Has anyone taken a secured loan that you put down the 1st 6 months payments as collateral/?

Answers:3   |   LastUpdateAt:2012-11-04 17:06:02  

Question
Alv
Asked at 2012-08-23 09:17:04
im unable to find financing company in the BBB website .
Answer1libra1017Answered at 2012-08-28 21:41:03
That is the hallmark of a classic scam . MedlinePlus MedlinePlus If you are paying cash , you should not have to pay money to get * them * . If you want to charge any fees , etc , just let out of the total loan amount you are taking , or add it to the payments you make when you pay back . < Br > MedlinePlus MedlinePlus
Answer2NicAnswered at 2012-09-25 08:08:04
Never heard of placing six months payments as collateral. That's not the way it works . Those issuing a secured card will require you to put up a fixed amount of money as collateral. You can usually start with as little as $ 500. The security deposit is usually put in a savings account that earns interest . You still have to pay the bill when it comes in. If you miss a payment or late usually reported to the credit bureau . Still works like a credit card . If you want a secured credit card I suggest you find a credit union near you and see if they will work with you . If there is a local bank . It is always better to work with a local company from a distant . At least when you can sit down with them one on one , you know they are legitimate.
Related Questions
1
  • Answer This Question:Has anyone taken a secured loan that you put down the 1st 6 months payments as collateral/?