Bank of America Cash-Secured Loan

[erihar]

We currently have 2 corporate checking accounts with BofA. We are thinking about applying for a cash-secured loan for $30k. I just wanted to know if anyone has ever applied for or opened up one of these accounts. I just want some advice and/or tips.

[CB Owners]

Welcome to CreditBoards and the Business Credit Forum! We hope that you find what you're looking for here.

 

Some helpful tips:

 

• Your post may not get a reply right away. Don't be discouraged, this is a very busy board. If it falls off of the first page, feel free to reply to your post yourself, with the word "bump" in the text. This will *bump* your post back up to the top of the board.
  
• If you haven't yet, take a peek at The CB's Newbie Section Everything that you need to know is in that forum, for the most part! It's a lot of reading, we know, but this credit stuff can have a steep learning curve. In no time, you'll be posting like the pros!
  
• This is also a good place to start for Business Credit Newbies
  
• If you find that someone is discourteous to you, use the REPORT button at the bottom of every post - that will ensure that a moderator or admin looks at the post and decides if it is against the CB's TOS
  
• Off -topic posts should go in the fun place known as the CB General Forum
  

 

 

Finally, this thread will explain our position on Solicitations and Advertising

 

We do not allow solicitation or advertising on any forum on creditboards, including the business forum.

 

 

Again, welcome to the CreditBoards family!

 

CB Admin: LKH, Pam, radi8, breeze

CB Forum lead for the Business Credit Forum: TeeSharice

[Holloty]

We currently have 2 corporate checking accounts with BofA. We are thinking about applying for a cash-secured loan for $30k. I just wanted to know if anyone has ever applied for or opened up one of these accounts. I just want some advice and/or tips.

 

 

They have changed there policy. I dont think that they secure it against the cash right off. You may have to put it in one of their products like a CD. Then you might have a better chance at that option

[erihar]

We currently have 2 corporate checking accounts with BofA. We are thinking about applying for a cash-secured loan for $30k. I just wanted to know if anyone has ever applied for or opened up one of these accounts. I just want some advice and/or tips.

 

 

They have changed there policy. I dont think that they secure it against the cash right off. You may have to put it in one of their products like a CD. Then you might have a better chance at that option

 

well yes... I would put it in one of their CDs with them as primary lien holder. Even if I applied with the cash that's in the bank right now, they would just transfer it to CD.

[BRBiz]

I remember some one talking about it awhile back.. Should be pretty straight forward.. Not sure if they still require a PG on it..Crazy right? A PG on totally secured loan but a lot of places make you do that and some that don't only allow you to borrow against a certain %.