"AnythingLoan"
vpr
Posts: 604 ✭✭✭
Came across this and decided to try out. With a simple application filled out at 5pm Central time today and a credit check, I was approved for a $36,000 "new car loan" less than 2 hours later. 2.29% APR for a 5 year term. Loan is unsecured. Although the purpose was "new car loan" it's really an "Anything Loan" (That's what they call the product). That's a lot of ozs of silver.
This is a subsidiary of Suntrust Banks.
In case anyone is interested...
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This is a subsidiary of Suntrust Banks.
In case anyone is interested...
Text
References: Too many to list. PM for details. 100% satisfaction both as buyer and seller. As a seller, I ship promptly and keep buyers updated.
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Comments
I knew it would happen.
I would pay total interest of 5.2% over the course of 5 years. I think I could do better than that in either PMs or other ventures (still considering lending club, dividend stocks etc). I have till Oct 6th to accept the loan but I think once I figure out what to do with the money, I will go ahead and accept it.
Worst case, I can just put it in my savings account at 1% APR. Rough calculations says, I will make about $1200 in interest after taxes and I will pay $2100 in interest on the loan. And I will lose $1000 over 5 years.
<< <i>unsecured? yikes! What's your take on this? >>
"New car financing from LightStream has no fees, no down payment requirements nor any prepayment penalties. In addition, if you qualify for our AnythingLoan, the loan is unsecured, meaning we don’t require a lien against your new car (or any other asset)."
That says it all in a nutshell.
"Who needs risk management when you’ve got guaranteed bailouts? - Jesse Felder
<< <i>Debt is the only way to fund speculation ... >>
lol, if ur a fool ...
"Who needs risk management when you’ve got guaranteed bailouts? - Jesse Felder
<< <i>
<< <i>Debt is the only way to fund speculation ... >>
lol, if ur a fool ... >>
Lol, how u know so little is mind boggling...
LightStream is owned by SunTrust . SunTrust's claim to fame is the SunTrust "Shortcut". A neat little bundle of subprime mortgage fraud that was securitized and dumped onto fannie mae posing as legit mortgages.
They were all liar loans or ninjas or whatever they are calling them now.
They are probably bundling these up and sending them out the door pretty quick. There is very little risk to them as the loans they write probably won't go bad in the next 6 months and after that the taxpayers will just have to pick up the tab.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>
<< <i>
<< <i>Debt is the only way to fund speculation ... >>
lol, if ur a fool ... >>
Lol, how u know so little is mind boggling... >>
Lol, how u know so much to be so young is even more mind boggling...
"Who needs risk management when you’ve got guaranteed bailouts? - Jesse Felder
I knew it would happen.
Not yet.
I sincerely wish you the best of luck.
Keep us posted down the road.
It seems like a great rate to me...
The carry trade.... Don't let the other knowitalls ignorance deter u, if u got a real plan...
<< <i>I'd read the reviews on Lendingtree first. >>
I read a lot of them... still sounds pretty good to me. All of the one star reviews came from people who got denied. Not surprising
<< <i>You could buy either 1880.9 oz of silver if you got at spot or 28.4 oz of gold with that 36,000 dollar loan. Silver typically goes up in the fall so that would be a great Idea. Get 188 10oz bars >>
You first.
"Who needs risk management when you’ve got guaranteed bailouts? - Jesse Felder
Box of 20
Box of 20
I know a guy that owned his house outright and decided to mortgage his house and buy gold and silver.
It's not working out very well for him judging by the way he explodes whenever you bring it up.
I bump into him at the coin shop once in a while trying to sell proof half ounce AGE's in slabs. They always offer him melt and he storms out in a huff. They always say the same thing , "nobody wants these I can't pay more than melt"
Every once in a while he will list them on ebay at like $900 each and they just sit there.
If he had used an Anything Loan at least his house wouldnt be at risk he'd be much happier I think . His main problem would still be he bought stupid bullion at a high and refused to recognize it and couldn't come up with a plan B.
Who even collects half ounce proof AGE's ? I never understood that part of the plan. Combining an illiquid product with a reluctance to sell turned out to be unwise who'd a thunk it
If you are going to take a loan then this is the kind , but don't buy garbage that doesn't move and be ready to react if things go against you.
<< <i>So you state on your loan application it is for a car and get the 2.29% and Suntrust will not check what you are using the money for? How is that possible? They don't care? >>
They most likely want to be shown as the lien holder on the title. The car becomes their collateral.
"Who needs risk management when you’ve got guaranteed bailouts? - Jesse Felder
Right now it is extremely difficult to default on student loans. This will provide a workaround for the unscrupulous.
