Home
Log in / Sign Up
    Private Messages   Advanced Search   Rules   New User Guide   FAQ   Advertise   Contact Us  
Forum -> Household Management -> Finances
Gemachs



Post new topic   Reply to topic View latest: 24h 48h 72h

TzenaRena




 
 
    
 

Post Mon, Apr 23 2007, 6:02 pm
I'm not that experienced in taking out Gemachs, and seem to be encountering difficulty in applying for one.

The one I approached wants me to take a co-signer who will give me a check for the Gemach for the full amount (which will be used only in the event that the borrower doesn't pay up after the time has elapsed) . But they will only accept their approved co-signers, and those people aren't ready to do it, even though they are known baalei tzedakah. Confused

I thought that Gemilus Chassadim is even greater than tzedakah. Why is that that people will give great amounts for tzedakah, but don't want to co-sign on a loan? Sad

If anyone has any advice for me, I'd really appreciate. Smile
Back to top

amother


 

Post Mon, Apr 23 2007, 8:44 pm
can't explain for everyone but I know that my father a lot of times is approached for loans and many times he is left accountable for that loan, and there is only so much that he can give. So many times people mean to pay and then the loan is up and they just can't so the co-signer ends up having to pay and then if the co-signer wants he can go after the person and a lot of times it is uncomfterable or if the person tells you I don't have the money now, what should the co-signer do? People don't realize it but these peopel that you have approached are approached by so many people a day. To you, you are one person and everyone thinks that but you may be the 20th person that asked them that week. Comming from experience a lot of people don't pay up.
I know someone my father lent money to like $20,000 for their house and this is already nine years and they still say they don't have the money while thei daughters and the wife wear prada shoes, and I am not lying.
Back to top

TzenaRena




 
 
    
 

Post Mon, Apr 23 2007, 8:51 pm
I need a much smaller loan, under $1000, and I know where the money to pay up is going to come from. But that is over time, while the need for the money is immediate. Why don't potential cosigners ask what it's for, and how much it's for, and how you plan to pay up before they say no?
Back to top

shalhevet




 
 
    
 

Post Tue, Apr 24 2007, 3:01 am
Our rov said only to cosign a loan if you have the money to pay it back if the borrower doesn't (and are willing too).

Tzena, YOU know you are going to pay it back, but maybe these people have already co-signed on vast amounts of money. Unfortunately some people just don't pay back, which is exactly why the gemach won't lend it out without cosigners they trust.
Back to top

HindaRochel




 
 
    
 

Post Tue, Apr 24 2007, 5:10 am
There are psychological experiements which show that while people may be willing to spend/lose money in one incidence, they will not be willing in another, even if all other factors are the same in terms of cost/benefit.

I think that it may be easier for some people to just give the money rather than co-sign as in the first incidenent they know they have given money and can have that emotional benefit. But in co-signing a loan they don't know if they will be giving the money or not. Also, I think the idea that the money is "there but not there" can be disconcerting for some. They wouldn't be able to touch the money until everything is paid back, but it isn't really gone.

Maybe that is why Gemilus Chassadim is greater than Tzedakah. It is harder to do.

Hope you can get a co-signer soon.....
Back to top

chocolate moose




 
 
    
 

Post Tue, Apr 24 2007, 6:52 am
If you need that little, why not get a cash advance on yhour credit card, or take a small home equity loan?
Back to top

amother


 

Post Tue, Apr 24 2007, 7:02 am
if ur in crown heights did you try zirkinds gemach?
Back to top

TzenaRena




 
 
    
 

Post Tue, Apr 24 2007, 7:22 am
no I didn't, could you PM me with the details? thanks for the information.

CM, we don't have credit cards. It's better that way.
Back to top

greenfire




 
 
    
 

Post Tue, Apr 24 2007, 8:25 am
I find that when you are true friends and know and trust the other person ... they will be the ones to co-sign ... cause they know you will pay ... and gemach usually takes payments over time ... sorry this is a hard situation ... yes its gemilas chesed with a twist -
Back to top

chocolate moose




 
 
    
 

Post Tue, Apr 24 2007, 8:27 am
Better for whom? I had since I was a teen, and so did my kids.
Back to top

amother


 

Post Tue, Apr 24 2007, 9:45 am
if it is only $1,000 why can't you ask one of your friends to lend it to you, they know you and they trust you?
Back to top

greenfire




 
 
    
 

Post Tue, Apr 24 2007, 9:47 am
chocolate moose wrote:
Better for whom? I had since I was a teen, and so did my kids.


some people have trouble keeping up with debts ... so for them it is better not to create any ...
Back to top
Page 1 of 1 Recent Topics




Post new topic   Reply to topic    Forum -> Household Management -> Finances

Related Topics Replies Last Post
Housewares Gemachs for New Kallahs
by amother
4 Wed, Jan 17 2024, 5:42 pm View last post
Chicago- Gown Gemachs
by amother
2 Mon, Jan 01 2024, 5:01 pm View last post
Jewish libraries and book Gemachs in Brooklyn?
by LNG40
2 Tue, Sep 12 2023, 8:34 am View last post
Any shoe gemachs besides Westgate for kids??
by amother
0 Sat, Sep 02 2023, 7:06 pm View last post
Gown gemachs (in or near Lakewood)
by amother
7 Mon, Jun 19 2023, 10:13 am View last post