➡ I Allegedly talks about how getting a loan is becoming increasingly difficult, with banks rejecting applications at a record rate. The average denial rate is currently at 21%, the highest it’s been in over a decade. This includes rejections for credit cards, mortgages, auto loans, and credit line increases. The situation is worsened by factors such as credit score, ability to repay, and long-term prospects, making it harder for people to borrow money when they need it most.

➡ The article discusses the importance of financial preparedness in uncertain times, highlighting the need for an emergency fund and avoiding debt. It also mentions the struggles of veterans in accessing benefits and assistance, and the potential impact of a hedge fund buying a majority stake in Jersey Mike’s, a popular sub place. The article ends by encouraging readers to stay informed and connected within their community.

Hey, it’s Dan. Welcome back. This is I, Allegedly, and you can’t get a loan right now. So, lot to cover today. Please hit the like button, subscribe to the channel, and let’s get right into it. Think about this. I love stats like this that come out where they talk about how banking is getting more difficult, access to credit is getting more difficult, and people are learning this the hard way, which you’re like, well, how could they be learning this the hard way? Well, they learn that they can’t get a loan when they desperately need money.

Good old Warren Buffett, when Arnold Schwarzenegger won the governorship, they were bringing finance directors into the state of California to clean up our finances here because we don’t have a revenue problem, we have a spending problem. If you guys are old enough to remember that, shenanigans. But what Warren Buffett said, and I’ll never forget this because it stuck with me, certain sentences stick with me for my entire life, and he said, you know, when you need money, it’s like oxygen. So, getting a loan, you’ll do anything to get the loan.

Well, that’s a horrible way to live, but that’s what Warren Buffett said, and it stuck with me that, yeah, every time I really need it a loan, it was very difficult to get. When I, you know, don’t need the money, they seem to be throwing it at me. So, with that being said, people are getting turned down at a record pace right now. The banks are quietly, collectively cutting people off. Now, you can sit there and say, Dan, I went and got my credit line increased, I borrowed money, we did a home equity line last month, and it was smooth as glass.

Okay, think about this. The average amount of turn down right now is at 21%. It’s the highest it’s been in over 10 years, and it’s climbing. So, one in five people are getting denied for everything that they want to do. What’s that? Well, it’s everything. Think about this, and this is, I’m just gonna give you some examples. Credit cards, it’s at 23%. Mortgages, 24% of the people get denied for a mortgage right now. Hello, you know, the thing I love, and my go-to gal for loans, Sabina, says the greatest line to me, and that’s, and I said, you know, the line is go buy your house today, because you’re gonna be able to refinance it tomorrow.

Says who? Says who? Get that in writing from the bank. And she laughed when I said that we’ll get a commitment from them now that they’ll refinance your house in 18 months. No, they’re never gonna do that. It’s where are you at today, Dan? Do you have a job? Do you not have a job? What’s your income like? You know, everything goes into effect and goes into play when it comes to refinancing your mortgage, okay? The next one is auto loans. Auto loans, 15% denial. Now, think about this. For you to get denied for a car loan, there’s a term that I have a friend that used to own a finance company, and this was 30 years ago, and he used to call people fish.

They’re a fish. They’re no good. Their moms wouldn’t lend them money. He would just say horrible, horrible things, and I’d be like, God, watch what you say, Dan. That’s awful. Well, no, didn’t care. Didn’t care. But if you can’t get an auto loan, you can’t get a loan anyplace else. Now, here’s where it gets crazy. Credit card increases. The denial rate for everybody. This is not just the bad people. This is the good people. Is it 47%? If you want a credit line increase, don’t worry, you will not do that right now.

So it’s crazy. Mortgage refinance is at 23% as well. So the thing that we’re learning is that people collectively that are trying to borrow money right now, credit score is everything. Your ability to pay back is everything. Your situation, you know, long-term prospects for you or for your business are incredibly important right now. And people can sit there and go, oh, it’s always been like this, Dan. No, it’s getting worse because what they’re doing is trying to find ways to turn you down. They don’t want you to be a bad loan for them.

Nobody wants that. But, you know, we’ve all been there. We’ve all had economic bad times to where we had to do things that we probably wouldn’t do, you know, if we were, you know, you know, rationalizing things. But again, don’t have money, be oxygen. My grandfather used to say a line that stuck with me to just like the old Warren Buffett. And that is you can’t borrow yourself out of debt. So I love the commercials. I’ve loved them since I was a kid. Hey, refinance, we saved ourselves. Fifty thousand. No, you borrowed 50 grand, paid off one debt, and now you have a new debt.

