M
mayolady
Guest
Just wondering about a Personal Loan secured against a cash deposit. My position is that I have a CU loan of about 30k which was taken out to finish my house. I also have CC debt of about 10k. Payments on both of these are up to date. My bank overdraft for business is at 15k. My mother has cash deposits (150k) and is willing to secure a loan of 50k. I feel that I should be able to reduce my monthly payments by going down this route. I dont want to borrow the money directly from my mother as she has offered just to give me the money but there are 6 of us in family and I dont want to create any ill-will with my siblings by having them think I may be taking advantage so I would prefer to opt for a personal loan secured against a deposit with a bank.
Any advice/comments will be appreciated.
Any advice/comments will be appreciated.