BEST EGG Personal Loan Deposit Question ??

[Anonymous]

Hi all! I was just pre-approved for a $25k loan with Best Egg, and have gotten to the stage where they ask for a checking account # to deposit funds - it states "in my name", but I am taking this loan out my cousin, and want to deposit it into his account (we have a drawn up contract, signed etc for repayment) - if we use his checking account # (same last name) will the system kick out the loan or will it still go through? It seemingly would be much easier than waiting for the funds to hit my own account, then tranaferring funds which can take a week or more -- has anyone ever done this?

Please advise with any information! Thank you !

[DaveInAZ]

To be on the safe side I would use your checking account for the loan deposit, to make sure inserting your cousin into things doesn't cause any glitches. And the account the loan is deposited into is the account they'll setup for withdrawing the loan payments, so to be on the safe side I would have your cousin give you the loan payments and then have Best Egg withdraw the payment from your account to make sure you don't end up with late payments on a loan that is in your name and on your credit report.

And I won't go into  . . ."I sure hope you know what the heck you're doing", and just say that mixing business with friendship & family sure has ruined many a relationship, and $25k is a lot of money . . .