I am taking a personal loan ,the prommisory note calls for a upfont security deposit. They indicated the deposit will be applied to the first 3 payments.this is not specified in the documents. Is this an acceptable practice and what would be the risk.

i am taking a personal loan ,the prommisory note calls for a upfont security deposit. they indicated the deposit will be applied to the first 3 payments.this is not specified in the documents. is this an acceptable practice and what would be the risk.

In what country would this be...

In what country would this be....

Us

I have never heard of this practice and seriously question it.

Sounds almost like one of those payday loan shark places...