I have been approved for a personal loan and they are requiring a collateral payment to be made to secure it, due to my credit history, before the funds are deposited into my account. Have you heard of this; is this a common practice? My approval is for $8000.00 and the collateral payment is $875.00
We are not familiar with a bank requiring a "collateral payment". In researching this, we found some scams reported where the borrower has to pay a fee in advance, to get a loan. When this is not a bona fide application fee or credit bureau fee, it is often a scam. Check out your lender with the Better Business Bureau, county attorney, state Attorney General, etc.
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We are not familiar with a bank requiring a "collateral payment". In researching this, we found some scams reported where the borrower has to pay a fee in advance, to get a loan. When this is not a bona fide application 