Re: Current State of Loans
[ QUOTE ]
Hey guys. Sorry, I'm a finance newbie. Can someone give me a really simple rundown of what all this hubub about credit and the dollar means to the average person trying to get a loan? Is now a good time to get a loan? Are loans considered hard or easy to get right now relatively speaking?
Muchas gracias.
[/ QUOTE ]
The junk mail loan solicitations that we get at our small business are way down.
A couple of years ago, if I wanted a line of credit, I could call any number of banks and be pre-approved instantly for all I could want. American Express used to call me to let me know that it would be fine with them if we used our corporate Amex card five times as much as we were.
Now, we get almost no junk mail and even getting a line of credit increase at our main bank is a royal pain. And that's with good financials and very strong personal credit.
If we actually needed to borrow money beyond our current lines of credit, I'd be worried a bit.
|