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.
Bank of America Cash-Secured Loan
Started by
erihar
, Jul 31 2012 03:47 PM
4 replies to this topic
#1
Posted 31 July 2012 - 03:47 PM
#2
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Posted 31 July 2012 - 03:47 PM
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#3
Posted 01 August 2012 - 07:20 AM
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
#4
Posted 01 August 2012 - 07:24 AM
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.
#5
Posted 01 August 2012 - 01:21 PM
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 %.
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