Why are SBA Loans a Bad Idea?

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Title	:	Why are SBA Loans a Bad Idea?
Lasting	:	6.10
Date of publication	:
Views	:	191 rb

Lol Dave wants her to stay in at 30 apr and pay it off vs A 4 apr to pay less interest and pay off sooner You can always pay more
Comment from : @jabird3030

Dave is wrong on this call
Comment from : @jabird3030

Pay off one card, use the money saved from paying off one to pay off the next card
Comment from : @mRahman92

At least Dave wasn’t a complete A-hole to this woman like he normally is
Comment from : @redman2751

A loan is for people who don’t have money to pay for something expensive Most people have debt and loans because not many people have the cash to go buy a lawn mower, tractor, furniture, tools for a business etc the aspect of a loan is a “do you want it now?” Which people obviously love While saving takes a lot of time and discipline Especially now since there’s a cost of living crisis It’s hard for anyone to save for any sort of thing
Comment from : @jabadathehut6400

Hell no just pay more per month Geeze lol😂 with the 30 year plan
Comment from : @stumpgrinders5084

It was very interesting
Comment from : @TrinaDixon-r7i

She's self employed, an artist so unemployed GOT IT!
Comment from : @JackAceINC

Has no idea the interest rate, has no idea the payments, has no idea the loan amount yikes
Comment from : @JackAceINC

You are not listening to her You say she can just pay $1000 a month and pay if off in 19 months She obviously can't even pay the $400 interest Getting the payment to $100 will put her in a position to add extra to that amount as she is able and NOT pay it over 30 years You have way too much money Ramsey to relate to average people
Comment from : @coresupportservices9065

The moment she said she was an artist, had a lot of credit card debt, and took out a small business loan, it just snowballed from there
Comment from : @HisDudeness2020

This woman is really annoying, I couldn’t stand listening to her much longer
Comment from : @joanbelmont5450

I am paying $1,000 a month to my EIDL loan My question is sometimes I'm wondering if I should instead be investing that money as even a high er yield savings account is giving 45 interest I am currently paying 375 interest to the loan This is literally the only debt I have House is paid off cars are paid off and no credit card debt Any thoughts?
Comment from : @shirtdogking5472

She would not have it paid off in 19 months lol if she paid 1000 a month 🤡
Comment from : @fathead8165

This is terrible advice She made a good move
Comment from : @awarenessrevolutionpodcast2220

I think I missed something from this help desk
Comment from : @UnityOneMedia

Oh goodness she took a business loan without a plan is her issue
Comment from : @techman9634

She would NOT have paid off $19k debt in 19 months with a 29 interest rate Totally inaccurate Would have taken many more years to pay that off
Comment from : @AndrewDavis406

Gottlieb Street
Comment from : @ElizabethClark-z9q

11227 Monahan Harbors
Comment from : @FaradayJacob

Dorian Plain
Comment from : @SherryBullock-e9m

Sauer Park
Comment from : @LucyBabbitt-x8s

23235 Windler Path
Comment from : @JeremiahKerwin-x5v

Paying off the loan early is a big mistake because you cant take a tax writeoff In addition, if you decide to take out another loan in the future, application loan is $3000 to $4000 and if you dont get approved, theyre keeping that money You may need cash in the future for other cash obligations You move into a higher tax bracket as well
Comment from : @triplet123c

Jenkins Circles
Comment from : @NancyLewis-g7l

Ruecker Circle
Comment from : @JorgeBrody-c4l

I didn't find this advice to be helpful
Comment from : @craigmorcom4061

Walker Susan Young Donna Lee Edward
Comment from : @TenaHosan

This lady is not the brightest light bulb in the chandelier
Comment from : @TonyCrawford-l4d

I’m a business banker and SBA loans are a great idea for business owners who are calling their business to the next level I don’t agree getting a SBA loan for start ups Some of this information is not good
Comment from : @missuniverse8931

It was smart to restructure the loan especially because her income is not stable She's paying lower interest and she got her monthly payment down I don't agree with the financial advice here, they both first gave advice before they asked for the income amounts and her age Telling her to pick up another job was awful advice Most people want advice based on both their current debt and income levels
Comment from : @casinomarvv

she doesn't need a business
Comment from : @godsdozer

That's a good loandon't care what he is talking about
Comment from : @johnamacio4905

