Any Hope for Me?

[xrac]

Hi. Question. I am in need of a personal loan and heard about using a life insurance policy as collateral. Is this something that can be done? Does anyone know of any lenders in California, that deal with bad credit, willing to fund something like this? I can get the life insurance policy (10 year term; $100,000) but I need to find someone to fund the loan. Looking to get about $25,000 in hand. Can someone please help me out. Thanks for any help/advice anyone can give me.

No offense but the nature of your question indicates that you do not have a good financial understanding and that is probably what has caused you to be in the situation you are in. While it will be of no help in getting the $25,000 you need I would suggest that you get some financial training from somewhere. Anything would be helpful. Dave Ramsey's Financial Peace course is good on learning to budget and get out of debt.

 

[redsquash]

A few months ago, a guy told me a story of his friend. "The Friend" got $100k Term Life, got the 50k loan on this policy, and then defaulted on the loan. "The friend" paid nothing back to the bank, and $50k was his to keep.

A few moments after he was done with his story, he asked me how much term life insurance he can qualify for? I told him, I dont do Term Life, I do only Whole Life - not less than $3Million. Minimum Premium 40k/year.

Needless to say, he ran away fast, and didn't look back.

 

[briko3]

A few months ago, a guy told me a story of his friend. "The Friend" got $100k Term Life, got the 50k loan on this policy, and then defaulted on the loan. "The friend" paid nothing back to the bank, and $50k was his to keep.

A few moments after he was done with his story, he asked me how much term life insurance he can qualify for? I told him, I dont do Term Life, I do only Whole Life - not less than $3Million. Minimum Premium 40k/year.

Needless to say, he ran away fast, and didn't look back.

That isn't how loans on life insurance work.

 

[jacobtn]

What state are you licensed in? I would be
Shocked if you actually held a license.

A few months ago, a guy told me a story of his friend. "The Friend" got $100k Term Life, got the 50k loan on this policy, and then defaulted on the loan. "The friend" paid nothing back to the bank, and $50k was his to keep.

A few moments after he was done with his story, he asked me how much term life insurance he can qualify for? I told him, I dont do Term Life, I do only Whole Life - not less than $3Million. Minimum Premium 40k/year.

Needless to say, he ran away fast, and didn't look back.

 

[DHK]

Guys...

Anybody can make up any story about life insurance.

What redsquash is saying is that he wasn't about to encourage the same guy with the same behavior. One way to do that is to price the guy out of his services. At $40k/year, it would be difficult for a scumbag to qualify for such a policy and pay it over time.

 

[redsquash]

Read my post again.

Still dont understand?
Read my post in conjunction with DHK's post.

What state are you licensed in? I would be
Shocked if you actually held a license.

 

[ccafpsydney]

For what state?

 

[arnguy]

Hey, Wino, you are right. Ccafpsydney's "For what state" button is definitely stuck in the "on" position!

 

[jacobtn]

to answer the OP's question, no; there is no hope for them.