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ghak7
08-27-2008, 02:17 PM
How do you obtain a personal loan from a bank? What collateral do they need? If you don’t have good credit can they deny you a loan?
bullish
08-27-2008, 05:41 PM
Small personal loans are usually unsecured loans, so you don't need a collateral for them. However if you apply for a mortgage then the mortgage (it's also a personal loan) is secured by the property you are buying.

The bank can always deny your loan, even if you have a perfect credit.
Canadian
08-27-2008, 06:03 PM
Retail banks are business like any other (except that they are allowed to create money out of thin air) and they can refuse to do business with you (give you a loan, open a bank account for you, etc.) at their own discretion.
trent
11-05-2008, 06:23 PM
What you are talking about is a credit line, or line of credit, which is usually unsecured. However it's not going to be easy to get a personal unsecured loan, especially in the current economic environment. If you have a bad credit then I guess it will be close to impossible.
Canadian
11-06-2008, 09:10 PM
You are right, getting loan will be harder and harder from now on.
trent
11-10-2008, 08:45 PM
There is a silver lining here - maybe all the indebted people will finally learn to live within their means, who knows...
bullish
11-10-2008, 08:54 PM
Canadians don't have the same debt problems Americans have, and our banking system is safe and sound. I haven't applied for a credit line in Canadian bank for a while, however if I do I'm sure I won't have any problems with it. The sky is not falling...
Canadian
11-12-2008, 03:00 PM
Canadians have exactly the same debt problems Americans have, but Canadians have another big problem - everything in Canada is much more expensive compared to US, Canadians are paid less for the same jobs Americans do, and Canada has more and higher taxes than US.
bullish
11-14-2008, 08:14 PM
Canadians have exactly the same debt problems Americans have, but Canadians have another big problem - everything in Canada is much more expensive compared to US, Canadians are paid less for the same jobs Americans do, and Canada has more and higher taxes than US.

What exactly is more expensive here in Canada compared to US?
Canadian
11-16-2008, 04:55 PM
What exactly is more expensive here in Canada compared to US?

Cars, food, alcohol, clothes, gas, etc. Basically everything here cost significantly more compared to US.