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    pkropfli's Avatar
    pkropfli Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Jul 6, 2012, 09:43 AM
    Loan related questions
    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.
    smoothy's Avatar
    smoothy Posts: 25,490, Reputation: 2853
    Uber Member
    		  
    #2

    Jul 6, 2012, 09:57 AM
    Quote Originally Posted by pkropfli View Post
    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...
    pkropfli's Avatar
    pkropfli Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Jul 6, 2012, 10:19 AM
    Quote Originally Posted by smoothy View Post
    In what country would this be....
    Us
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #4

    Jul 6, 2012, 10:21 AM
    I have never heard of this practice and seriously question it.
    smoothy's Avatar
    smoothy Posts: 25,490, Reputation: 2853
    Uber Member
    		  
    #5

    Jul 6, 2012, 10:25 AM
    Sounds almost like one of those payday loan shark places...
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