DON B asked:
On a unsecured loan requiring half down, is the lender required to include the down payment on the original loan documents. Or can the loan documents only state the amount financed?
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On a unsecured loan requiring half down, is the lender required to include the down payment on the original loan documents. Or can the loan documents only state the amount financed?
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Tags: Loan Documentation, Loan Documents, Loan Lender, Loan Payment, Unsecured Loan
5 responses to Does a unsecured loan requiring a down payment, require that the down payment be listed on loan documentation?
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Any lender requiring a “down payment” for a loan should be avoided.
Instant Auto Insurance Quote
Hell, if you have 50% down why do you need someone to take that money from you. Sounds like a big time scam to me.
Consolidating Debts
Any lender requiring a downpayment for an unsecured loan is a scam. Loans don’t require downpayments.
You might be required to make a downpayment on a car or house or other asset in order to get a loan for the balance of the purchase price. But never a downpayment for the loan itself.
You also want to avoid any lender who requires you to pay any kind of up front fee, especially for bonding or insurance. These are scams. You pay the cash and won’t qualify for the loan.
Does a unsecured loan requiring a down payment, require that the down payment be listed on loan documentation?
Consolidating Debts
Only secured loans require a down payment.
Unsecured loans never require a down payment or other processing fees. You are about to apply for an unsecured loan. You will pay the fee, but I’m 99.9999% sure you won’t get the loan. It’s a very common scam for people who are desperate for a loan.
Only mortgages and car loans have loan origination fees, and they are not anywhere close to 50% of the loan amount, closer to 1% of the loan amount. You are about to be screwed. Better carry some protection.
Does a unsecured loan requiring a down payment, require that the down payment be listed on loan documentation?
Instant Auto Insurance Quote
Where are you getting this loan?
I sure hope not from the internet.
And I sure hope they are not telling you they will wire the money to your bank account after you wire them this 1/2 down.
This loan sounds fishy to me.
Does a unsecured loan requiring a down payment, require that the down payment be listed on loan documentation?
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