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Thread: Camgirls Getting Approved For Loans

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    Default Camgirls Getting Approved For Loans

    I have decent credit for my age, only thing against me is the almost 2 year length of my credit history and I only have credit cards on my report, so no diversity there. With camming we are considered self-employed, so is there any chance of getting a loan? My plan was to save up about 30% for a down payment on a relatively cheap newer fuel efficient car. Then I would try to pay off that loan as soon as possible, trying for 6 months. After that boost to my credit, I wanted to work on saving for at least a 20% down payment on a car. Then I realized that even with good credit, I don't think a bank would approve me for a mortgage. Since I have yet to file my first tax return, I have no history for banks to see.

    Are camgirls destined to not be able to get a home loan? If I have to, I would wait til I could pay cash for a car, but I would like a paid off auto loan on my credit report. I'm interested in knowing if any of y'all have been successful getting loans and the circumstance/rates you got.

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    Senior Member Hysterical's Avatar
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    Default Re: Camgirls Getting Approved For Loans

    I'm also curious if anyone has tried to get a loan, but was denied.

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    Default Re: Camgirls Getting Approved For Loans

    For home loans most of the time they will look at your taxes as prove of income and to see if you quality. I believe they only look at your last 2 or 3 of tax returns.


    I was able to get a car loan to buy out the less on my car. I just went to small credit union, I showed them my sm cheak sub and the bank print out of my direct deposit. I never told them I was a cam girl..

    I think you will be fine because you are looking to buy a car with money down so I bet the right dealership would work with you to get you into the car...

    Just make sure you bring a way to prove your income...*they should tell you what they will accepted as proof of income

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    Default Re: Camgirls Getting Approved For Loans

    I know with my local credit union when we were looking to buying a house, we were told I'd need 2 years of reported income. So basically 2 years of tax returns, in order for them to count my income as an independent contractor.

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    Default Re: Camgirls Getting Approved For Loans

    I have gotten home loans car loans, personal loans and credit cards all with just camming. NO co- signer's no other income, and no significant other. Yes they will give you loans, but it's HARD and often times they want you to pay higher interest rates on these loans because of the inconsistency of being self -employed. AND! I wouldn't recommend getting a bunch of credit if all you do is camming.. It's far to unstable and you NEVER know what will happen. So unless you have alot of cash or someone else who is a wage earner. Just another source of income.. You quite possibly will set yourself up for disaster. Be cautious. I am speaking from experience. If you want to know what happened you can private message me.

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    Default Re: Camgirls Getting Approved For Loans

    honestly i would much more feel comfortable just saving the money. ur paying lots more in the end and u never know what could happen if u weren't able to cam for sometime or something fell through. i have had car loans in the past and got fucked over on all of them, granted this was before i entered the industry. but a loan is still a loan and i would just dont want the black cloud over my head. just be careful.

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    Senior Member Hysterical's Avatar
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    Default Re: Camgirls Getting Approved For Loans

    I'm planning on paying it off as soon as possible, the only reason I'm even getting an auto loan is so I can have one on my credit. I won't be paying much more in the end if I pay the car off in less than 6 months, which I will mostly have paid off before six months. What I'm really worried about is getting a home loan now that the housing market isn't just handing out loans without proof that you can afford it. I probably won't be ready to put a decent down payment on a house for about a year even if I worked full time, because I'm saving money towards retirement, college, medical bills, and emergency funds at the same time.

    Any one have any insight on getting a home loan? Even if I won't be ready for a while, I would like to know what my options are. I'm a stickler for planning ahead when it comes to money.

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    Senior Member Hysterical's Avatar
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    Default Re: Camgirls Getting Approved For Loans

    Maybe switching to paper checks would help me, so I could bring it to the bank instead of using payoneer?

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    Default Re: Camgirls Getting Approved For Loans

    Paper checks would definitely help, that way you can show deposits into your actual bank account and you can also have the check stubs if you need to show those to help prove income. How long have you been camming? If you are new or haven't been doing it for at least a year I would seriously reconsider any loans or credit at this point until you are established in camming enough to have at least filed one tax return reporting your camming income.

