Getting a Loan from American Bank

[pico]

Can you apply for a business loan and gamble with it. if you lose, declare bankruptcy? can the bank sue you for not sticking to your business plan?

[bmw530i]

It must be so hard to get any type of loan right now. Will they let you go long term? 60-72 months?

[pico]

let's say i give them a business plan for a pizza parlour for 50k. get the cash and put it all on the giants this week. if i win, i pay them back. if i lose, bankruptcy

[daggerkobe]

Try Prosper.com

[SlickFazzer]

JJ spoke on this a couple weeks back. I had a similar question....He basically said that you get the loan for a business, but use it for gambling, then just default on the loan. Maybe he can comment more....

[pico]

if investment banks can do it, why can't i.

[gm2022]

God ive tired it done it, not worth the hassle!

[marke4]

let's say i give them a business plan for a pizza parlour for 50k. get the cash and put it all on the giants this week. if i win, i pay them back. if i lose, bankruptcy

I like the idea. But I think you will need more than 50K to make it worth while. Bankruptcy court is no fun, and you will most likely need some type of CPA or financial adviser to sign off on the business proposal. But as mentioned before, now you will not get the funding, 5 years ago, this plan was very feasible.

[compaqDikk]

it's real easy to get a loan in all but 49 states. apparently cash under table to crooked managers work

[SlickFazzer]

Gotta learn to duke em. Call Danny D over at Federated Bank on 6th street, Newark NJ.

[jjgold]

Lol

Where does compactor find these vids?

Picoman=buried like I called

[pico]

jj, i am doing fine...just like you.

[JBC77]

It must be so hard to get any type of loan right now. Will they let you go long term? 60-72 months?

I got one the other day from a federal credit union for 5K for a trailer and a quad.

I thought the same thing though, might be tough as hell to get one but no. It depends on the bank and their level of solvency and on the region. Some states were hit harder than others with the foreclosures. Decent credit helps too.....

[jjgold]

JB why did you get a loan?

[JBC77]

I bought a trailer and a quad. Guy was selling them together. I had an older trailer that was good for a while but had some problems. Wasn't really safe to be pulling stuff with anymore. Got the loan for 6%.

You guys got to get your money into a Federal Credit Union somewhere. Awesome rates on loans, no fees. Getting 3% on money market checking.

Bank of America used to fee me to death on a monthly basis.

[jjgold]

Ok I had to know


You are the 1st poster of all times that got a loan and did not use it for gambling or too pay gambling debts.

[Tsoprano]

Interesting topic.

[Threekings]

It won't work the bank is going give you a line of which you can draw from. To draw from the account you will need to give them Invoices. They will probably only pay 80% of the invoice amount and expect you to come up with the other 20%. They will also do UCC filing on the equipment so that you can not turn around and sell the equipment.

[pico]

can you create fake invoices?

[pico]

fake invoices from shell companies. that is the way to do it.

[Threekings]

You will need a lawyer but not for bankruptcy!

[SlickFazzer]

fake invoices from shell companies. that is the way to do it.

Yep. Just start a consulting company. PicoConsulting.com

[flyingillini]

Getting a business loan was by far the hardest thing I have ever encountered. Sure there are probably different types and different stipulations regarding the amount but it was rough but worth it in the end.

[jjgold]

Pico just bet what you can afford to lose and forget scams

[gm2022]

Pico just bet what you can afford to lose and forget scams

Wont ever make it big time, Gotta have dreams think big Pico