Do banks do credit checks for these types of loans, even if you use your own money as collateral in a CD? Can you get denied a secured loan? Just wondering. Any thoughts on this topic is welcomed
Most places don't do credit checks, but a few will. Depends on the place. My local bank does, but my credit union does not. I guess some places can deny you a secured loan, but it is not very likely. Probably less than a 1% chance. Ask the bank where you want to get a secured loan. They should be able to answer these questions, and give you some good figures (interest rates, etc). : ) Hope this helps a little. Dustin
Some credit unions don't, but I think most banks do. Some even also check ChexSystems before they will let you open a CD.
