Personal loan with bad credit?
Can you get a personal loan for about $300 and use your savings account for collateral? I've read that this may be possible. I was wanting to know if it was actually true The reason I am looking into this is because I can't get a credit card and I am wanting to build up my credit.
Public Comments
- Yes it is very much true, if u dont beleave that do it and see the effect
- Sure, It is relatively easy to get a secured loan because you have the dollars in your account as collateral. The problem may be to find a loan for the amount you want. Most banks and credit unions have a minimum loan amount. The term, personal loan, indicates a signature loan which requires no collateral. What you are seeking is a called secured loan and may only be available through a credit card company in the form of a credit card. For instance, My Credit Union will only do a secured loan for a minmum of $1000. Thats because the paper work involved is not cost effective for them below that amount.
- They may be able too, although the bank would have a stipulation that you may not withdrawal down past the balance you owe, in case you default.
- yes that type of loan is a no brainer for the bank. you default and they just take the money that it is secured with the question is why would you want to pay them interest on money you are probably only earning maybe if lucky 1% return click on my pic to go to my profile you will find a bad credit link it is a company that compiles banks and lenders that grants loans to people with bad credit without the need for collateral stay away from payday ok this is in payday ok's website ** Finance charges are calculated on the basis of $10 per $100 borrowed for each 14 day period, which is equivalent to an APR of 260.71%. that is robbery again stay away payday ok someone is advertising that site here what a rip off!!!!
- its depend from bank to bank
- Have a look here.
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- Try this website. My friend got a loan from there. Its like the ebay on loans. Prosper.com
* Some answers may have been provided by Yahoo! Answers.