Hello, my mom lost money of her co-worker that gave to her for saving. And I have to help her, cuz I’m only child, got no dad. Banks r not giving me loans because of me not working ” officialy ” ( in my country it’s okay not to register your workers to escape taxes). I’m making 1200 AZN ( approximately 700$ ). I need to find 6000 dollars ASAP! If you know any worldwide bank, or people who can give loans please tell me.

5 comments
  1. HOW did she lose it?
    This is of importance because if you help out you need to make sure the currency actually goes to the person she owes it to.

    With that being said, the best she can do is renegotiate the repayment. As a second option you might be able to find a P2P platform like Mintos that offers private loans like that though the interest on these loans tends to be painful.

    To close this, I understand that you want to help but if you cant and put yourself into a difficult spot because of her, things might end up worse than before with greater financial issues and her feeling guilty because she pulled you into this.

  2. Don’t do that, the cost for these loans is ridiculous and you don’t get a loan for savings, it’s pointless, no savings is better than a loan you don’t use, let alone a ridiculous non-collateralised one. Just save money as you go. Don’t “lose” it. And it’s also not your problem.

    EDIT: Oh, I understand now. So your mom’s coworker gave her money to “save”? WTF did they do that? How is your mother a bank? And how TF did she “lose” it? It’s her problem, Bub; first off she should have refused, then she shouldn’t have used and “lost” it, your mother is not fractionary reserve. This is all kinds of red flags everywhere and lessons must be learnt from this.

    If you want to help your mother and yourself, learn about personal finance online and provide her with basic financial education which should include:

    – What not to do
    – How to save
    – Where to save
    – Where to invest
    – Inflation
    – Interest and compound interest
    – How to get debt and what for
    – How not to get debt nor on what
    – Etc

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