    As far as getting loans, you are considered self employed so it doesn't really matter if it's camming or some other self employed work, it's all the same. In my experience it is A LOT harder to get loans while self employed, you have to have a well established steady flow of income that you can prove so that the lender knows beyond a doubt that you actually make the money you say you make, since it's a lot harder for them to verify it.

    With being so young it will be even harder to get a loan. If you have anything at all bad on your credit file, it will be nearly impossible, since you have such a short credit history then anything bad in it would be super bad.

    When you are self employed the biggest thing they look at is your tax returns, that shows them a longer history of your income rather than a couple weeks pay checks. Most lenders will want 2-3 years of tax returns to prove that you are established in your self employment, and also that you are actually filing as self employed.

    It is reasonable at your age to get a car loan, but I would seriously advise you against attempting to get a home loan at your age. Your profile says you are 19 so if that is your real age, you don't even have the years behind you to have the necessary amount of tax returns that a home loan would require. You've got several years and a lot of saving to do before you should be considering that, in my opinion. You are right in that they are V E R Y strict about giving out mortgages now, and you are just the absolute worst candidate in the eyes of the bank and I DO NOT mean that in a mean way!!! I'm just saying.... you are super young, not married (I assume?) which means one income, and self employed on top of that with NO tax return yet to prove your income? I mean, it's a VERY good idea to start saving for a down payment now, but you have a few years ahead of you before any lender will even look in your direction for a mortgage. It sucks, but trust me it's better that way.

    You will need at least 30% down so..... on a $150,000 mortgage that is $45,000. I'm not sure how much you would be looking at, that's just a reasonable example for the area I live in. You say you are saving for college, retirement, car, etc..... you have A LOT of work to do and A LOT of savings to do to get where you want to be. Few cam girls even make $45,000 in an entire year, so..... just work A LOT and save and you will fulfill your dreams soon enough.

    GOOD LUCK!
    xoxo ~ Sarah




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    Default Re: Camgirls Getting Approved For Loans

    well unless you are buying a home that is seriously cheap which alot are right now.. you can get a condo for just 25 or 30 grand where I live.. and it's nice.. nicer than my house i paid 150 grand for

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    Default Re: Camgirls Getting Approved For Loans

    Wait unitl you have filed your taxes for this year, then you will have sufficiant proof of income. Don't try to pull out anything too big (I think my first two signature loans were $800, my first car loan was $9000), and you should be peachy! Also, don't pay off your loans too soon! They like to see that you made the payments, because the money they make from the loan is from interest, meaning that they make the most money if all payments are made.

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    Default Re: Camgirls Getting Approved For Loans

    Because of recently enacted 'new' banking regulations in the aftermath of the subprime mortgage debacle, all US lenders are now required to A. verify the income of the loan applicant, and B. perform a de-facto 'risk assessment' in regard to the loan applicant's future ability to repay.

    Where income verification is concerned, lenders recognize that 'self-employed' persons are at risk of large variations in income. Lenders also recognize that, in many cases, the amount of income claimed by the 'self-employed' applicant can be based on 'self-prepared' business / financial records which could be subject to ... shall we say ... 'creative writing'. As such, the de-facto standard for income verification by most lenders is the amount of income reported on the last two years worth of tax returns.

    On the risk assessment side, most lenders consider all businesses and workers involved in the adult entertainment industry to be 'high risk'. While it's seldom spoke of openly outside of financial circles, lenders do realize that the near future income level of an adult entertainment industry worker can be subject to rapid change for the worse ... as the result of new legislation, as the result of new law enforcement efforts etc.

    Lenders also realize that, where a longer term loan thus longer term income level of adult entertainment industry workers is concerned, like professional athletes, the adult entertainment industry's 'earnings potential' profile tends to peak within the first few years of one's career and decline thereafter. Where new mortgage loans are concerned most lenders now take into consideration the fact that, even if the adult industry affiliated mortgage applicant is able to demonstrate a substantial level of verifiable income today, it is unlikely that the same level of income will still be available 20 or 30 years later ... but the same sized mortgage payments will still need to be made. Thus the lenders look for such other factors as the applicant having a college degree which might provide for a 'second career' with reasonably high income potential 20 years down the road etc.

