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/biz/ - Business & Finance

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54516732 No.54516732 [Reply] [Original]

I keep seeing these tiktok accounts posting this same advice and I want to know what the cons are.
They're not using the money for the business and I'm pretty sure they have no intention of paying off the loan.
What happens if you don't pay it off (and on schedule)?

Someone take me to school

>> No.54516757

>>54516732
you made this same exact thread a month ago. of course this is probably posted by a bot. 1pbtid guaranteed.

>> No.54516765

>>54516757
First time posting, my b if it was asked before, I still want answers though

>> No.54516766

>>54516732
Black people cant think that far ahead to realize you need to pay off credit at some point2tyng

>> No.54516775

>>54516765
you cant get $250k of business credit without collateral.

>> No.54516789

>>54516732
Why is that little black girl giving financial advice?

>> No.54516790

>>54516775
I think they're using credit unions. Does that change anything?

>>54516766
What if you hired a credit repair company?

>> No.54516797

>>54516790
Are you underage or black
Serious question

>> No.54516801

>>54516732
>250k in business credit
You can get more than this in a mortgage, at a lower rate, for a tangible asset, with the same qualifications.
Free/Cheap/Unqualified credit is the birthright of all Americans. This girl is, as her community would say, "hitting a lick", #staingang, on some literal retards who will hold the bag. None of them are going to do anything with the money, but they will dig their hole deeper, and they'll blame Da White Man for their problems when all is said and done and she's made her money.

If you had a real business plan you'd have more money than you know what to do with. With which, you know what to do. She's just churning a scam. That's why it's on TikTok.

>> No.54516802

>>54516797
Neither. I just want to know the ramifications of this method

>> No.54516821

>>54516801
I don't need the money. I just wanted some clarity on what happens when it's not paid back

>> No.54516865

>>54516821
Same thing that happens to anyone who doesn't pay back their debts? But this chick is long gone by the time the debt goes sour, same as any other jew who convinced you of what you could afford.
She's not selling peace, she's selling debt.
Retard.

>> No.54516895

>>54516801
>>54516865
Okay, mea culpa, I didn't realize this wasn't a chick, it's some groid in pink and dreadlocks. The message remains the same. Have an income-producing business plan? Receive more money than you could possibly need to run it. Have no plan, but basic below-par credit score? You will ABSOLUTELY be allowed to trash your credit for the next 7 years on some literal horseshit. Especially if it's some nigga telling you "u got this".

>> No.54516933

>>54516895
Let's say for sake of argument you didn't sign a personal guarantee on the loan so everything is on the LLC. Could you pay a credit repair company to fix the score and then negotiate the interest and payment plan?

I realize this is retarded and aimed at idiots, I am just trying to wrap my head around how to do this without absolutely tanking your life.

I just like the idea of fucking over banks

>> No.54516947

>>54516933
cont.

For instance, you could max out a credit card, pay a credit repair company to fix your score and then years later negotiate with the entity that owns your debt generally erasing the interest and lowering the balance owed

>> No.54516998
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54516998

I wonder if lending to subprimes helps their ESG / CEI score

>> No.54517002

If an LLC takes out a loan and that loan is not personally guaranteed by me, what recourse do the creditors have against me if the LLC refuses to repay and has no assets?

Essentially would they have to discover that I used the funds on myself and then they would be able to claim that the LLC is not a separate entity? Otherwise, wouldn't the LLC be on the hook and just basically be destroyed?

>> No.54517055

>>54517002
Why would any lender give free money to a new llc, of which you're the only operator and don't already have a profitable business? You don't just get a briefcase of money for establishing an llc

>> No.54517067

>>54517002
Pretty sure there is some bad faith clause with LLCs where they will actually go after you if you created the LLC to defraud someone

>> No.54517092

>>54517067
Yeah, also I looked into this a little more and apparently if you want to get a loan of this size, you are utilizing The SBA Community Advantage loan program which is "designed to provide loans up to $250,000 to small businesses in underserved communities"

>> No.54517133
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54517133

>>54516933
>>54516947
>nigger
>facilitating you receiving $250k in free Jewish credit
>not absolutely tanking your life

What part do you not understand? My brother is developmentally-disabled and so I grew up viscerally hating the word Retard, but WHAT PART DO YOU NOT UNDERSTAND?

Are you going to leave him a one-star Yelp review when your life is ruined? Who fucking cares? White Man, you DESERVE to be taken for a ride.

>> No.54517176

>>54516947
>For instance, you could max out a credit card, pay a credit repair company to fix your score and then years later negotiate with the entity that owns your debt generally erasing the interest and lowering the balance owed
Or just don't pay, unless you want a mortgage at some point.

>> No.54517343

>>54517133
I don't understand how asking a question about something we all know is a scam convinced you that I am about to do this

>> No.54517352

>>54517092
Oh my...

>> No.54517411

It's retarded. You're committing fraud by creating a fake business to take out a line of credit, as said here>>54517067
>>54517002
>If an LLC takes out a loan and that loan is not personally guaranteed by me, what recourse do the creditors have against me if the LLC refuses to repay and has no assets?
It's all unsecured debt, so the only thing that happens is that your credit is destroyed. This is a program solely designed for niggers to exploit and ruin their credit, which puts them deeper into debt and makes them generational slaves to the jews

>> No.54517415
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54517415

>>54517343
>Hey I heard about this scam. What's the catch?
>It's literally an overt scam. There is no catch. If you participate in it, you are being scammed.
>I'm just asking a question!