If two parents were each to apply for such loans separately it could amount to as much as $75K, depending on credit worthiness (wink nudge), which could be enough for a 4 year degree for a child at a public university. Seven years of bad credit yes, but the type of people that would exploit this wouldn't care.
Charles III Album
Charles III Portrait Set
Charles IV Album
Charles IV Portrait Set
<< <i>
<< <i>So you state on your loan application it is for a car and get the 2.29% and Suntrust will not check what you are using the money for? How is that possible? They don't care? >>
They most likely want to be shown as the lien holder on the title. The car becomes their collateral. >>
According to the site, they do not need to be the lien holder, as this is an unsecured loan. I was also wondering about how they check what exactly you use the money for... the car loan rates are much cheaper than most of the other options.
They are going to dice up the loans into securities and sell them. Just like a mortgage backed security they will then service the loan and make a fee off of that while dumping all the risk onto the buyers.
Someone do the math, probably not much if at all.
<< <i>Right now it is extremely difficult to default on student loans. >>
In 2005, Congress added private student loans to the list of debts that cannot be discharged in bankruptcy. They saw this coming. Wonder what else they see coming with all the militarization of local police?
"Who needs risk management when you’ve got guaranteed bailouts? - Jesse Felder
Loves me some shiny!
<< <i>Why use up all of the $36k? Use half for your "venture" and use the other half to pay towards the loan of let's say 60 months. That buys you half of the life of the loan to turn profit with the other half you're investing in whatever it is you're toying around in. If things aren't going as planned at the 16 month mark, well before the halfway mark, then bail on it all and pay off the loan since there's no pre-payment penalty. What would you have lost at that point if you were making 1.5x payments for those 16 months with the $18k you have to "fund" payments?
Someone do the math, probably not much if at all. >>
I have investments that I can quickly liquidate in case I lose my job and am unable to make payments or in case the loan in recalled. My job is stable so there is little risk that I won't be able to pay on it for the next 5 years. There are a few stocks that look appealing so i am considering investing some in stocks and maybe the rest in PMs. I recently reached my target allocation in PMs. Since PMs just sit there and don't earn interest or dividends, I'm hesitant to put any more money in them. If prices decline some more, and as time passes and my asset allocation changes, I would add to my PM stash.
man, i don't know about that. Tell that to the people who bought 4 & 7 oz Engelhards for a couple hundred bucks and sold them at the peak for $2500-3000.
I sincerely hope for the best for you, but it's not somethig for me. I rarely agree with derryb, but I think he's right when he says the hole gets deeper if things quickly go sour.
My biggest fear is medical and health costs could change my financial well being in an instant, and that is what I think what some may mean when they say if things turn quickly and unexpectedly. All the investments and/or pms one may own, or think they own (bought on credit) wont mean sh*t if that happens.
<< <i>PMs just sit there and don't earn interest or dividends
man, i don't know about that. Tell that to the people who bought 4 & 7 oz Engelhards for a couple hundred bucks and sold them at the peak for $2500-3000.
I sincerely hope for the best for you, but it's not somethig for me. I rarely agree with derryb, but I think he's right when he says the hole gets deeper if things quickly go sour.
My biggest fear is medical and health costs could change my financial well being in an instant, and that is what I think what some may mean when they say if things turn quickly and unexpectedly. All the investments and/or pms one may own, or think they own (bought on credit) wont mean sh*t if that happens. >>
Thanks. And I could just drop dead tomorrow morning and none of this will matter. I would much rather take some chances and try to secure my financial future as soon as possible than follow conventional advice and be stuck working for the rest of my life.
"Who needs risk management when you’ve got guaranteed bailouts? - Jesse Felder
regarding debt and speculation - those who succeed in this path are almost universally using other people's money to speculate, not their own.
Borrowing money to "invest" is a very bad idea.
Very true, and it also takes insiders in Congress to help bail you out when your speculation goes bad.
I knew it would happen.
<< <i>Agree srongly with miklia.
Borrowing money to "invest" is a very bad idea. >>
At least you won't get a margin call if/when things go south.
<< <i>So you state on your loan application it is for a car and get the 3% and Suntrust will not check what you are using the money for? How is that possible? They don't care? >>
could be the reason they call it a liar loan.
"Who needs risk management when you’ve got guaranteed bailouts? - Jesse Felder
<< <i>Came across this and decided to try out. With a simple application filled out at 5pm Central time today and a credit check, I was approved for a $36,000 "new car loan" less than 2 hours later. 2.29% APR for a 5 year term. Loan is unsecured. Although the purpose was "new car loan" it's really an "Anything Loan" (That's what they call the product). That's a lot of ozs of silver.
This is a subsidiary of Suntrust Banks.
