I have a tenant that is looking to get a loan for approx. $4K to consolidate 2 high interest credit cards that he got & ran up in college - cards that he no longer uses but wants to pay them off & make only one payment. He is in his early 20's, a school teacher/coach in his 1st year at the high school here. He's had no problem paying his rent on time with us. He deals mostly in cash - who knows why, but at least he's not using credit cards - and said when he went to the bank they told him his "ratio" was off due to his student loans? I don't know.
He frequently comes to us for advice as he was raised by his grandparents. Very nice, respectful young man. He says he's learned his lesson on credit cards. There is a small bank in town & I suggested that he go talk to them, open an account there, etc. & maybe they would do it. I don't have any contacts there.
My heart says to loan him the money, but my head says not to get involved other than try to find him a good option so I'm going with my head on this one.
Any ideas?
Edit: On a re-read of this, I don't want it to sound like he's expecting us to loan it to him. That is not the situation at all. He mainly just asked if we knew any banks that do small loans.
He frequently comes to us for advice as he was raised by his grandparents. Very nice, respectful young man. He says he's learned his lesson on credit cards. There is a small bank in town & I suggested that he go talk to them, open an account there, etc. & maybe they would do it. I don't have any contacts there.
My heart says to loan him the money, but my head says not to get involved other than try to find him a good option so I'm going with my head on this one.
Any ideas?
Edit: On a re-read of this, I don't want it to sound like he's expecting us to loan it to him. That is not the situation at all. He mainly just asked if we knew any banks that do small loans.