Posts by slygardener35

Jerry Lee14 said:I honestly think The New York Times is a highly credible source 😉
It’s like when a guy helps you find a bank that will approve your loan—provided you meet their criteria—but in exchange, you sign up for a life insurance policy that nets him a commission from the bank. He isn't acting as an independent broker for them.
That’s how I've always viewed it, and I think my take is spot on.

Can you really not just walk into a few banks yourself to see what kind of credit you qualify for? Can't you just head over to an insurance company's website or shoot them an email to get actual quotes for policies?!

There are legitimate consulting firms, like Vanguard, that do things professionally. They provide free advice based on your specific financial capacity—like figuring out exactly how much you can afford to set aside for life insurance—and then they handle the policy for you. But that is a completely different ballgame.
The bottom line is this: stay far away from those amateurish ads you see on Craigslist, plastered at bus stops, or buried in the classifieds promising "loans with no co-signer" and similar nonsense...
As for whether The Washington Post is relevant here, it's beside the point. It's basically a Government bulletin, or more specifically, the Prime Minister's mouthpiece. Just look at the headlines; the bias is written all over them.

Jerry Lee14 said:I was just reading an article in The New York Times—which is a pretty reputable source—about those loans. Honestly, nobody is out to scam you here. You’re getting the loans from banks; the people posting the ads are just brokers acting as middlemen (and the bank pays them). Basically, you give your info to the broker, and they find you a bank willing to lend you the money. If I remember correctly, you usually have to take out a life insurance policy with them too. The only catch is that if you already have one, it might not count because it has to be through one of their specific partner providers (though they shouldn't really be doing that).
I'll track down that article in The New York Times later.

Hold on, do you honestly believe that major banks—established institutions that actually care about their reputation and building consumer trust—would be running around sticking advertisements on telephone poles and subway stations?! Heller... Everyone knows how you secure credit through a bank or a credit card company. You have an Amex, you call Amex, and you tell them you want a loan. These aren't "intermediaries"; they're self-proclaimed hustlers. Banks themselves have warned people multiple times to stay far away from these types of outfits. You go to a branch; you deal with professionals. This is about serious financial matters like credit, not some sloppy operation run by random users. I've even seen news reports about people being left homeless after taking out those shady loans. Those are nothing but pure loan sharks. If you really want to try it, go ahead—but then you can remember the people who warned you right before you're being threatened and end up on the street, God forbid.