Question regarding S.S.D, and obtaining a secured loan:

[jypsy_rose_lee]

What is the name of your state? Mo
I'm wondering if it would be possible for someone who is receiving Social Security Disability to obtain a secured loan in the amount of $1,000.00? My daughter who is receiving disability is interested in trying to boost her credit score. The bank adviced her that she could get a secured loan by putting $1,000.00 in her savings account or checking, and then barrow $1,000.00 from the bank, and pay it back within six months. I'm wondering if this would even be possible since she is receiving disability? Do they have rules regarding how much a person is allowed to have in the bank?
Thank you!

 

[ellencee]

What is the name of your state? Mo
I'm wondering if it would be possible for someone who is receiving Social Security Disability to obtain a secured loan in the amount of $1,000.00? My daughter who is receiving disability is interested in trying to boost her credit score. The bank adviced her that she could get a secured loan by putting $1,000.00 in her savings account or checking, and then barrow $1,000.00 from the bank, and pay it back within six months. I'm wondering if this would even be possible since she is receiving disability? Do they have rules regarding how much a person is allowed to have in the bank?
Thank you!

Obviously, you daughter can get a secured loan for $1,000; so, the first answer is yes.
The second question's answer is yes; see first answer.
The last question's answer is no.

(A disabled person receiving SSD benefits can obtain a mortgage for a house; think about it.)

EC

 

[moburkes]

A secured credit card can also serve the same purpose. Many banks offer them. A good place for credit information is www.creditboards.com. Click on forums, then click on the credit forum.

 

[jypsy_rose_lee]

A secured credit card can also serve the same purpose. Many banks offer them. A good place for credit information is www.creditboards.com. Click on forums, then click on the credit forum.

Thanks mobarks! Great information. We didn't know about a secured credit card, but we do now!

 

[jypsy_rose_lee]

Obviously, you daughter can get a secured loan for $1,000; so, the first answer is yes.
The second question's answer is yes; see first answer.
The last question's answer is no.

(A disabled person receiving SSD benefits can obtain a mortgage for a house; think about it.)

EC

Thanks EC, your right! I have my thinking cap back on!