Years ago I needed a short term $5000 loan. At the time the Bank rate was roughly 5% and they suggested I take a cash advance at 19.9% instead. When I pulled my mortgage and account they couldn’t understand why.
There was one year where I kept track of all the credit card offers I was getting in the mail. In today’s dollars terms I think it would have come out to about a quarter million dollars.
I am in the fortunate position NOT to have credit card debt. So if I just took the ones without annual fees, my credit rating would be more than perfect.
“Something that the bank can SEIZE when you slip up one iota, and fail to pay our Insanely high, Loan Shark Interest rates during the course of the next next 30 years.”
Well, you can out a loan to buy a car (wheel, in this case), which becomes collateral for the loan, so yes, in a sense, you can. However, you can’t use the wheel as collateral for another loan until you have that one paid off…
BC should go on the offense here, and start asking Peter serious banking questions about his bank. Like, what are the banks’s assets? Are they FDIC insured? ( Obviously not). What happens if Peter’s bank folds? Why should I use YOUR bank, instead of a competitor?
Loans can be tricky especially when you have no economy to speak of using terms out-of-date from your situation. (The far future post apocalyptic times-A.G.W.)
wjones about 5 years ago
You could use your cave for collateral.
Watcher about 5 years ago
Use your wheel that you invented and when he wants to buy one, triple the price.
Cminuscomics&stories Premium Member about 5 years ago
The bank wants to help you get out of debt. How? It wants to loan you money..
jagedlo about 5 years ago
Sure you can get a loan…just stay away from everyone else!
garagecb about 5 years ago
as in Janet S. Jones!!! Holy cow. whats the chance?
Doug Taylor Premium Member about 5 years ago
Years ago I needed a short term $5000 loan. At the time the Bank rate was roughly 5% and they suggested I take a cash advance at 19.9% instead. When I pulled my mortgage and account they couldn’t understand why.
Zebrastripes about 5 years ago
Nope, nada, NOOOOO!
Bill The Nuke about 5 years ago
The first rule for getting a loan is that you have to prove that you don’t need it.
DanFlak about 5 years ago
There was one year where I kept track of all the credit card offers I was getting in the mail. In today’s dollars terms I think it would have come out to about a quarter million dollars.
I am in the fortunate position NOT to have credit card debt. So if I just took the ones without annual fees, my credit rating would be more than perfect.
sandpiper about 5 years ago
It takes money to make money. Will that work for borrowed money?
Mordock999 Premium Member about 5 years ago
“Can I get a loan?”
“Not without Collateral.”
“What is collateral?”
“Something that the bank can SEIZE when you slip up one iota, and fail to pay our Insanely high, Loan Shark Interest rates during the course of the next next 30 years.”
rwhoward51 about 5 years ago
Actually, that’s called a “purchase money mortgage” — very common is our society. Buting a car or any major purchase is often handled the same way.
1953Baby about 5 years ago
“Oh the shark, babe, has such teeth, dear And he shows them pearly white Just a jack knife has Mac Heath, dear And he keeps it out of sight”
From the late, very great Bobby Darin.. .
KEA about 5 years ago
old saw: banks only loan money to people who don’t need loans
eladee AKA Wally about 5 years ago
There’s always a catch!
rondm66 about 5 years ago
Sure.
tcayer about 5 years ago
“Can I borrow money?”
“Not without a credit history.”
“How do I get that?”
“You have to borrow money.”
“…”
vaughnrl2003 Premium Member about 5 years ago
You need money to make money. I hate that.
JohnHarry Premium Member about 5 years ago
Of course you can Deutsche Bank.
Alberta Oil Premium Member about 5 years ago
It.. is how most rich folk got that way. Rule #1 is to never use your own money.
gammaguy about 5 years ago
If I vote for your side, will that be co-lateral enough?
zeexenon about 5 years ago
During the decade before 2008, an ingrown little toenail was enough.
marshalljpeters Premium Member about 5 years ago
Well, you can out a loan to buy a car (wheel, in this case), which becomes collateral for the loan, so yes, in a sense, you can. However, you can’t use the wheel as collateral for another loan until you have that one paid off…
Lightpainter about 5 years ago
BC should go on the offense here, and start asking Peter serious banking questions about his bank. Like, what are the banks’s assets? Are they FDIC insured? ( Obviously not). What happens if Peter’s bank folds? Why should I use YOUR bank, instead of a competitor?
David Huie Green LoveJoyAndPeace about 5 years ago
derivatives explained
edbos1_1 about 5 years ago
“Yep! Just walk over that way by yourself, and you will get alone.”
Night-Gaunt49[Bozo is Boffo] about 5 years ago
Loans can be tricky especially when you have no economy to speak of using terms out-of-date from your situation. (The far future post apocalyptic times-A.G.W.)
GiantShetlandPony about 5 years ago
The answer to that is Yes.
Jim Kerner about 5 years ago
Can I buy a vowel?