Posts Tagged ‘collateral’
I have very poor credit and I am really needing a loan that is unsecured because I don’t have collateral or co–signers or money for upfront fees so I need the loan to be giving with my trust to repay monthly without me paying for it up front. I am trying to pay off bills and get a fresh start. I am in a really desperate way so I am hopin that someone will help me with thi loan.
Me and my partner are both 20 years old, with about 20,000 worth of collateral between both of us. We also have the ability to raise limited funds through friends and family.
Were looking for about 100,000-120,000 USD to open a franchise. We are already approved by the franchise company, but neither of us have any credit history. I was wondering if anyone had any advice on the next steps we should take to secure funding, I.e. unsecured business loans, angel investors, etc.
Any unbiased input is greatly appreciated!
I want to obtain a ,000 loan to start my business. I don’t’ care if it’s a business loan or personal loan, though I heard personal loans are easier to secure. I will be using 50% of the loan for renting office space and the other 50% is being used for supplies and employee salary for the first 6 months of operation. I am 22 years old and have little assets.
Only few things I have going for me is 00 cash reserves, enough for 20% down payment, and a car worth 00 for collateral. FICO score is 710 and credit history is only revolving for 4 years, again I am 22 years old. Also I have a well written and researched business plan.
I know I should shop around but which banks have a higher approval rating than others? Should I ask my local federal credit union first before attempting conventional banks? Should I think about an unsecured loan rather than a secured loan? Are the things I listed earlier enough for me to secure a loan?
The Bank of Homewood would like to offer more loans to customers, but it is low on available funds.Patty is…Saturday, September 17th, 2011
…..thinking about borrowing funds froms from the Fed. If the Bank of Homewood does acquire funds from the Fed it will :
a) have to pledge some of its securities as collateral, because the Fed does not make unsecured loans.
b) pay a rate of interest on the amount borrowed called the RESERVE rate.
c) pay a rate of interest on the amount borrowed called the DISCOUNT rate.
d) be required to use the funds to offer loans to small businesses owned by women and minorities.
According to their website, they fund unsecured business and personal loans. I spoke with a loan representative and was approved for a relatively large sum but given the nature of the loan I need to secure collateral or purchase insurance from them. The collateral is really just three montly payments up front then they will dispurse the full amount but they require I use money gram. The insurance option is more expensive and supposedly protects the company in case I were to fall back on payments. Their website is: uphambaxter.com and their address is 19 Woodland St, New Britain, CT 06051
I must say, there are a lot of red flags and I certainly don’t intend on sending them money but I am currious if anyone has come across this company. On their website they claim to have been financing loans since 1999 but I can’t find a trace of this.
Any suggestion as to how one can check the legitimacy of any company besides the BBB, SEC, State Attorney’s Office, Secretary of State, etc.?
JP Morgan Chase bought all of WAMU’s assets for around billion, but it was widely reported that they did not buy any of WAMU’s unsecured debt, i.e. personal loans, lines of credit, etc. where nothing but credit was put up as collateral. If WAMU no longer exists, and JP Morgan Chase didn’t buy the debt (they have no right to collect it), to whom is the money owed, what happenned to all of that debt ?
For a little background, I am 26 and filed chapter 7 about 6 years ago. It has long since been discharged. Ever since then, I have done much better with paying all of my bills and never miss a payment. I have a couple of credit cards, a car loan, and school loans. At this point, my credit score has gone up to about 620 which I know is still not the best but better than it was.
I have been with my credit union for about 5 years now, and I applied for a loan for 00. I had requested an unsecured 36 month loan. Here is the response from them:
"We are unable to approve the loan on the terms you requested. We will be able to assist you on the terms stated below.
Principal Reason(s) for Counter Offer:
-Bankruptcy schedules needed to verify discharged debts
-Tiered rate will apply
-Requires proof of all income
-Will consider with adequate collateral"
So I am wondering what tiered terms are exactly? I don’t really have collateral unless they consider my car.
What options do I really have here?
And btw, I do owe on my car for 2 more years.
Update: We have been emailing back and forth. Basically the tiered rate would be 2% higher than their regular terms. But she says they can’t use my car as collateral because the trade in value is a little less than what I owe. They are asking if I have other collateral. What else could I even use? I don’t own a home, don’t have any savings, and this is my only car.
Thanks for all the answers. They won’t take my car as collateral because the trade in value is about 0 less than what I owe. I asked the loan officer if there are any other options and it sounds like no. I don’t know, this just sucks. Can’t a girl ever get a break?? lol
Ok so I don’t have the best credit and I’m 22. I had 2 credit cards I missed payments on a year ago but since i paid them off through a settlement. I have 00 in student loans and that is the only thing I owe to my name, and I haven’t missed a payment on them the 10 months iv been paying them. Iv been with my bank 12 years and lived at the same address 22 years. I make 00 a month but have only been working at my current job a month.
I’m looking for a 00 loan for a used motorcycle being sold by a private party but I don’t think I would qualify for an autoloan.
But I was wondering if I put 00 down and also give them the title to use as collateral? Would that help my chances of getting accepted? Where would be the best place to go to try this? And most importantly can I use the motorcycle title as collateral on an unsecured or personal loan?
Wouldn’t 00 down and the motorcycle title be enough for them to lend only 00 to just about anyone? I don’t even think my credit is horrific, I just don’t know if it would be considered bad credit.
Then I assume I will have to have full insurance on the bike if the bank can use the title as collateral on the personal loan?
I don’t have a co signer by the way.
Thanks so much to anybody that answers
does anyone know of a place that is legitimate that offers personal loans for debt consolidating to people with less than average credit??
i do own a house, but am having a hard time with getting financed and was thinking that maybe this would be an easier route to go.. plus i’ve heard that it is bad to put your house up as collateral for debts that are already unsecured..
can lenders put me on a payment schedule even if nothing is in default yet??
Two years ago, and straight out of college, I bought a used car privately (from an acquaintance, without going through a dealer). I needed the cash quick to make the deal, so I took out a "personal loan", unsecured. This means I hold the title to the car (which I wouldn’t have if I’d gotten an auto loan), but the bad news is that I pay exorbitant interest rates on this loan, since the car wasn’t recognized as collateral.
Is there any way to "go back" and refinance the personal loan at least in part as an auto loan? In other words, can I put the car up for collateral in order to get a better interest rate?
I have pretty good credit (around 750) and have never missed a payment. I just don’t want to have paid twice the loan amount in interest by the time I’m done.
Their website is https://www.lindaloan.4t.com/ Can you help me gather all infos of this company? They’re offering an unsecured personal loans. But needs to deposit Non-Collateral Fee first.