So, you know, there is a huge percentage of people and it’s almost 40% pay off their credit cards and go right back to using them again. So they have two loans. Okay. So Dave Ramsey, I read a great thing about him today. This is the thing that turned him around. I’ve always wondered what was the day that made Dave Ramsey say, wow, I got to get my finances in order. And it was one thing, which this today is illegal. It goes back to the last video I did. And that is American Express calls Dave Ramsey and his wife answers the phone.

And again, this is back in the day where you could say, hey, listen, tell your husband to pay his bill. Well, what the guy at American Express said to Dave Ramsey’s wife was, how could you be married to a guy that doesn’t pay his bills? Now, that today is illegal to do that. But back then, they thought nothing of, you know, slamming this woman for being married to Dave Ramsey. But again, he wasn’t Dave Ramsey then he was just some guy that owed American Express a bunch of money. And again, I vote American Express money and they were jerks to say the least.

Insert profanity right there. Okay. So that being said now, one thing that’s crazy is Steven from the UK sends me stuff that is solid gold. Okay. And there are people in the UK that did a green energy, what they call now a scheme. And it was intended to like, wow, we’re gonna, we’re gonna fix our house. We’re going to go out and we’re going to put insulation in our house. And it’s going to make a huge difference. And what it’s done is it made it so these people cannot refinance the house.

The banks in the UK are saying no, we’re not gonna, we’re not going to refinance your house. Now, now, one thing that I’m thinking long and hard about, and I’ve talked to realtors about this, I’ve talked to lenders about this, should you go out and get a pre inspection before you go out and try to sell your house, go out and get your own home inspection and learn what’s exactly wrong with your house. Have them look at the pipes, have them look at the roof, have them climb in the attic, go through everything and see what’s wrong with the house.

Or do you just want to throw a coat of paint on that, you know, fat girl and say she’s pretty. You know what I mean? I think the latter is going to work out. So the problem with it is nobody wants to face reality. Oh my gosh, you know, if we have to do the electrical in the den, it could be $1,200. Okay, could save a lawsuit down the road. But this store in the UK is going to make a huge difference. They called green energy home scheme is what they called it there after the fact, because what they wanted you to do is get insulation and it was spray foam insulation in your house.

And there’s a bunch of great stories, a bunch of great examples below of how people did this. And now the banks are saying, did you do that? We want to know. Did you, did you participate? Well, yeah, I got the, I sprayed my phone in my attic and you know, and then they claim a rebate and they get the money back. Only problem this is that the insurance, the lenders hate it because traps moisture. It has made it a problem for them to refinance his house because it’s creating more problems down the road.

One guy had to go out and he spent $4,300 on it. It cost him $10,000 to fix this and the, you know, which is $12,765 I think right now. So anyways, it’s over 12 grand in US money and couldn’t work it out. So again, guys, the green energy stuff is great. One thing that they had here in California about 10 years ago was, hey, get rid of your lawn and we will give you so much a square foot. And what these companies did was they went out and they would do the landscaping for you.

They would basically take the rebate and they would rip out your grass and they would put succulents and desert type plants in your yard. Now I had one guy, oh my gosh, this guy’s like, you know, I got a 3000 square feet of lawn in my front yard alone. You mean to tell me that they’re going to write me a check for almost nine grand for this? Yeah. So he did it himself and they wrote him a check. He’s like, oh my gosh, money in the bank. Isn’t that great? So I’m telling you guys right now, it’s going to get worse before it gets better.

You’re going to see the banks clamp down even more. If you think you need a line of credit, if it’s important now, think about this. There’s so many businesses out there that, you know, they have to wait to get paid. The weather’s a factor. Things like that, they can make it so your cash flow is not going to be smooth. You need to go out and get yourself a line of credit. It’s the only way to survive during this time. So go out and try to get yourself a line of credit.

Talk to multiple banks and see what you can do. Just like you should have multiple bank counts, you should have multiple lines of credit that you don’t necessarily lose. But one thing that you’re going to start seeing again, and we saw this three years ago, was we saw banks like Wells Fargo cut people’s credit off and you’re going to see this over and over and over again. So it’s going to happen more and more and more. So with that, David Gilmour of Pink Floyd, think about this one. He bought a house and was trying to sell it.

The only problem is the people he bought the house from never transferred title to him. So David Gilmour from Pink Floyd is trying to sell his house right now and can’t because there’s no ownership to him. And the people and the agency in the UK, another great Stephen story in the UK have gone out of business and I love UK terms, but it’s like the guy that was talking about his insulation. My insulation wasn’t up to scratch. And again, the people that were supposed to help David Gilmour, now he’s got to go to court to prove that he owns the house he’s had for five years that they’re saying he doesn’t own anymore.

It’s not wild to think about. It’s a lot more to cover. You know, it’s funny, one thing that I always say is, gosh, I wonder if people are paying attention. And Johnny from North Carolina says, I am sick and tired, Dan, of people writing you and telling you how great it is in North Carolina. Here’s another example of a big company laying people off. Abel Merrill mines is laying off 500 people, 7% of their work staff because the mine is losing money over a billion dollars right now. So this affects everybody.

