How does a secured loan work?

Answers:3   |   LastUpdateAt:2012-11-02 16:47:02  

Question
alisha221
Asked at 2012-08-19 02:47:02
so I went to the bank for the loan / credit that I can build , the banker suggested a secure loan that 's what I did . MedlinePlus that was for 500 MedlinePlus so I gave him 500 MedlinePlus she is giving me a check for 500 MedlinePlus but I have yet payments every month , how this works, you owe me nothing , so what I 'm paying MedlinePlus I feel like im losing $ 500 MedlinePlus if this makes sense
Answer1HarieAnswered at 2012-09-11 11:47:05
I owe 500 and the need to make payments on your loan when the security pays 500 is released. This is the best and cheapest way to build credit . Everyone pays for credit is a fact of life . I'm really impressed by what your bank will also want a small loan over $ 3000. The 500 does not have to pay interest enough to cover some of the costs of making the loan
Answer2Abbey(Urgent Please help)Answered at 2012-09-26 09:48:03
A credit card secured appear on your credit report and help build a history of responsible credit use .
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