Asked 5/10/2011
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Which banks provide secured loans for low amounts? I would like to have a secured personal loan to establish better credit but my bank (CHASE) provides secured loans starting at $5000 which is too high for my current situation. Does anyone have any good experience with lower secured personal loans from their bank? |
Answer 1/1 - Submitted 5/10/2011
I think that's pretty standard for the minimum secured loan. The bank isn't interested with the hassle, expense and risk (even though it's secured) to collect a smaller return on their investment than the $5k loan would provide.
That's the other problem with secured loans, you frequently must borrow more than you need. BUT you can immediately pay back the difference after you get the money if that's what you want to do.
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