2007-02-06 10:16:18 · 7 answers · asked by Nicole Brown 2 in Business & Finance ➔ Credit
Would you want to lend money to someone who is not able to pay back previous loans???
2007-02-06 10:19:54 · answer #1 · answered by Lepke 7 · 2⤊ 0⤋
Banks hate to lose money. They know that to give someone a loan involves taking a risk that the money (all or part of it) might not be paid back. So they are most willing to grant a person a loan if he/she seems to be a "good risk." In general, people who have needed to declare bankruptcy are those who have managed to mess up their finances pretty significantly, and therefore are viewed by the bank as being a "bad risk."
If you've declared bankruptcy, even if you ask a friend or a family member for a loan, they will probably not be too thrilled with the idea.
After all, as the saying goes, "it's foolish to put good money after bad."
2007-02-06 10:30:46 · answer #2 · answered by clicksqueek 6 · 1⤊ 0⤋
Well, in all technicality, a loan is called a loan because someone is loaning you the money with expectations of being paid back...People who have bankruptcies most often do becuase they negelected or were unable to pay back an existing debt (or loan).
A loan is not a gift and those who have the assets (the money to loan) may be picky about who they loan money to.
2007-02-06 10:26:09 · answer #3 · answered by JesJ 4 · 1⤊ 0⤋
yes its fair.... Some will loan money to people who have had bankruptcy. But why would somebody take that risk if you went bankrupt before?
2007-02-06 10:20:19 · answer #4 · answered by dapixelator 6 · 1⤊ 0⤋
Of course it's fair!
Would you loan money to a friend who never paid you back?
2007-02-06 10:48:45 · answer #5 · answered by Anonymous · 1⤊ 0⤋
depending on the amount of bankruptcies one has everyone should get a second chance
2007-02-06 10:27:02 · answer #6 · answered by poet 2 · 0⤊ 1⤋
Is it fair that you owe people money and didn't pay them back?
2007-02-06 10:43:04 · answer #7 · answered by Lisa A 7 · 0⤊ 0⤋