Board Topic: loan type using cash - small amount
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loan type

Posted by: Grin Feb 26 2004, 01:46 PM
Is there a type of loan that would allow me to use $5000 to qualify for $10,000
or more. I have rarely used banks, as cash has been my mode of operation. My
credit, therefore, has caused some eyebrow distortions when dealing with these
types of institutions. I've always qualified for these high-interest offers, and have no inclination to do so. I'm sure my lack of knowledge in these matters shines through and would like to enlighten in more constructive ways. Get me started.

Posted by: loanuniverse Feb 26 2004, 06:50 PM
The first thing that comes to mind is that you say that you say that people have not reacted favorably to your credit history, but that you have used cash primarily. Does this mean that the reason why your credit is not good is because you lack credit history? Or is there really bad history in your report?

First thing that I would do is get a copy of my credit report. You can do it online and it will cost you about $10 per report. You donít even have to buy all three. If you want to save get an Equifax one. It is my personal opinion that it is the best or maybe I think so because it is the one I am most familiar with.

Once you have the credit report, you can more easily assess your access to credit. In your case it will be unsecured credit for $5,000. The problem is that Banks will be readily to lend with cash collateral, but only to the same level of the collateral. The rest will be unsecured.

The only other thing that I can think of is that when looking for a loan, it is useful to not get into thinking of one particular product. You need to take a look at where it is that you can get your cheapest source of funds, and what resources you can tap.

Hope this helps.

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