secured loans

Discussion in 'Credit Talk' started by len, Apr 23, 2001.

  1. len

    len Guest

    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
  2. Dustin

    Dustin Well-Known Member

    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.

  3. ShyGuy

    ShyGuy Well-Known Member

    Some credit unions don't, but I think most banks do. Some even also check ChexSystems before they will let you open a CD.

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