    I would add to SarahTime's comment that 30% of the purchase price to cover a 25% down payment plus other costs is likely to be the MINIMUM amount of 'front money' necessary for an adult industry affiliated borrower applying for a conventional mortgage loan these days. I will also add that an adult entertainment industry affiliated worker applying for a 15 year mortgage has a much higher chance of receiving loan approval than for a 30 year mortgage application. Of course, the 15 year mortgage involves significantly higher monthly payments, which in turn requires a significantly higher level of verifiable income.
    Last edited by Melonie; 10-22-2012 at 02:52 PM.

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    Default Re: Camgirls Getting Approved For Loans

    I didn't even attempt to fool with a car loan in my area as my bf is in the military and works 60+ hrs a week in security and got turned down for a new car...times are hard and depending on where you live the loan places are weird...I couldnt justify taking out a loan for a used car in my head....so my vehicle I bought with cash. Straight up cash to the guy title in my hand and its been a great vehicle so far considering the way I drive it....

    My credit union turned me down for a home loan, not due to my income (they said that was fine) but due to the fact that I don't already have over 2 years established credit history...and then conned me into a secured loan with my savings account money I was saving for taxes to establish credit XD. Oh well I figured my tax person when I find one is already going to have a mess anyway, so might as well try to build my credit XD

    (I have been camming for less than a year)
    Follow me on twitter: @reneesakuya1

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    Default Re: Camgirls Getting Approved For Loans

    I'm looking at lease to own houses, and that could potentially work for me, especially while I save up for a down payment on a house with a couple acres and a barn. Then I could eventually rent out the home I leased. l I figured 15 year would be easier than 30, because most people in the adult industry don't stay in it 30 years.

    I know it sounds like I'm not being realistic for myself, but the higher goals I set for myself the more motivation I have to actually get on and make some money. A lot of days I only cam for about an hour because I feel like what is the point? I live with my parents, who won't take money from me for rent. But I do need to get away from them eventually, because living with them makes it hard to cam and they are still very overprotective. Living on my own will give me a lot more freedom and a lot less chance of them finding out that I'm not really making all this money mystery shopping. Don't want to rent because I feel like that is money down the drain.

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    Default Re: Camgirls Getting Approved For Loans

    Quote Originally Posted by Hysterical View Post
    I know it sounds like I'm not being realistic for myself, but the higher goals I set for myself the more motivation I have to actually get on and make some money.
    Always have high goals, bb! You can achieve anything if you believe in yourself. I promise! <3 You'll have that land and barn one day!

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    Senior Member Hysterical's Avatar
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    Default Re: Camgirls Getting Approved For Loans

    Hopefully a couple horses and chickens as well! :3

    Aww thanks, I hope so.

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    Default Re: Camgirls Getting Approved For Loans

    Quote Originally Posted by Hysterical View Post
    I'm looking at lease to own houses, and that could potentially work for me, especially while I save up for a down payment on a house with a couple acres and a barn. Then I could eventually rent out the home I leased. l I figured 15 year would be easier than 30, because most people in the adult industry don't stay in it 30 years.

    I know it sounds like I'm not being realistic for myself, but the higher goals I set for myself the more motivation I have to actually get on and make some money. A lot of days I only cam for about an hour because I feel like what is the point? I live with my parents, who won't take money from me for rent. But I do need to get away from them eventually, because living with them makes it hard to cam and they are still very overprotective. Living on my own will give me a lot more freedom and a lot less chance of them finding out that I'm not really making all this money mystery shopping. Don't want to rent because I feel like that is money down the drain.
    Lease to own can end up costing you MUCH MORE than if you just saved the money and waited until you are able to get a traditional loan. Also, lease to own is ONLY giving you the OPTION to buy the home at the end of your lease. Essentially you pay MUCH higher rent, with the OPTION to have part of the rent go toward a down payment at a later time. Say you sign a 2 year lease with the option to buy, because this is ALL that lease to own is, then at the end of two years you STILL have to qualify for traditional financing. If you can't get financing or decide you don't want to buy the home, you lose all that extra money you have been paying in lease payments monthly. I would seriously do A LOT of research and reconsider this option, IMO.

