3 ms·
They're not your friend, because they're in the business of making money. Unless that business was the only employer in the area, the owner was basically just
by floren 3y ago
They're not your friend, because they're in the business of making money.
Unless that business was the only employer in the area, the owner was basically just having a tantrum over the idea that different kinds of loans for different amounts of money might have different decision-making processes behind them. When my credit union decided to give me a car loan, they didn't look into the solvency of my employer, they just saw that I have good credit and a steady income and took a safe 5-digit gamble. It may have hurt the owner's feelings to essentially be told "we're pretty sure we can make our money back on this $1000 motorcycle loan which has a very easy-to-deal-with collateral, but we don't want to give you a $100000 for specialized equipment"
- toss1 3y agoEven if you see it that way, the result of his decision was excellent, and likely superior. I've literally dealt with banks (US state/regional scale) as a technology business with a loan that was absolutely current and on-time every one of scores of months, and we were running profitably (small, but definitely positive). Yet, when the bank started having problems in their real-estate sector, they came and called in OUR loan. We had to seriously scramble to have it not put us out of business, cold. There were several other businesses in the area, also non-real-estate, that were caused to fail in this bank's BS moves and made the local papers. It is not just that bank's business is making money. They have a whole bunch of internal incentives that make it perfectly OK in their eyes to fck over anyone for no reason other than to make their personal numbers this month look good. And they don't hesitate to do it.