This guy is such a joke completely ignore the time value of money and criticizing people for making financial decisions that he doesn’t agree with Pretty smart idea to swap a 29 rate for a 4 one…
Comment from : @ryanbianchi6582

This lady is so nerve-racking 10 seconds of conversation took her 2 minutes to get out 🤦‍♂️
Comment from : @ejs129

The SBA loans are the biggest ripbrOff the in the indursty They have rates with prime plus god damn spread and top of it it’s all backed by the government so pretty much the lender has soft requirements as long they meet the government requests they give the loans to anyone This is horriblebr😣
Comment from : @xmen123ify

Wow 😮 30 years
Comment from : @xmen123ify

THE CREDIT CARD WOULD NOT BE PAID IN 19 MONTHS DAVE
Comment from : @sallombardo1727

30 years to pay off 20k 😮I paid off 20k in one year
Comment from : @JayPimen

Lol, can you just get more money? Problem solved! All they said was that it was not ok Well, duh! Zero help or suggestions besides go make more moeny, lol Cool!
Comment from : @CestLaVie247

The only way i see this as a win is if she doesn't run the cards back up The loan goes against her LLC and not her personal credit so she clears alot off her credit report boosting her credit and lowering her payments allowing her to breathe for a while
Comment from : @squigl3z78

This woman is lazy
Comment from : @bluecollarnobody4217

Why not paying $500 a month or more so she would be fine with low interest
Comment from : @AOLnotas

My name is Jonas, and I want to share with you on how I got my instant loan from supreme finance with in 24hours, so if you are here looking for an online loan, reach out to them now and you will have your loan and thank me later,br Best regards❤
Comment from : @jonasjurgen8253

She made the right move If she does the right thing
Comment from : @RidgelinePatriot

This seems silly She reduced her interest dramatically and lowered her payment Of course she should try to pay extra but shes clearly better off than before Getting a business loan is q great idea for those investing it And reducing interest is kind of like investing
Comment from : @Somegirl811

I took out a $35,000 loan with an 18 month repayment plan Yeah it's been hard as hell but I've only got 6 more months!
Comment from : @nevinkuser9892

The loan is not a problem, it is not a con The problem is how people manage debt
Comment from : @dandavenport4565

A self-employed artist; they don’t want to work if it’s not on their art I know these type of artist, they are lazy
Comment from : @Cesar-pq2ck

This woman caller is clueless of her own financebrShe was unprepared, could not answer any question directly, and was not confident in any of her responsesbrThe smartest thing she can do is pay off loan as quick as possible with the same volume of payment as if she was still paying her credit card monthly payments ($1K) but we all know she wont
Comment from : @nextlevelbricks7334

The title should be the issue with debt consolidation Not SBA loans
Comment from : @RicoSweets210

We got a SBA Loan 375 our loan was pretty big $381,000 Paying $13,000 a year in interest 😢 We did also consolidated our debt I knew that it was a big no no from Dave but it was a risk I was willing to take Minimum payment is about $2,000 It is very doable in case things go South for us But we are throwing every thing we got now As of today 6/16/2023 I still owe $320,000 We srarted paying early, but it was so sad looking at our first couple payment just going towards interest My advice to you, if you got an sba loan, start paying it off now, dont wait We got this!!!! God bless 🙏
Comment from : @Mancia620

I'll never understand why so many people take this guy's advice as gospel Offering advice without the total financial picture is reckless Sorry Dave
Comment from : @anonymousperson2578

An “artist” … yea,… ok…
Comment from : @razzlekhan292

I have 4 SBA loans for my business 1st off SBA loans max terms are 25 years 90 of them are 10 year loans All four of mine are 10 year Secondly they will not let you use that money for debt Something is not adding up
Comment from : @xpark546

She's buying time and that move wasn't a bad one She did a balance transfer with a lower interest rate and a lower monthly payment She may even have room to improve her life if she's disciplined and plays her cards right
Comment from : @TheWatchman48

