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Boom Bust and Blame

Crisis A-Z


Q

Quick Loan:
a company founded by Daniel Sadek in Costa Mesa, California that wrote $3.8 billion in sub prime mortgages. Before opening his company in January 2002, Sadek used to be an auto salesman.

From 2002 to 2007, Quick Loan Funding targeted people with bad credit and provided loans with high interest rates. In 2005, Quick Loan was reporting 29 percent of revenue or $37 million. Sadek used the money to live a very affluent life. He bought luxury cars, flew jets, and produced a movie, “Redline.”

The company eventually collapsed in 2007 and Sadek had his lending licenses revoked by the California Department of Corporations.