Getting loans.. (WAY off topic)

[Todd....!!]

HI David,

I understand now.

I am the orig poster, I didn't make myself clear...

You DO leave the original $3,000 in the first bank til it's paid off, I
don't think they'd let ya take it out anyways... good point about 'what
if' ya DID take out that initial deposit!

So leave the initial $3,000 outa your pocket in the first bank, deposit
the loan money from the 1st bank into the second bank, get a loan on
that cash, then go to the third bank with the loan money from the 2nd
bank and so on...

ALL the banks are treated the SAME, they have ALL loaned out the same
amount that they have in an account held by the 'loanie'(sp?, is that
even a word) /client/customer...

I see what your saying though and will avoid that situation, too scary
and risky for me to handle, on purpose anyways...

Thanks for the input/advice/warning/answer(s)...

Take er easy mang!

LATER!

Todd....!!

--------





David A. Cooley wrote:
> 
> At 09:49 AM 5/28/99 -0700, you wrote:
> >Borrowing money on borrowed money is not a federal offense man, but I
> >may just be TOTALLY ignorant of most things...meaning that I don't know
> >EVERYTHHING, hardly anything matter of fact...
> >
> >So, what's Check Kiting?
> 
> That's where you write a check, buy something get cash back, deposit the
> cash in the bank, write another check etc... basically trying to write
> checks and deposit the money to stay ahead of all the checks because there
> isn't enough money in the account... A secured loan, if you take the
> security deposit out, as the original poster stated, violates the contract
> of the loan and puts you in default.  the money has to stay there until the
> loan is paid off.
> ===========================================================
>            David Cooley N5XMT           Internet: N5XMT at bellsouth.net
>      Packet: N5XMT at KQ4LO.#INT.NC.USA.NA   T.A.P.R. Member #7068
>    Sponges grow in the ocean... Wonder how deep it would be if they didn't?!
> ===========================================================