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    1 Reply Latest reply on Oct 26, 2010 3:51 PM by ACPG_Inc.

    Just an idea

    Corneredcircl Adventurer
      At the present time I have had an idea about starting a loan company that will fund working people with bad credit. In an attempt to make money while aiding to consolidate their debt, secured, unsecured, and payday loan debt. I want to start this company up in the East Coast - Philadelphia, Baltimore, New York, and Washington DC would be the target areas. I would like to incorporate this with an already established bank. Is this possible to do? Will I be able to get funding for something like this?

      The overall idea of it is to clear out the individuals bad debt by paying the debt in full to the creditor. Which will fund the economy and in turn strengthen the banking system. We will look to consol our clients and have them open a direct deposit bank account in the funding bank that all payments could be received through ACH.
        • Re: Just an idea
          ACPG_Inc. Wayfarer
          It's an interesting idea, but to be honest, I don't think it's practical. The only way to really do this would be to set it up as an NGO and offer low interest loans that are paid for by grants and donations. You won't be able to make money from something like this.

          Additionally, most people with bad credit have a mindset that caused that, so in order to help them, you actually need to assist them in setting up budgets and following those budgets, etc... Giving them more money won't fix the problem. Some people do have bad credit because of bad circumstances (medical bills, job loss, etc...) but the overwhelming majority simply aren't adept at managing money, and the best way to help them is to teach them to manage their money better.

          Feel free to contact me with any more questions,
          American Consumer Protection Group Inc.