Hi Gang, I took Sandy into our bank today to get her a secured loan. I told the banker we could drop $5,000 cash as security so we were talking secured loan here. Banker said they cannot do it without a credit check. I knew that wouldn't work because there is one unpaid chargeoff that will fall off in 4 months. (not worth pursuing because the obsolescence period is almost over anyway). So we had to decline. There has been much talk about banks doing secured loans of this nature without the need for all the background checking, FBI profile and urine sample. Other than recommending a credit union, what advice can you offer with regard to commercial banks? Don't creditors prefer to see loans from commercial banks rather than credit unions??? Please Advise, Thanx
Out of every bank and CU I've talked with, only USAA will do a cd secured loan with no credit or income check. www.usaa.com anyone can get a membership number and get a bank account/cd with them. the military requirement is only for their insurance products. If I remember right, the loan interest rate was 2.65 percent over the cd rate. The cd term has to be equal to or lesser than the loan term... and USAA does report the loan to all 3 major credit bureaus. It's the best deal around. They also don't check credit for a checking account or savings account, so what we did was open a checking account, deposit more than the 5k for the cd, have the payments come directly out of the checking account. We did 5k... I think that was the min for the cd. oh, you get 100 percent of the value of the cd I called literally every bank/cu in the country that I could have become a member, this is the absolute best deal out there... and they're nice
I GUESS WERE BACK TO CREDIT REPORT TO "SEE" HOW YOU DRIVE!!! I SEE NO LOGIC IN "PULLING" A CREDIT REPORT TO "SEE" HOW YOU WILL DO WITH A 100% "LOCKED IN LOAN" ON YOUR CD!!!
Marie, How do you get a member number if you have not been in the military? Do you have to call the 800 number? Like you I am interested in the financial products and not the insurance. Maybe I am missing something.
Just call the 800 number on the website and they'll set up a member number for you. Then you can apply via the phone for their financial products. They've been outstanding on customer service, lack of outrageous fees etc. I will keep an account with them forever! No mins are amazing! It's a pleasure talking with them! You can even have them do your initial deposit off another bank's visa debit card (with no fee) or up to 500 off your credit card (as a cash advance on your credit card) to start the account. 1-888-297-5470 checking/savings/cds Checking No monthly service fees Electronic bill payment Cash back on qualified debit card purchases1 Free downloads to Quicken/MS Money Free initial check order Savings No monthly service fees Free personalized deposit slips & checks Check writing privileges (3 per month) International toll-free phone access Interest accrues on the 1st day of your deposit
59 Re: Secured loan denied??? GEORGE | 8729 posts since Mar 2000 24.178.200.220 | 06.03.2002 @ 21:37 DID ANYBODY ASK THE "REASON" FOR LOOKING AT A CREDIT REPORT WHEN IT IS 100% SECURED???? GEORGE~~A.K.A. SUPERMAN =========================== This is easy to explain. To ding reports lower scores and raise rates and insurance premiums.
Can anybody help me by suggesting? I owe $1720 on a loan I took out from <a href="klickcredit.com"> klickcredit.com </a> in June. Recently, a Mr Fabian who says is an attorney for klickcredit has been calling me, the clubhouse in the neighborhood I live in and my place of work. He threatened to fax over papers to my boss (the owner of the company I work for) and he also told me that if I did not set up payment by direct withdrawal, credit card or prepaid card within the next few days that a man would be coming to my office to serve my boss some papers. So I got a prepaid card and gave him the # for it but told him I could not make any payments until the end of the month. When I told him I would rather send a money order later this month he said it wouldn't be quick enough to stop the serving of papers. I know I owe the debt but this sounds fishy. What should I do?
Andy: It would be better to put this in its own thread, since this is a thread that is over 12 years old (and about secured loans). Now... Read this from the FBI... FBI — Extortion Scam Related to Delinquent Payday Loans Tell him that you are reporting him to the FBI and your local law enforcement agencies for extortion, and will be suing him in Federal Court for $1,000.00 for violating the FDCPA, including but not limited to "false threats of legal action, threatening to engage in illegal third party disclosure of a debt."
I have managed to get a secured loan from Greater Central Texas Federal Credit Union. I consulted many commercial banks but ended up going to this credit union. Their process is very easy and their interest rates are also low.
