Just read a great article about Quick Loan Funding and the principal behind the company, Daniel Sadek. First off, I think his story is somewhat inspirational. He came to this country from Lebanon when he was 18 and for a while, had everything. True, like the Grasshopper, he wasted a lot of money I'm sure he wishes he had now.
But, he's sticking to his guns, trying to see that his company survives. When investors put back loans to him, he could have just folded up shop and walked away and probably retired.
He made his money lending money to people with bad credit who need cash fast. Somehow, its a problem that the rates he charged were above what other subprime lenders charged. But, I think the whole point of his company was cash fast, no questions asked. Gee, you think you should pay for that convenience by paying a higher interest rate?
Am I missing something?
Sure, there might have been some consumers that called that probably should have gone elsewhere. And I am troubled to read that there might have been some compliance issues and problems with pushing people that spoke up out.
But, wouldn't this guy just walk? Granted, perhaps he doesn't think he broke or bent the law- often stubborn people fail to see their errors.
I'm also troubled that the media seems to have cast stated income loans as being known in the industry as 'liar loans'. Perhaps I missed something, but I've only started to see this term after mortgage banks started to go belly up.
At the end of the day, did Daniel Sadek lend his own money? Or was he simply acting as a 'broker' between customer and Wall Street. And, was Wall Street:
A. Stupid to not know what kinds of loans these were
B. Indifferent
C. Naive
D. Fooled
E. All of the above
I think really smart people go work for Investment Banks. I know I couldn't get a job there. They want top business schools and they pay big bucks.
I'll go with B- indiffernet.
Comments
Post new comment