by garthbrooks1911 » Mon Jan 02, 2012 04:47 am
my income is about 1600.00 a month. i want to deal will a bank. because i applied for a loan on the computor and it was a scam. i also want to purchase a nascar collection.
Posted: Mon Jan 02, 2012 04:55 am Post Subject: loan useing a term life policy as colleterial
i live in kentucky and i want to deal with a bank only. because i applied for a loan on the computor and it was a scam. i got took for 2500.00. i know there are banks that will do this but i just cant find one. i fieled bankruptcy in 2006 and my credit score is 666. i want to consilidate my bills and also purchase a nascar collection.
Posted: Mon Jan 02, 2012 03:44 pm Post Subject:
Since a term life insurance policy has no cash value, money cannot be borrowed against it. Banks will only accept a term life policy as collateral if the repayment term of the loan is shorter than that of the policy. Try not to spend on anything right now and save as much as you can to quickly pay off your debts. There are debt consolidation companies that will help you as far as consolidating your bills are concerned.
Posted: Wed Jan 04, 2012 08:22 pm Post Subject:
Term insurance will work just fine assuming that that the bank is only concerned about what happens if you die. In your case, however, it sounds like they also would have concerns if you live since you sound like a terrible risk.
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