Banks Getting Ready | For Sanction Loans | To Former's Without Passbooks
Banks Getting Ready | For Sanction Loans | To Former's Without Passbooks.
Bank loans with fake pattadar passbooks in Guntur - TV9
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If you're looking for a low-cost loan, ask your bank or credit union if it offers passbook loans - a loan using your savings account as collateral. Find out if a passbook loan is right for you.
A passbook loan is a personal loan made to a savings account holder by the custodial bank, which uses the balance of the savings account as collateral.
Borrowing against your own funds secured by a Washington Savings Bank Certificate of Deposit or passbook savings, is a fast, convenient, low cost way of obtaining a loan. No credit check or proof of income is required.
Passbook loan rates vary greatly (see chart, "Compare passbook savings and CD loans"), but can be as low as 2 percent above what the savings account or CD earns, and these days many savings accounts are earning less than 1 percent APY.
Passbook loans are usually issued without a credit check since the lender is under little or no risk of loss due to default. In most cases, however, banks don't report these loans to the credit bureaus and thus don't build up the borrower's credit rating .
Passbook Loans give you the opportunity to borrow against your own savings to go on that exotic vacation you have been planning, to start that home project you have always dreamed of, or handle any unexpected expenses.