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Ideas/Section-10
Here is another passport
to success in taking advantage of a good deal or
profitable transaction when it passes your way. "Signature
loans are your
key to the vault", and because they are based on your signature
alone, they
are also known as "Character Loans". No co-signer or collateral
is involved
in a real signature loan.
With pen in hand, based on your prior credit
history and also your own
experience with the bank, your signature can draw from $1,000.00
to
$250,000.00. It all depends on your ability to pay the money back.
Once you get your first signature loan
with a bank, walk in on the day it
is due and pay it off with two cashier's checks or with two different
stacks
of money. The first check or money stack will be to cover the principal
of
the loan. Be sure to tell him how well you did for yourself as you
hand over
your payment. Tell him not to make any plans for the money as you
may need
to rent it again soon. As you pay back the interest portion of the
loan,
remind the loan officer that your good performance and his smart
decision
to give you a loan in the first place was a profitable experience
for the
bank as well. Remind him that it's the rent paid on these loans
that keeps
the bank in business.
Now, let's suppose that your original loan
was for $3,000.00. As you get up
to leave the bank, turn to him and say, "Oh, by the way, I
may want to rent
$5,000.00 in a couple of weeks. Will you hold on to $5,000.00 for
me?"
What you are doing is pre-qualifying for a $5,000.00 loan. You are
saying,
"Hey, Mr. Loan Officer, are you going to raise my next signature
loan to
$5,000.00 or is $3,000.00 the limit?" What can he say? You
have just paid
off the $3,000.00 loan, and the rent for the loan, and you have
just
reinforced the point that the rent, or interest, on the loan is
what keeps
the bank in business and pays his salary. If he answers with something
like "We'll see.", sit back down at his desk and say,
"You mean you're not
sure? What seems to be the problem?"
It is very important at this point that
you get some kind of answer from him
in advance. It is very unlikely that a "Yes" will come
forth, but a "sure"
or "I suppose" will do. Do not leave the bank until he
commits to the next
loan. With each new loan, raise the dollar amount by $2,000.00 increments,
until you have reached $10,000.00. At that point, you will be able
to raise
the amounts of future loans in $5,000.00 and $10,000.00 increments.
When shopping for aggressive banks, ask
the loan officer you are dealing
with if they are a "commissioned" loan officer. They are
the most aggressive
as they are paid a commission on all the loans they write. These
people will
be more eager to make you a loan.