So many people have done a wonderful job analyzing the video I just wanted to speak to the numbers for some context brbr29 and 375 are the annual rates of interest 29 on $19,000 credit card debt is interest only of $459/month $19,000 at 375 amortized over 30 years has a payment of $8799 with $5938 as an interest expense brbrLet’s say the SBA loan had a 3 fee - that would still only be $570 which is basically only one month of interest! So, yes - Dave is right in that many people would pay the minimum and spend the excess To assume everyone does this is wrong and not helpful That $400 of interest saved can go a loooong way!
Comment from : @lepakage2

Just pay $1k and be done in 19 months
Comment from : @ABSG7

3 words if you are taking on debt: predictable cash flow
Comment from : @Jupiter1423

This guy is just wrong Saved 23 interest This is a great idea as long as it’s done with the sole intent of paying off as fast as possible Take 500 of ur old payment and continue to pay on this, use the other 500 to invest short term for a bigger lump payment To even suggest to not move the high interest debt is insane (Bryant univer busi degree speaking) Even if she fails on the early payoff she’s saving thousands of dollars Dumb advise!
Comment from : @kenc5199

Why Dave is a bad idea
Comment from : @neubauerjoseph

This wasn't even about the SBA loan
Comment from : @Gendo3s2k

This advice is insane there is no reason that woman needs to pay off all of her debt in one year poor 53 year old woman already a self-employed business owner now she needs to pick up a waitressing job and have zero spending money why does it have to be a race to the finish line can’t she pay it off in five years and have some quality of life Dave Ramsey‘s expectations are ridiculous
Comment from : @candicechruscial8885

Still learning of the ins and outs of SBA but correct me if I’m wrong, if she defaults isn’t 85 of it backed ?
Comment from : @candaceellison7147

The caller is 100 right
Comment from : @vladgavrilov1969

What a stupid woman
Comment from : @cheeseface6328

She could always fill out an application at mcdonalds
Comment from : @colbyshropshire9124

That was hard to listen to
Comment from : @sikwitit2494

thanks!
Comment from : @nyowdy

Your lifestyle is unsustainable That is the problem
Comment from : @Myraisins1

Did she just admit to loan fraud on national radio?
Comment from : @unicornglamor7407

The people that call into this show are extremely bad with money, it's crazy
Comment from : @ZERVVREZ

are these loans forgivable?
Comment from : @LifeandLifeMoreAbundantly

How can I be SBA loan agent to make a money?
Comment from : @eternallife721

What’s with this woman ? She can’t talk She annoys me What did she do her entire life?
Comment from : @Puddycat00

$20 sezz that this is a fake call She’s making up facts as she goes My question is: did Dave fabricate this call to give him content?
Comment from : @lanceroark6386

im sick of his bs an bad knowledge
Comment from : @quintinmason3723

Ladies anxiety was making me anxious 😥
Comment from : @AdrianMilanio

I think moving debt to a lower interest rate is fine as long as you continue to pay it off Why wouldn't you want to pay less interest?
Comment from : @number1sun

SBA loans are not supposed to be used for your personal expenses!
Comment from : @danawaldrop4930

The title is misleading This says nothing about SBA loans or analyzing them
Comment from : @tymarls

I see why this is a personal finance channel and not an investment channel
Comment from : @drking3000

She didn’t give a single honest answer How does she not know what her own loan payment is or what her own income is?? Don’t know if she is super stupid or just didn’t want to give honest answers
Comment from : @eyelovecolorado2195

This woman has not been brought to reality She is not picasso, so her artistry probably sucks, she is stucked in her head that thats a business and its not Making $4500 is not a Good income and you're spending 19 K ? Geez
Comment from : @calebmendoza5067

Wow!! This guy gives financial advice for a living This is shameful He should not be on the air Period
Comment from : @buyoutblueprint

19 bands over 30 years that's a very ignorant proposal I must say
Comment from : @clarkkent2250

Can she write off the interest on an SBA?
Comment from : @kristinahill2641

Ever since ☝️☝️ was recommended to me…he did my job clean and legit without any stress…I also introduced him to a lot of friends and got a Good feedback
Comment from : @user-tq1hk3vi6p