> Do you suggest limiting loans to only dudes that aren't "off the boat"?
I suggest that with a revenue + collateral based loan, you should write loans that the borrowers can understand and pay back. The off the boat folks don’t have the financial awareness or education to understand what’s happening. Their willingness to work as hard as necessary is exploited.
Read the article. It’s absolutely in the interest of the lender to write a non-performing loan, because they make money off of the fees or can sell the obligation to some other entity or seize the medallion.
I suggest that with a revenue + collateral based loan, you should write loans that the borrowers can understand and pay back. The off the boat folks don’t have the financial awareness or education to understand what’s happening. Their willingness to work as hard as necessary is exploited.
Read the article. It’s absolutely in the interest of the lender to write a non-performing loan, because they make money off of the fees or can sell the obligation to some other entity or seize the medallion.