Credit Report Blog» Secured Loans

I have bad credit and need a Loan for 5000 but I don’t want payday loans?

admin — Fri, 13 Jan 2012 19:26:48 +0000

Question by 3ing2findpath: I have bad credit and need a Loan for 5000 but I don’t want payday loans?
I’ve been trying to find a legit website of any lender that can provide a non-secure loan for $ 5,000, does anyone know of such lenders that can Truly help out and not rip you off like the payday loan sharks?

Best answer:

Answer by WallBaker
Try Prosper.com

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Where can I get student loans if I have no job and no cosigner?

admin — Tue, 10 Jan 2012 06:28:40 +0000

Question by crimsonbull9584: Where can I get student loans if I have no job and no cosigner?
I have applied to 8 different sites for students loans, all of which have turned me down. I have no one willing to cosign for me. I am 25, have no job, and attempting to go to college out of state and need to get a loan for $ 13,020. Sallie Mae, Discover, PNC, Wells Fargo and others have already turned me down. With my current status, what other location is my best bet to secure a loan?

Best answer:

Answer by thegreatone
They will not give you a loan without a co-signer, no matter where you go.

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Will most banks give a bad credit client a secured loan?

admin — Fri, 06 Jan 2012 17:28:19 +0000

Question by panthrchic: Will most banks give a bad credit client a secured loan?
My brother is 26, and his credit was ruined by his ex-girlfriend. Long story. So, Im trying to help him re-establish his credit so he can get “his own place”!

I offered to contribute $ 500 towards a secured loan with my bank, but I will not co-sign. Is my impression correct, that he can give the bank $ 500, then they will secure the $ 500 and loan him $ 500 which he will pay back monthly in order to build credit?? Or is this just a rumor I heard somewhere? Any suggestions appreciated. Thanks!

Best answer:

Answer by sexy34
He can apply for a secure credit card. If you put out $ 500.00, that is how uch the card will have as a limit. They usually return the money after one year of monthly payments on time, then it becomes a regular credit card. They will, after good payment history, raise the credit limit after a year.

As far as you co-signing, if he is getting a secured card, there is no co-sign needed. He will not be able to get a loan until his credit improves. But he can get a secured credit card, using cash that they will hold for a year.

As a suggestion, do not use the card for more than 1/2 of the limit, as this shows them irresponsibility with money. (It will lower your credit if you max the card, best is 50% or even 30% only used on it at all times.)

Check with the bank though on this. Each may have different rules about it.

Hope this helps.

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Question on a loan secured by a house ?

admin — Tue, 03 Jan 2012 04:27:54 +0000

Question by HeathySurprise: Question on a loan secured by a house ?
I own a house, valued over 1 Million $ , in Texas. I don´t live in the US, I don´t have any revenues in the US either, and I am not a US citizen. Are the bank in the US providing loans without any proof of revenues, provided the house is fully paid ? I need 200k to invest in another country, please tell me what are my options ?

Best answer:

Answer by gobonzzo
Banks will not likely approve a loan request for a cash-out refinance on a non-owner-occupied property. You may have no options.

The types of lenders that used to do loans like this are the ones now melting down, so you are pretty much out of luck.

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If your bank approves you for a loan secured by a deposit account, is this your checking account?

admin — Fri, 30 Dec 2011 15:27:57 +0000

Question by Chelle: If your bank approves you for a loan secured by a deposit account, is this your checking account?
or is it that they take a deposit from your checking account?? ORRRRRR do you have approval for the loan simply because you have an account with them?

Best answer:

Answer by CreditAlignment.com
it’s normally a savings account or CD.
they NEVER use your checkings account for a secure loan.
the checkings account is a direct demand account dda.
they normally will lend you for what you have in the account.

if you have 5000…they can lend you UP TO 5000 that’s in the account. they FREEZE this 5000..so you cant touch it!

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Have the standards for securing a Commercial Loan changed as the home mortgage loans?

admin — Tue, 27 Dec 2011 02:27:34 +0000

Question by jason: Have the standards for securing a Commercial Loan changed as the home mortgage loans?
Is it going to be more difficult to secure a 800K Commercial Building loan than say 6 months ago? I will be in the market for that kind of loan in the next week or two and haven’t a feel for the market right now.

Best answer:

Answer by unisberkensap
Commercial loans have not taken the same hits as residential. Underwriting for residential loans had become beyond ridiculous allowing everyone to get a loan, whether they could make the payments or not.

Commercial lending has been constant in its criteria, thus it has remained stable.

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Looking to re-establish credit w/secured cards and loans….advice and ideas needed please!!!?

admin — Fri, 23 Dec 2011 13:26:28 +0000

by Cushing Memorial Library and Archives, Texas A&M

Question by sircharlesthepimp: Looking to re-establish credit w/secured cards and loans….advice and ideas needed please!!!?
Long story short, I was pretty much forced to file for bankruptcy back in 2005, and I am currently slowly paying down 2 new credit cards (my score has jumped 32 points up to 532 in the last few months – the Equifax simulation Im using puts me around 625 in 10 months if I continue paying the way I am).

My next step is getting a secured credit card, and paying it off over the next 8-10 months to jump my score a little more.

I was also thinking of getting a loan from a bank and paying that off slowly as well.

Any recommendations on what card carriers/banks to go trough?

PS: If you have any other ideas on how to re-establish credit, throw ‘em on here!

Best answer:

Answer by The Rabbi
Go to the bank and borrow $ 1,000 to be put in a savings account as collateral. You never see the money untill you have paid the loan.

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If take out a debt consolidation loan secured through your home will that affect if we try to refinance mortg?

admin — Tue, 20 Dec 2011 00:29:55 +0000

Question by Stephanie B: If take out a debt consolidation loan secured through your home will that affect if we try to refinance mortg?
needing to consolidate credit card debt. but would like to in future refinance home soon. will it cause a problem with refinance if secure with home?

Best answer:

Answer by Stephen T
You will have to finance everything into one loan and then go back and reopen a line of equity credit.

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Secured loan – Low fixed rate of 3% over your invested rate?

admin — Fri, 16 Dec 2011 11:29:42 +0000

Question by Talk Turkey: Secured loan – Low fixed rate of 3% over your invested rate?
To me this means that if your cd pays 3% currently
For this loan you would pay 6% as an interest rate on the loan
Right or wrong?

And why does the same bank state that car loans start at 1.99%
Why would a car loan be cheaper than a secured loan

Best answer:

Answer by clogher
Nobody right now is paying 3% on cds that have fairly short maturities, so I think your question is flawed. More like 1%, so your secured loan would be 4% interest. And 1.99% on a car loan for someone with SPARKLING GOOD CREDIT could also make sense. They might even negotiate with the dealers to provide such a good rate.

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Q&A: Is There A Certain Amount Required In Your Checking Account to Apply For A Secured Loan??

admin — Mon, 12 Dec 2011 22:30:10 +0000

Question by Edward W: Is There A Certain Amount Required In Your Checking Account to Apply For A Secured Loan??
Do You need to have at least the face value of the loan your applying for in your checking/savings account. Or do they just look to make sure you have no bad checks/overdrafts etc…Is the actual amount important??? thanks

Best answer:

Answer by royalwitch70
i might be wrong…but a secured loan would only be secured if u had the money to cover it. and i believe that after u take the loan, the bank would freeze the amount in the account until u repay the loan. but on the bright side…this is one great way to rebuild ur credit

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