There are quite a few problems with such an email, if you ignore that the person sent it to a website that does not at all deal with lending money. The most obvious is the lack of information about the person in question. No social security number, no full name even (although some print this, perhaps together with a telephone number).
It is not possible to process a loan application without this basic information about who you are, because you want to make a credit report in your name to check your financial strength and ability to repay. Then, after all, it should be written agreement and the money should be paid to someone and you have to know who that person is.
The terms for borrowing are often a little tougher
If we ignore that there is not enough basic information to even apply for a loan in the usual way, we can instead look at the rest of the message. The person in question has no permanent job but works extra a few days a week. He would like to borrow USD 200,000.
It is important to know that one of the lenders’ basic requirements is that you have either a fixed income or at least a certain income per year at a minimum. This may amount to USD 100,000 but it can vary both upwards and downwards depending on the lenders. However, for larger loans and large banks, there are often higher limits.
The person who wrote the message does not seem to have any fixed income and the income that exists does not reach any higher levels. We do not know what the extra job gives per month, but the risk is that it is not enough to meet the basic income requirements. Therefore, there may already be a no.
The lender always checks the borrower’s
Finances through a credit report, etc. to see how good is the ability to pay. They obviously want the borrower to be able to repay the loan and the interest rate in the future without risk of financial problems. Then they look at existing debts, income and other things to see if you are a suitable candidate for a loan.
The risk is that the person who wrote the message does not have a sufficiently good financial position for a loan. Especially not as big a loan as USD 200,000. The requirements for small loans or with lenders that only lend a little less amount can be a little less stringent, but for such large amounts these are usually stricter requirements and more is also required of your finances.
You could also assume that those who actually send such emails or messages are more often also people who are in financial trouble or may even have debt problems at present. This may of course be the question of a great misunderstanding where the person in question has thought completely wrong, but often it is unfortunately about people who are a little more desperate to lend money and extend their hand to others than just the big banks, which they certainly may have been rated by once before.
In desperation, they send out their message to anyone who can be likened to or possibly be a lender, such as a site like ours. Based on such conditions, the odds are not too good for the person in question to succeed in obtaining a loan, as they already have a worse starting position.
Correct way to apply for a loan
Sending an email to us and just asking for 200,000 USD, without even giving their social security number, telephone number, address or even their full name is so wrong it can only be. Firstly, because we do not lend money, but also because it is usually about people who want to borrow unreasonably large sums while having an unusually poor financial situation (eg sick leave, unemployment, divorce or similar).
It is simply that you have to start questioning these people and consider if the best way out for them is actually to take out a loan. When you normally borrow, you need to fill out a regular loan application from a bank / lender and there you fill in a lot of good things that are used to assess the borrower and his financial strength.
All this has been skipped when you e-mailed to us, partly because you do not have control over what to submit in a loan application. This of course shows how much better it is to apply for a loan correctly through a form on the lender’s website. There you can not proceed if you do not enter your full name, social security number and other important information, such as how much you want to borrow and how long.