    What's wrong with just renting an apartment or even a small house until you are actually ready to get into home buying on your own? Single bedroom apartments are very reasonable even for nice ones, and you could save for your goals while saving money renting a small place. It's one thing to have high goals, and another thing to get yourself into a bad position because you try to do something you are not financially ready for.

    Obviously do whatever you want, no one here can tell you what to do, but I think you are being really unrealistic for your age/financial position/experience in camming. You definitely CAN achieve anything... if you go about it the smart/right way... and unfortunately that's where most people go wrong.

    Good luck!
    xoxo ~ Sarah




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    Default Re: Camgirls Getting Approved For Loans

    Not realistic?? Horsepucky!! I am going to be a millionaire and live in a multi-million dollar home someday!! Not all from cam.. uggh for me it's a means to an end. Keep dreaming and believing in your heart.. Even if not for cam it's a stepping stone to a better opportunity!

    Quote Originally Posted by Hysterical View Post
    I'm looking at lease to own houses, and that could potentially work for me, especially while I save up for a down payment on a house with a couple acres and a barn. Then I could eventually rent out the home I leased. l I figured 15 year would be easier than 30, because most people in the adult industry don't stay in it 30 years.

    I know it sounds like I'm not being realistic for myself, but the higher goals I set for myself the more motivation I have to actually get on and make some money. A lot of days I only cam for about an hour because I feel like what is the point? I live with my parents, who won't take money from me for rent. But I do need to get away from them eventually, because living with them makes it hard to cam and they are still very overprotective. Living on my own will give me a lot more freedom and a lot less chance of them finding out that I'm not really making all this money mystery shopping. Don't want to rent because I feel like that is money down the drain.

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    Default Re: Camgirls Getting Approved For Loans

    Lease to own homes are a risky business. You are still considered a tenant and you are paying higher than you would if you had a mortgage.
    My advice for girls that want to buy homes is:

    -rent a modest apartment and start saving money until you have at least 25% down. This will save you on mortgage insurance which is a separate fee they charge to make sure the mortgage gets paid if you can't make your payments. This is not home insurance!

    -have records of at least 2 years of income.

    -pay your bills on time, especially your credit card bill! Credit score will determine your interest rate.

    -interview mortgage brokers and banks and start comparing their rates. Usually mortgage brokers can shop around and give you a better rate than the bank. Make sure you understand all the terms of the mortgage and penalties for when you want to pay more than your payments. I have had some people that wanted to sell their home after 2 years and were so surprised they owned $10k+ to the bank for their mortgage penalty.

    - once you get approved for a loan and know what your budget is go find a realtor that you like and feel will give you the best representation. If you are a buyer chances are you won't have to pay any commission. Make sure to ask your realtor to show you comperables (recent homes that sold in the area). So many agents never inform buyers if the market and the other worst case some buyers have no clue about prices and end up low balling homes that are good deals, or even worse pay more than they should.

    -when you find a home you like and are ready to write an offer communicate fast with your agent so that way they can keep you informed how the negotiation goes. If your offer gets accepted you will have to pay an inspector to see if the home is good.

    -be prepared to have a couple of other $ thousands to cover closing costs. (inspector, lawyer, deed transfer(some might not have this one, tax on new construction home, moving)

    -ideally home buying is good for people that will stay in the home for a couple of years until their equity goes up.

    -be prepared to cover maintenance costs. If your house needs a new roof you will have to pay it and not the landlord. I tell people to have around 10k saved for maintenance costs when they buy a new home because you never know what. could happen

    -if you want to renovate your home down the road make sure you study how much it will bring it up in value for resale. Pick neutral designs. Having bright pink floors might not add 10+ thousands in equity even if you spent 15k to have them put in

    Ps: I am a realtor.

