risking imho
would be too painful to lose, and he could probably do the same thing with 5k

max is 50/100 no limit but he could easily start at a smaller limit like 5/10 no limit, 20 buyins of $250 each should be enough of a bankroll

[yomillionaire]

Hey Fish,

He should try online lending options like lendingclub.com or prosper.com. I have some money invested in it, a lot of people willing to lend.

[milwaukee mike]

if he is serious about wanting that kind of bankroll, i would tell him to apply for as many credit cards as possible
depending on that credit maybe he can get 10 cards that each have a 2k limit? then take cash advances, if you lose the 20k declare bankruptcy

not very ethical but it makes it almost no risk vs a nice reward

[durito]

Loan it to him at 100% interest fishhead. End of the year he has $50,000. You get $30,000 back from him.

Sounds easy, well except the 500%+ annual return part.

[biggie12]

really?
25k after fica/med is really 23k

unless he is living at home and not driving i can't imagine he has any money for savings out of that 2k/month - and if he played poker 12 years ago i assume he doesn't still live with his parents


nobody making 25k/year should have a 15k bankroll, that's way too much of your income to be risking imho
would be too painful to lose, and he could probably do the same thing with 5k

max is 50/100 no limit but he could easily start at a smaller limit like 5/10 no limit, 20 buyins of $250 each should be enough of a bankroll

I was being sarcastic.

and 20 buyins at 5/10 level of $250 is bad advice. ESPICALLY the fact your telling him to buy in for 25 BIG BLINDS lol.

[durito]

Brock Landers borrows on prosper.

If borrows means stiffs.

[Doug]

A POKER bankroll

I'd rather back him for coke smuggling !



Does he have talent ?

You seen him play ?

If he's good why is he broke ? I guess the new Florida rules....I wouldn't back this guy for 15k, maybe 1k , if you believe in him, and charge big points !


Guys that are broke and need loans and 3-ballers ( pawn shops), rarely win.

[brooks85]

his best bet would be to find a sugar mama, ideally 70 or older.

[milwaukee mike]

ok biggie no problem

how many big blinds would you buy in for? if he has limited funds (which he does) he needs to be able to cover a bunch of buyins. if he buys in for 50 big blinds $500 at a crack that would only be 10 buyins for 5k.

[Doug]

if he is serious about wanting that kind of bankroll, i would tell him to apply for as many credit cards as possible
depending on that credit maybe he can get 10 cards that each have a 2k limit? then take cash advances, if you lose the 20k declare bankruptcy

not very ethical but it makes it almost no risk vs a nice reward

It is not so easy to get these credit cards anymore, son !

Credit is for people that have money already. You ain't got money, that's what pawn shops are for

George Jefferson

[biggie12]

with 5k he is crazy playing 5/10 in the first place.

1/2 is a good start for 5k bankroll. Buying in for $200 (100 big blinds MIN) That means he has 25 buy ins.


A more skilled and experienced player might be able to start at a level of 3/6. (he has a alot bigger ROR, playing at this level though)