In case anyone is interested...
Text >>
This sounds like something right up rawteam1's alley. However you posted it on the wrong forum, you should have posted it on rawteam1's SLC forum (Scammers, Liars & Cheats)!
<< <i>Debt is the only way to fund speculation ... >>
"Step right up ladies & gentlemen, for those of you that were born yesterday...I've got this possible huge cash money for free opportunity for you......." -rawteam1
<< <i>
<< <i>Debt is the only way to fund speculation ... >>
"Step right up ladies & gentlemen, for those of you that were born yesterday...I've got this possible huge cash money for free opportunity for you......." -rawteam1 >>
it's been like a week now , let it go
I would like to know what idiots will buy these securities, unless the Goldman Sacs, etc are not disclosing what these securities consist of which is fraud and also getting the blessings of the rating agencies. Next the taxpayers step in with tarp again with our corrupt and inept government.
Box of 20
<< <i>dude, do not do this. The choice isn't between retiring early and having to work a few more years. As thousands of people who have tried this path before will tell you, it's between retiring early (vast minority) and working the rest of your live to pay off debt and lose everything you hold dear in the meantime because you thought you could beat the market. It's like playing gambler's fallacy with your financial life.
regarding debt and speculation - those who succeed in this path are almost universally using other people's money to speculate, not their own. >>
Thanks for the concerns, but I understand risk better than most people out there. I have certain goals in the life that can't be achieved by working 9-5. I would consider it a complete waste of my life if I find myself in my 60s with a wife, kids and possibly grandkids, a paid for house, a nice retirement income and a heap of PMs and no unique experiences.
I'm also in the process of cashing out a 6 figure sum in home equity. Just want to have the cash on hand in case any opportunity comes by. My dad spent his entire life "playing it safe" and missed out on great, fun experiences/opportunities. He did pretty well for himself but he predicted so many things and could never act on any of them because of how illiquid he was.
If you can keep your head when all about you
Are losing theirs and blaming it on you,
If you can trust yourself when all men doubt you,
But make allowance for their doubting too;
If you can wait and not be tired by waiting,
Or being lied about, don’t deal in lies,
Or being hated, don’t give way to hating,
And yet don’t look too good, nor talk too wise:
If you can dream—and not make dreams your master;
If you can think—and not make thoughts your aim;
If you can meet with Triumph and Disaster
And treat those two impostors just the same;
If you can bear to hear the truth you've spoken
Twisted by knaves to make a trap for fools,
Or watch the things you gave your life to, broken,
And stoop and build ’em up with worn-out tools:
If you can make one heap of all your winnings
And risk it on one turn of pitch-and-toss,
And lose, and start again at your beginnings
And never breathe a word about your loss;
If you can force your heart and nerve and sinew
To serve your turn long after they are gone,
And so hold on when there is nothing in you
Except the Will which says to them: “Hold on!”
If you can talk with crowds and keep your virtue,
Or walk with Kings—nor lose the common touch,
If neither foes nor loving friends can hurt you,
If all men count with you, but none too much;
If you can fill the unforgiving minute
With sixty seconds’ worth of distance run,
Yours is the Earth and everything that’s in it,
And—which is more—you’ll be a Man, my son.
<< <i>make it happen vpr...
If you can keep your head when all about you
Are losing theirs and blaming it on you,
If you can trust yourself when all men doubt you,
But make allowance for their doubting too;
If you can wait and not be tired by waiting,
Or being lied about, don’t deal in lies,
Or being hated, don’t give way to hating,
And yet don’t look too good, nor talk too wise:
If you can dream—and not make dreams your master;
If you can think—and not make thoughts your aim;
If you can meet with Triumph and Disaster
And treat those two impostors just the same;
If you can bear to hear the truth you've spoken
Twisted by knaves to make a trap for fools,
Or watch the things you gave your life to, broken,
And stoop and build ’em up with worn-out tools:
If you can make one heap of all your winnings
And risk it on one turn of pitch-and-toss,
And lose, and start again at your beginnings
And never breathe a word about your loss;
If you can force your heart and nerve and sinew
To serve your turn long after they are gone,
And so hold on when there is nothing in you
Except the Will which says to them: “Hold on!”
If you can talk with crowds and keep your virtue,
Or walk with Kings—nor lose the common touch,
If neither foes nor loving friends can hurt you,
If all men count with you, but none too much;
If you can fill the unforgiving minute
With sixty seconds’ worth of distance run,
Yours is the Earth and everything that’s in it,
And—which is more—you’ll be a Man, my son. >>
"Step right up ladies & gentlemen, for those of you that were born yesterday...I've got this possible huge cash money for free opportunity for you......." -rawteam1