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  #1  
Old 08-27-2008, 02:17 PM
ghak7 ghak7 is offline
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Default loan from bank

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?
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  #2  
Old 08-27-2008, 05:41 PM
bullish bullish is offline
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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.
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  #3  
Old 08-27-2008, 06:03 PM
Canadian Canadian is offline
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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.
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  #4  
Old 11-05-2008, 06:23 PM
trent trent is offline
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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.
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  #5  
Old 11-06-2008, 09:10 PM
Canadian Canadian is offline
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You are right, getting loan will be harder and harder from now on.
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  #6  
Old 11-10-2008, 08:45 PM
trent trent is offline
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There is a silver lining here - maybe all the indebted people will finally learn to live within their means, who knows...
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