Latest To Take Out A Loan News
by Jill H West on Sunday, February 16th, 2014 | 5 Comments
To Take Out A Loan
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Taiwanese con artist kidnaps his sugar baby to pay off loan
A 24-year-old Taipei woman surnamed Yang was kidnapped by her 47-year-old bald sugar daddy, Chen Bo-hsiung (陳柏雄), who wanted to use her to take out a loan fo…
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to take out a loan question by karma: Do you know anything about “secured loans”?
through a bank or credit union?
to take out a loan best answer:
Answer by aj_murphy68
dont get none
All a secured loan is, is that you have something of value as collatoral for the loan. A car loan is a secured loan. Acredit card is not a secured loan. Unless it is a secured credit card.
A secured loan is one in which you pledge collateral. Examples are a mortgage on property or a car loan. Almost anything of significant value can be pledged. If you fail to make payments as promised, the item becomes the property of the lender.
Secured loans can be any loan for which you pledge collateral. Examples of collateral used to secure a loan would be a savings account, stock certificates, cars, trucks, boats, houses, property, etc. These loans usually take the form of an installment loan where there are a set number of monthly payments for a stated amount, e.g. 60 payments at 350 per month.
Apply Online for a Secured Loan:
Online secured loans lenders have wealth of experience in these loans. They are aware of the backgrounds and can handle borrowers better than other types of lenders. Hence they adopt a sympathetic approach while lending. At the time of considering the application they try to reduce the risks. They do this by finding out about your employment history, and also your yearly income. They can also go through your old bank account statements. The lender is more concerned about your repayment capacity instead of your credit history. This is because the lender is aware that most of the applicants are interested in improving their credit and repaying the loan, especially if it favors them.
Most banks do not offer secured loans anymore, but a lot of local credit unions do. Basically “secured loans” involve giving the bank/credit union an upfront deposit, then getting a loan for the amount of the deposit. This way, if you default on paying the loan, they can still get their money back by holding onto part(or all) of your deposit. Sounds silly that you would borrow money that you already have, but it’s a way for people with bad credit or no credit to establish a credit history so that they can then qualify for other loan products in the future.
When you give the bank/credit union a deposit, they hold it in a Certificate of Deposit(CD) account. This account earns an interest rate that is a few points higher than your conventional savings account. The reason for this higher interest rate is because the money is locked into the CD for a set period of time…you do not have access to this money for that time, unless you pay a penalty fee. The longer the term for the CD, the higher the interest rate that you earn.
After you get a CD, you borrow against it with a “CD secured loan.” Generally the loan’s interest rate is a few % points higher than the %interest that you’d earn on the CD. Which basically means that paying back the loan over time will result in paying out more interest(through the loan) than you’ll earn from the CD…but sometimes that’s the price that one has to pay to establish or reestablish credit history.
I’d recommend getting a CD-secured loan for a 12-mo. term. It’s long enough to establish decent credit history, but not too long of time. I’d recommend paying the minimum payments, so that you stretch out payments over the full term of the loan. Yes you spend more interest this way, but you also develop a longer credit history, which will help you if you do not have much credit or if you’ve had really bad payment history with credit in the recent past.