James Wiseman leaves Memphis
- Thread starter TheLogicalTake
- Start date
18 year old James walks into a bank to apply for an unsecured loan. Credit score: low since he has probably never had credit. Income: $0.
No bank in America would approve that loan. Now, being that he is "James Wiseman" he probably COULD get that loan from a local bank with boosters/fanboys as VPs or underwriters but that also would be an NCAA violation because his status of a local celebrity would be the only reason he would have been approved
If you think that no bank in America would loan James Wiseman $11,000 today then you have completely lost your mind. This 18 year old James isn't some random kid walking in off the street. He's an 18 year old kid who is going to sign a contract worth millions of dollars a year in a few months. And the bank would know that. Because the people running banks aren't stupid.
I wonder if you guys realize that when college athletes take out insurance policies that pay them off if they get injured and wouldn't be able to play any more so they wouldn't get drafted in their respective sports that the way that most of those kids pay for those policies is through bank loans. Loans which are completely within the NCAA rules.
But Joe, how is that possible? No bank is going to loan 18 year old James or 18 year old Zion a lot more than $11,000 to pay for a policy like that when he has no credit history and no current income. It's possible because the people who run banks aren't morons, like apparently some people on the internet are, and they know that the money is 100% going to get repaid within not years, but months.
I said it would take a fanboy or booster to do it and that would be an NCAA violation because Wiseman would not come anywhere close to qualifying for that type of loan. Its unsecured and he has no credit.
The reason it would be an NCAA violation is this:
Wiseman walks into the bank and they give him the loan. A regular 18 year old Memphis chem major walks in for the same loan. They laugh him out the door. The bank is using "future earnings" as collateral in a way and that's so against NCAA rules, it aint funny. Heck, the NCAA might even make the bank forfeit Fortune 500 rating.
Yes, you did say that. And you were wrong the first time, and you are just as wrong the second time.
Like I said, do you understand that when these guys take out insurance policies against injuries that they are allowed to take loans against future earnings to get them? And if you understand that, then what is so hard to believe that the bank would simply use the fact that that insurance policy existed to make a loan?
There is literally a 0% chance that Wiseman won't be able to repay the loan. The fact that you think that a bank would look at a loan request from Wiseman the same way they would a random 18 year old who walking in off the street shows how completely ridiculous you can be sometimes.
You are wasting your time on this. Anyone who doesn’t see the truth with Wiseman as an example is never going to get it.
I would loan him as much as he wanted out of my pocket right now. Is there a chance he commits a violent crime or loses a limb in the next couple months? Sure, but other than that he is about as guaranteed a future multimillionaire as there is right now.
Those types of disability policies are very expensive one time lump sum payments. Like $20,000 for $10 million worth of insurance. Those aren't the exact numbers but probably in the neighborhood. The kid's family often has to take out a Home Equity Loan to pay for it.
Now, I will say that I suppose that the kid could use his disability insurance policy as collateral but that isnt what you said at first.
You're not James Wiseman, and you aren't going to be the #1 pick in the NBA draft in six months. This is not difficult to understand!!!
The schools themselves are usually paying for the loss of value insurance policy, or the athletes can pay for the premiums against their future earnings.
I’d have no issue lending him money if I had a signed contract as his agent , but as a college player that’s against NCAA regulations .
How many kids have taken money from one agent then screwed that guy and used someone else .
Ever lend money to a friend or family member ? Consider it a gift !
Ps .. banks don’t make gifts they make secured loans
The fact that you don't understand what I posted, or indeed anything at all about this topic, doesn't mean that I haven't been correct all along.
If you don't think that Wiseman could get a loan today against future earnings if he has an insurance policy to cover injury or disability then you are simply wrong. Completely, utterly wrong.
Could Wiseman have done the G-league $150,000 thing? I'm not sure when that starts. If so, man, he cost himself $150K to play 5 games for Memphis. But I guess that's pocket change to him in the long run.
The press in Canada is actually starting to take a more critical look at the Juniors sysytem. There have been some pretty high profile failures over the past couple decades. It turns out that kids taken from rotten home environments, don't perform well in society when you give them big money and the only marketable skill they possess is being good at a childrens game. It's the same regardless of race, nationality, etc.
I believe SMF is right on this one.
No banks lending arm would loan the money because they have lending guidelines, procedures, requirements and financial guidelines that would prohibit lending any money without some form of security.
It wouldn't matter if it was $ 11, $11,000, or $ 11 mill.
If the bank violates it loan guidelines, process /covenants this becomes an audit/SOX exception, and could end up as a significant deficiency in an audit or SOX report which points to a process control problem.
All this trouble for an $11k loan. Wont happen!
But most banks have a small business unit that does take more risk and with connections he might get his money that way.
Or
Someone like JoethePantherFan might loan him the money attached to a legally binding agreement for a nice ROI.
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The security is the insurance policy that pays off if he gets injured and doesn't become a lottery pick.
A bank loan to a player like Wiseman could never go through regular channels. An underwriter would never be able to approve a loan to him guaranteed by a disability insurance policy. What I said was that some higher level VP could "sign off" on such a loan knowing the kid is going to be very rich very soon but that type of loan, though legal, would break NCAA rules because Wiseman's status and future potential earnings would have gotten him a deal not available to the general public
No, it wouldn't, for the same reason that guys taking out loans to buy insurance policies against injury isn't against the rules.
Stick to one handle, Buffet. Why do psychos like you need to post bull skunk under multiple names?