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    Default Re: Camgirls Getting Approved For Loans

    Quote Originally Posted by Lupina View Post
    Lease to own homes are a risky business. You are still considered a tenant and you are paying higher than you would if you had a mortgage.
    My advice for girls that want to buy homes is:

    -rent a modest apartment and start saving money until you have at least 25% down. This will save you on mortgage insurance which is a separate fee they charge to make sure the mortgage gets paid if you can't make your payments. This is not home insurance!

    -have records of at least 2 years of income.

    -pay your bills on time, especially your credit card bill! Credit score will determine your interest rate.

    -interview mortgage brokers and banks and start comparing their rates. Usually mortgage brokers can shop around and give you a better rate than the bank. Make sure you understand all the terms of the mortgage and penalties for when you want to pay more than your payments. I have had some people that wanted to sell their home after 2 years and were so surprised they owned $10k+ to the bank for their mortgage penalty.

    - once you get approved for a loan and know what your budget is go find a realtor that you like and feel will give you the best representation. If you are a buyer chances are you won't have to pay any commission. Make sure to ask your realtor to show you comperables (recent homes that sold in the area). So many agents never inform buyers if the market and the other worst case some buyers have no clue about prices and end up low balling homes that are good deals, or even worse pay more than they should.

    -when you find a home you like and are ready to write an offer communicate fast with your agent so that way they can keep you informed how the negotiation goes. If your offer gets accepted you will have to pay an inspector to see if the home is good.

    -be prepared to have a couple of other $ thousands to cover closing costs. (inspector, lawyer, deed transfer(some might not have this one, tax on new construction home, moving)

    -ideally home buying is good for people that will stay in the home for a couple of years until their equity goes up.

    -be prepared to cover maintenance costs. If your house needs a new roof you will have to pay it and not the landlord. I tell people to have around 10k saved for maintenance costs when they buy a new home because you never know what. could happen

    -if you want to renovate your home down the road make sure you study how much it will bring it up in value for resale. Pick neutral designs. Having bright pink floors might not add 10+ thousands in equity even if you spent 15k to have them put in

    Ps: I am a realtor.
    You are awesome !!! thank you soo much! I've been wanting to learn how to start saving for a home to buy . I was actually looking on websites and craigslist for housing and rentals the other day !

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    Default Re: Camgirls Getting Approved For Loans

    A - I totally agree with every point which Lupina posted about buying a home. However I would also add that, unlike past decades, there is now considerable risk that the future resale value of any given home may wind up being lower than the price you paid to purchase it. Also, the 'liquidity' of home equity i.e. the ability to quickly sell a home without being forced to take a huge 'loss', or the ability to 'extract' home equity via re-fi or 2nd mortgages, isn't what it used to be. These new factors now tend to make home buying a long term commitment.

    B - with rising property taxes in many areas, with rising energy costs leading to higher utility bills etc., it is now more important than ever to run the percentage numbers on total cost of home ownership versus total income. Various gov't agencies as well as mortgage lenders use a 31% figure as the upper limit for mortgage loan approval. However, given the decades long commitment of a home mortgage loan, and the limited 'liquidity' to get out from under a home that can no longer be afforded, it is far safer to hold down that percentage to the 25% ballpark to allow for the ( highly likely ) possibility that next year's home ownership related costs could be significantly higher than this year's.

    C - While it is indeed significantly more expensive on a monthly basis, the Lease to Own option takes the 'liquidity' problem out of the picture. It also removes the potential issue of 'big ticket' future home maintenance expenses i.e. roof replacement, chimney replacement etc. ( which still fall on the 'landlord' ). But indeed the Lease to Own 'buyer' is still legally considered to be a tenant, is NOT entitled to various homeowner's rights, cannot 'count' home equity as an asset until the point that the Lease to Own deal is actually executed far into the future etc. In reality, whether you're talking about Lease to Own deals on houses or cars or home appliances, the only 'advantage' is that the privately financed Lease credit can be more flexible in terms of credit approvals ( but in exchange for higher interest etc. ). In terms of a personal opinion, compared to a Lease to Own deal, straight Leases or rentals are less expensive and allow for the possibility of independently saving the difference toward a future down payment ( or any other purpose ), at which point a ( lower interest rate ) gov't or bank financed loan approval becomes a better possibility. But there are other options available as well ...

