@Anonymous wrote:
BEWARE THE BANKER, the document you sign could bring all sorts of grief
I went to the Credit Union where I do my banking to talk about a SSL and the banker finally agreed to do it. $2,000 for 18 months at 2.85%. Sounds good? I thought so, so I started signing documents. The first was the agreement that my account ending in 4545 would be the collateral for the loan, the second the Promise to Pay. Then the third was another collateral agreement and I wondered why they needed a second collateral agreement when the loan will be 100% collaterialized with an account I cannot access until the loan is paid (first collateral agreement) and then I see that this one posits as collateral EVERY account I have with them. That would be the $2,000 in 4545 and another $10,000 in my main account ending in 3658!!!! **bleep**!!!!
I asked why they want collateral of 6 times the cash they are "lending" me. After all, it's not like cash depreciates like a car does. Their response: "take it or leave it". I left it.
Good move - Seriously, check out Alliant. you deposit funds, take the loan, pay back 90% of the loan - leaving you with ~55 months paid on a 60 month loan. and since they release the hold immediately on the amount you pay, you can put your initial stake back to work where it'll earn some interest...although the Alliant savings rate is 1% with no requirements, so they're not a bad place to park an emergency fund anyway
Complete instructions in the first few posts of this thread
