go prop or visa
:eek:
:eek:
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Getting a loan to day trade (but not to day trade)
- Thread starter Sky123987
- Start date
Quote from HolyGrail:
LMAO. How many people do you know with little or no assets that can get a signature loan? Why do I say he has little or no assets? If he had anything of value to convert to cash he would not have started the thread.
The amount of unsecured debt a bank will lend you is not based on assets, at least where I work. It is based on gross monthly income vs current debt (debt-to-income ratio) and credit score.
P.S. I work at a very large credit union. Nothing fly by night. You can argue all day, but I know for a fact it's possible.
Also, how many credit card companies demand assets to approve you for a credit card? LOL Apparently not too many, according to the news. Worst case you could just do cash advances. But the same concept applies with a signature loan. Both are unsecured, one is just an installment and the other is revolving credit.
ATTENTION: I am not necessarily advocating doing something like this- but you are calling me out, and I am telling you that you are wrong.
Quote from HolyGrail:
Hey if the guy can trade he doesn't need a loan. End of story.
Not everyone has their mommy and daddy there to bestow upon them $50-100K to play in the markets with. Also not everyone has a job that pays out $100-200K a year either.
Sometimes starting out with $10K and trying to go full time takes quite a while, assuming you want to do it properly and not take on insane amounts of risk.
Why is it a bad business decision? Every business that takes out a loan has faith in their products and performance as well. 95% of them fail too supposedly. What is the difference if you know what you're doing?
Don't knock someone's trading skills or likelihood of success just because they would consider taking out a loan to increase their business capital. It's no more foolhardy than any other business taking a start up loan.
Quote from Reaver:
The amount of unsecured debt a bank will lend you is not based on assets, at least where I work. It is based on gross monthly income vs current debt (debt-to-income ratio) and credit score.
P.S. I work at a very large credit union. Nothing fly by night. You can argue all day, but I know for a fact it's possible.
Also, how many credit card companies demand assets to approve you for a credit card? LOL Apparently not too many, according to the news. Worst case you could just do cash advances. But the same concept applies with a signature loan. Both are unsecured, one is just an installment and the other is revolving credit.
ATTENTION: I am not necessarily advocating doing something like this- but you are calling me out, and I am telling you that you are wrong.
You are wrong. Banks don't make venture capital loans.
Quote from HolyGrail:
You are wrong. Banks don't make venture capital loans.
I suggest you reread my post. Your argument irrelevant. I never said anything about a venture capital loan. I said look into a personal expense/signature loan.In fact I actually said it myself that if you apply for a business loan then you are going to have to jump through a lot of hoops, that it's better to stick with a personal loan.
You are being foolish. Reread my post if you want to argue. READ don't SKIM.
Quote from HolyGrail:
You are wrong. Banks don't make venture capital loans.
P.S.
https://www.wellsfargo.com/personal_credit/products/options/unsecured_loan
Quote from Reaver:
One way to look at it is that many, if not most, businesses get start up loans.
So in one sense it seems viable.
You said businesses get start up loans. That is VENTURE capital unless the person borrowing the money has a whole lot more in it than the bank. This guy was talking about getting a loan to start day trading.
I have been in business for 35 years, probably more than your age. I know all about unsecured loans. I know they exist. You will just not ever get an unsecured business loan. Try it sometime, and get back to me.,