You guys, when you have 500 wage earners, see if that bird just got something out there. Oh, he did. When you have 500 people, heads of household losing their jobs, think about that. And it is at a time right before the holidays that couldn’t be worse for people. Now, speaking of layoffs, another 400 people are leaving UPS right now. Huh? Why? No, it’s terrible. Shipping is awful. There is a freight recession. The people are in the freight business are trying to say, hey, the freight recession is over. It’s not. UPS is talking about this is going to be the bleakest holiday shipping season in over a decade.

Why? What’s going on? You’re not going to get anything from grandma? No, grandma can’t afford it this year. They’re not shipping packages. The likelihood that these people will lose their job right after Christmas is huge. But there’s no demand right now. You’re seeing people cutting back at such a record pace right now. You know, here’s the thing. When you try to get your finances in order, not wild, but the bird goes under water like that. Anyways, after, you know, when you work on your finances right now, as I get sidetracked, one thing you have to do is you’ve got to have an emergency fund.

You’ve got to have a way of paying off your bills and don’t go in debt for the holidays. I’m telling you this right now. The most thoughtful gifts, you know, are the best gifts. The ones where you think about, wow, Dan likes this, you know, Dan likes that and it’s inexpensive. That’s the best thing that you can do. There are so many people out there. Fran from Joseph Dream House sent me a text yesterday of how the veterans are being destroyed in her area. And she has more veterans and more people coming for assistance.

Fran runs a charity that feeds people and gets people to, she makes meals for them. And they’re healthy. And then they can prepare them themselves. And Thanksgiving’s coming. And Fran needs money and Fran needs food. And I’ll leave the link below. But I love Fran because, you know, doing God’s work, but Dan, I am seeing more veterans than ever that are losing benefits and getting denied for assistance. And whether you call it welfare, EBT cards, whatever you want to call it, food, they can’t get these cards right now.

That is horrific, guys, that we live in a world like that. So take a look at the link below for that, please. It’s nice to come out in the mornings when it’s so quiet like this. It’s just beautiful. It really, really is. It’s a great park. I’m going to finish this video with these last couple stories. But one more reminder that we have a uncensored channel that you can go to called iAllegedly Live. And if you go to iAllegedly.tv, you can sign up for that. The link is below. And I love doing that.

So many of you have joined us. It’s great. But finished with these last few stories. And first one, Thomas sent me an email. And Thomas has great credit, told me his credit score. And he got a voicemail message. That was we have a serious legal monitor. And it’s imperative that you call us right away all this all this improper English that they used on this voicemail that he sent me a copy of. And don’t fall for these scams, because what they want you to do is, you know, call an 800 number, they would identify themselves if it was the legal department.

I always love this people like, maybe it’s the police, maybe no, the police show up, guys, they don’t, they don’t call you and say we have a serious legal monitor. What is a legal monitor? Okay. Anyways, okay, threatening messages, don’t fall for them right now. We just went through all that stuff with the credit. You know, don’t tolerate that. Now, make sure that they were going to get ahold of it, they call back and they would identify themselves as American Express, and ask you why you’re married to your husband.

I like to do with Dave Ramsey. Anyways, final, final story. Jersey Mike’s, the sub place, they have been opening basically 250 stores a year. And what they just did was they just sold to Blackstone not BlackRock, Blackstone, the hedge fund, and they Blackstone bought a majority stake in this company. Now, will this be the end of Jersey Mike’s? I could give you guys a dozen different places that were bought by hedge funds, and they’re never the same afterwards. So the quality of Jersey Mike’s is they slice the meat right there, cook up your cheesesteak right there.

And the quality is a one, well, 50, you know, they bought over 50% of the company. And what it’s going to do is allow them money for expansion, and to be able to accelerate the expansion. Now, here’s what blew me away about the story and why I’m talking to you about this. Do you know that the average subway store does $500,000 in sales? That’s decent. Okay, the average Jersey Mike’s does $1.3 million in sales. Okay, 800 gram more than the average subway does. Who knew that? Please don’t forget to hit the like button.

Please don’t forget to subscribe and tell all your friends. Okay, make sure your notifications are put on. And I was at a party and made the mistake of telling everybody, check your notifications. And I get text message. Hey, I got your email. I got a video today. Got a message. Got a message. So it’s funny. But now I think a lot of my friends do that now just to harass me. But anyways, a lot of cool stuff coming. Can’t wait to share it with you. My email address is hello at iallegedly.com.

And reach out guys. Okay, send me stories. It’s all a big one big community. And I’ll see you guys very soon. Please like, subscribe and share this video today. [tr:trw].

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