Retard. It's the same as any other instance in which you borrow money without paying for it, except a nigroid receives commission on the transaction. Retard! Shut up!

>> No.54518112

>>54517092
Nta but so what if I used this to buy a company that makes more than that in profit and would it apply to me? t. Spic

>> No.54518156

>>54516775
Those rules only apply to white goyim

>> No.54518160

>>54516732
>people don't realize this is just a JPM commercial for people to fund the circus for 1 more hour

>> No.54518169

>>54517343
These are the mullatto zoomers on this board telling you the bull run is coming this year kek

>> No.54518189

>>54517055
i thought we just saw a bunch of articles in the news of banks announcing they'd do just that (for the right skin color).

>> No.54518337

>>54517092
You have to provide evidence that you're disadvantaged.

>> No.54518368

>>54516732
its fake. its a scam to push people into credit repair

>> No.54518378

>>54518169
For them it is. mutts prosper in a country with hyperinflation, because they're already broke. Just look at Venezuela. They can chimp out without consequences in such a society.

>> No.54518402

>>54517411
you cant take out money for a new llc retard. its just a personal loan “for business reasons” and no matter what you will be denied. this scam doesnt even get that far, you simply get thrown into a credit repair pipeline
brad and dunstreet is a thing but it requires a shit ton of work and you’ll still be personally liable unless you have 12 months of p&l and a good balance sheet

>> No.54518484

>>54516790
>>54518368
What the fuck is a credit repair company?
With what fucking funds would you pay them lol you’re already ruined

>> No.54518776

>>54518402
Tangent question. If I have a business I've owned and operated for 10+ years (LLC w/ EIN & annual rev ~500k) - and my company has no real assets (no RE, no car - really just a PC and very nice office chair) - would this be viable if they issue a loan to the LLC only - or do you always have to co-sign it?

Business is winding down, not sure if we'll get our contracts renewed. If we don't, it'd be nice to pay myself for some "business services" prior to going out of business...

>> No.54519098

>>54518112
>Nta
>on a board with IDs
>t. Spic
mb, carry on retard.

>> No.54519793

>>54516732
>$250k business credit
yeah, no shit, call a thousand banks, you could probably get $500k
problem is its retarded to do so now with interest rates being hiked, your chance was when it was 0% when you could get a loan at less than 5% if you bothered shopping around and talking to people

>> No.54519865

I am going to tell you a secret. You can take out a loan and not pay it back. Easy. It's very simple. You take out a loan for as much as you can. Then you spend the money. The loan people start calling you back. Ignore them. Ignore all calls and letters. Do so for 7 years. At no point do you acknowledge that you owe them this money. Ideally, switch addresses too. Then in 7 years it reached the statute of limitations during the point when they can sue you and it will fall of your credit score. It's how I was able to unfuck my credit in a year. I waited until almost all of my loans expired, then took my smallest loan for 25k and started paying it back in minimum installments. I got my credit from the low 500s to high 600s in a year and now I'm 731 a year from now.

It's that easy. The System can't penalize you if it can't find you.

>> No.54519928

>>54516766
AJHHHHH JEEEZE DUDE

>> No.54519929

>>54519793
How hard would it have been to max out loans and flee to a 3rd world country?

>> No.54519947

>>54518160
LMAO

>> No.54519964

>>54519865
These people are bots paid by the american government. They are tricking people into slavery for the conversion to a cbdc financial system.

We don't need money btw. Agriculture is so advanced that we could really downgrade society and feed everyone but they don't want that. It shouldn't be up to them, it should be up to passion driven individuals.

>> No.54520007

>>54519964
You're retarded. What other anon is how it works and YOU are the faggot here tricking anons to pay debt to a failing country that simply prints money when kike bankers default

>> No.54520010

banks are on guard. they wont let you do jack shit lmao

>> No.54520077

>>54518337
Just pretend to be a trannyhomopedo

>> No.54521682

>>54516790
>>54516802
>a nigger on tiktok said it so it must be true
The ramifications are
It doesn't fucking work.
My understanding is they try to get a bunch of debt and then pay themselves debt to make it look like a business has income. This is fraud and also no one gives a fuck about 3 months of income anyway they are going to want to see at least 2 years, generally (I think).
>>54517002
Congratulations you just answered your own question as to why you will never get a loan this way.

>> No.54521701

>>54516766
Woah, no shit?! Who's at fault here, the niggers taking business loans they'll never pay back or the retards who give them out? Good on the niggers crashing this shit-festering system with no survivors.

>> No.54521717

>>54517343
Because the fact you didn't immediately dismiss anything a nigger on tiktok tells you as a scam makes you a retarded faggot.

>> No.54521834

>>54519964
>They are tricking people into slavery for the conversion to a cbdc financial system
explain

>> No.54522011

theres a nigger like this who works with my dad whos always trying to explain to the other niggers how to get minority grants to start a small business. he scammed like 100k or more in grants to start a "painting business" or some shit and used it to buy a house and fancy car

>> No.54522467

>>54516732
It's a fraudulent to do this but you'll only be convicted if your a white gentile

>> No.54522472

>>54516732
Are you familiar with the concept of a ghetto loan OP? Are you seriously going to take financial advice from a wild buck with dreads in pink pajamas?