10-31-2007, 02:21 PM
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#1 |
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Greenhorn
Join Date: Jul 2006
Posts: 30
Rep Power: 6  |
Secured loan credit check?
I want to open a savings account and then turn around and get a secured loan on it.<br />I called my bank(wells fargo) and asked them about it. They said yes they do loans like that and yes they report to all 3 credit bureaus. But she said it depends if you get approved or not.<br />I dont understand why it would be difficult to get a secured loan when the bank freezes your money anyway. Even if you have bad credit it shouldnt matter because its 0% risk to them.<br />Can someone explain this to me?<br /><br />Also, If anyone has personal experience would it be easy if you have terrible credit to get a secured loan using a savings account or CD from a big bank like Wells Fargo or BofA, or from a local credit union?<br /><br />Thanks<br />
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10-31-2007, 02:21 PM
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#2 |
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Greenhorn
Join Date: Jul 2006
Posts: 35
Rep Power: 6 |
Secured loan credit check?
it shouldn't be any trouble as they have your deposits as collateral
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10-31-2007, 02:21 PM
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#3 |
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Piggy Bank
Join Date: Jul 2006
Posts: 55
Rep Power: 6 |
Secured loan credit check?
Your loan will be pretty much approved with securing it with the money you have on deposit.
It's just not a good idea to approve or deny any loan without the application, which is why they don't give you a definite answer when inquiring on the phone. So go a head and open your savings and apply for the loan. The person on the phone wasn't discouraging you, they are just trained not to make promises on the phone. |
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11-15-2011, 04:19 AM
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#4 |
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Greenhorn
Join Date: Nov 2011
Age: 26
Posts: 9
Rep Power: 0 |
Cash pay day loans are the loans for the low salaried persons who will have face the depletion of the money in the early days of the month. Then they have to pay their utility bliss and for this they need to borrow money and that money is called cash payday loans.
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