Re: Secured Loan
11-15-2012 04:47 AM
Aren't CD backed loans a lowe where they don't give you a penny, but rather open up a cd in your name and then you pay for it in monthly installments. When the term is up the bank keeps the interest and you can cash out the CD (or roll it over if you want to make money off of it).
If this is the type of loan your looking at, I see no issue with it as really all it is, is a glorified savings account that gets no interest but rather helps build credit. It costs nothing (a cap 1 credit card will cost at least 20$ in an AF if not closer to 40).
the banks like them because they are getting loaned free money that they don't need to pay interest on, butt rather can invest it to gain some.
Current: Eq- 624 Ex - 631 (lender pulled) TU - 661 (lender pulled)
Goal 700+ across all three