I have25000$ in my saving account....my credit is bad..i have cash in my bank for 25k USD. may i get a loan for 20-40k from my own bank?? or they go by credit..
2007-09-05 05:51:11 · 3 answers · asked by mahesh m 1 in Business & Finance ➔ Credit
I'm sure you could get a loan for that amount as long as your credit is satisfactory. Do you own a home? It is much easier with an asset to back it.
Another question is, why do you have $25k in a savings account? There are better places to keep a large sum that will earn you interest and build wealth.
2007-09-05 05:55:34 · answer #1 · answered by Jay P 7 · 0⤊ 0⤋
First, you have to figure out how much interest do you get for that $25,000. Would it be beneficial if you get a loan at a much higher rate while you're not earning interest in your savings account?. Of course not.
Second, is that something that you really need to get a loan for 20-40K or just something that you want? If it is a must that you have to borrow 20-40K, I would take out 10k in my savings and borrow the rest. Savings account barely earn any interest while interest for loan is between 8-15% depends on your credit score and other factors.
2007-09-05 05:59:45 · answer #2 · answered by Phoenix 5 · 1⤊ 0⤋
All lenders loan based on your credit rating, ability to pay, and collateral.
2007-09-05 05:55:28 · answer #3 · answered by Suzy 5 · 0⤊ 0⤋