    PS in regard to exotic dancers / camgirls having a more difficult time than most other people in regard to becoming homeowners, I'll relate this personal history from my pre 'retirement' days. While I had very substantial ( and verifiable ) earnings from my adult industry related work, and had significant savings and investments to boot, all of the mainstream home mortgage lenders I talked to wanted to saddle me with a 'subprime' mortgage at a high interest rate simply because I was self-employed and affiliated with the adult entertainment industry. I eventually made the decision to put in extra effort for a couple of years, to save as much of those additional earnings as I possibly could, and to eventually make a direct 'cash' purchase offer to the owner of the home I wanted to buy. While this meant that I had to wait a couple of years longer before becoming a homeowner, it also meant that was able to deny the banks the high interest rate earnings they were salivating over, was able to deny the lawyers a significant amount of fees, and was able to get the owner to drop his asking price on the basis of the bulls#!t that could be avoided on the seller's end.

    The 'moral of my story' ( definitely no pun intended ) is this. While dancers and camgirls ARE at a structural disadvantage where mainstream lenders are concerned, we also have the huge advantage of having a massive potential for high income if we put forth the necessary time and effort. So if a dancer or camgirl can afford to wait a little while, and is willing to put forth the necessary time and effort, she has a realistic ability to earn and save 100% of the money needed to buy a car or even a home without the need for a loan / mortgage. In the process, she will wind up keeping a significant amount of money ... money which would have otherwise gone towards loan interest payments, loan origination fees, higher purchase price etc. ... in her own pocket !!!

    PPS it's probably a bit obvious that I tend to view bankers and lawyers as 'parasites' ... because, well, financially speaking, they ARE !!! Recent structural changes in the lending industry have put them in a position to more easily 'exploit' all self-employed Americans ... and particularly so for self-employed Americans involved in 'high risk' industries. And, arguably, the WORST of these 'parasites' are the 'subprime' lenders and Rent / Lease to Own financiers. And while there's essentially nothing that can be done to improve the lending industry situation regarding self-employed dancers and camgirls, there IS something that can be done by dancers and camgirls to BYPASS the high interest rate 'subprime' loans they are offering ... by simply earning, saving, and paying cash for the car and home you want thus leaving these 'parasites' out of the equation !!!

    ... vent concluded ... I now return you to the regularly scheduled broadcast ...
    Last edited by Melonie; 10-28-2012 at 05:59 AM.

  32. #22
    Senior Member Hysterical's Avatar
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    Default Re: Camgirls Getting Approved For Loans

    I would love to pay for my home in cash! I think that's what I'll have to do eventually. My problem now is it's hard to even find a place to rent that doesn't want to know contact information for where I work. It's not like I can get Streamate or MFC to vouch that I make X amount of money a week.

    Melonie, I love your posts, they are always very informative. I swear you must hide some of your brains in those boobies!

  33. #23
    God/dess SarahTime's Avatar
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    Default Re: Camgirls Getting Approved For Loans

    Quote Originally Posted by Hysterical View Post
    I would love to pay for my home in cash! I think that's what I'll have to do eventually. My problem now is it's hard to even find a place to rent that doesn't want to know contact information for where I work. It's not like I can get Streamate or MFC to vouch that I make X amount of money a week.

    Melonie, I love your posts, they are always very informative. I swear you must hide some of your brains in those boobies!
    The solution to that is tell them you are self employed and be prepared to show check stubs or bank statements. That should work, along with a large deposit!
    xoxo ~ Sarah




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  35. #24
    Senior Member Hysterical's Avatar
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    Default Re: Camgirls Getting Approved For Loans

    I hope! All this housing stuff is confusing to someone that has lived in house that was paid for before she was born all her life.

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