QUESTION about bank LOANS - Posted by Michael

Posted by Christopher Wolfe on December 18, 2003 at 15:56:22:

Hey Michael,

I work for a large bank and our corporate loans go like so:

1.) You can only borrow twice the amount of your gross monthly income. In your case that would be $2,000. And there is a $2,500 minimum loan amount.

2.) Generally for collateral loans (which our bank does not do) they lock the account.

3.) Unsecured loans like personal loans or personal lines of credit require close to perfect credit.

If you do need to get a personal loan I would recommend going to a smaller credit union in your area. They generally have better rates and more flexability when it comes to small products like that.

QUESTION about bank LOANS - Posted by Michael

Posted by Michael on December 07, 2003 at 16:27:40:

If I have 5 or 600 dollars in a savings account at my bank, and I have both a savings and checkin account with them…would I be able to get a bank loan of around $4k??

if not, another question, if i put up my 500 in savings as collateral for a 500 dollar loan, can I spend the 500 I have in savings? or do they lock my account?

also I have no credit and only make about 250dollars a week

thanks very much for the help