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Secured Loan Agreement

Secured Loan Agreement

Skyy
Joined: Sep 2011
Posts: 184

Skyy
Joined: Sep 2011
Posts: 184

Secured Loan Agreement
11/14/2017 at 12:53 PM

I need advice. I recently signed up for a Secured Savings Loan from Spring Financial that I pay into for the next three years to make my credit better. But my score is actually in good standing now and I do not need the loan anymore. But they won't cancel it because I signed a contract. What would you do to try and get out of it? Thanks for the help/advice.
silverhoarder
Joined: Jul 2015
Posts: 71

silverhoarder
Joined: Jul 2015
Posts: 71

Get
11/14/2017 at 1:14 PM

I would first get legal advice from a lawyer if the amount warrants it.
Skyy
Joined: Sep 2011
Posts: 184

Skyy
Joined: Sep 2011
Posts: 184

Recommend?
11/14/2017 at 1:21 PM

Who would you recommend I could go to and ask?

Edited by Skyy, 2017-11-14 13:22:55
bigmoe
Joined: Jul 2006
Posts: 2181

bigmoe
Joined: Jul 2006
Posts: 2181

contract
11/14/2017 at 2:32 PM

Give the contract a thorough read.
TheScotsman
Joined: Nov 2016
Posts: 373

TheScotsman
Joined: Nov 2016
Posts: 373

Contract
11/14/2017 at 4:59 PM

You are not going to get out of it.
Blue_Guru
Joined: Sep 2014
Posts: 381

Blue_Guru
Joined: Sep 2014
Posts: 381

weaseling out of a contract
11/16/2017 at 8:55 PM

If the interest isn't a killer, just pay it.
GeeGee of two
Joined: Jul 2016
Posts: 216

GeeGee of two
Joined: Jul 2016
Posts: 216

.
11/16/2017 at 9:50 PM

Spring Financial? Never heard of them. A contract is a contract seek legal advise for sure.
melsey
Joined: Jul 2010
Posts: 905

melsey
Joined: Jul 2010
Posts: 905

...
11/16/2017 at 11:25 PM

If you stop paying it you will hurt your credit score.
MrDobalina
Joined: Jun 2017
Posts: 259

MrDobalina
Joined: Jun 2017
Posts: 259

Why wouldn't you just get a loan?
11/17/2017 at 7:12 AM

Regardless of Credit, if you're using your savings as collateral just take your $1000 or $2000...buy a GIC and use that to secure a loan. I had a credit score of 330 (there is no 329) and that's what I did. I took $1000 and bought a GIC and the RBC used it to secure a credit card.

Who's giving you guys this advice?
Tater
Joined: Jul 2013
Posts: 372

Tater
Joined: Jul 2013
Posts: 372

He already has a loan
11/17/2017 at 7:37 AM

MrDobalina- he already has a loan that he doesn't want, why would he get another one?
TheScotsman
Joined: Nov 2016
Posts: 373

TheScotsman
Joined: Nov 2016
Posts: 373

What Tater says.
11/17/2017 at 10:38 AM

The OP has a loan that they do not want. Why would they want another loan to pay-off a loan?
westcoasterbc
Joined: Jun 2015
Posts: 73

westcoasterbc
Joined: Jun 2015
Posts: 73

.
11/17/2017 at 2:05 PM

My post was deleted for what reason..... I stated exactly how they operate. Just because you have no clue..

Edited by westcoasterbc, 2017-11-17 14:06:03