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Sax | Is it possible to get a $10,000 loan and then use that money to get a CD so that you can pay the loan off? |
Is it possible to get a $10,000 loan and then use that money to get a CD so that you can pay the loan off with the interest earn from the CD?
Is this legal? |
 |
 
Mark H
 |
Sure it is legal, but by the time you pay taxes on your interest income you won't make out. |
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robert w
 |
thanks for the late night laugh.
the math is totally off.
CD's (certificates of depreciation) pay less than (even b4 taxes) the interest charged on the loans. |
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john c
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You would have to find a CD that pays enough interest to cover the loan. If you do why not borrow $100,000. |
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exs214
 |
Yes/No, If you take out a loan, and the interest is 10%, then put that in a CD which pays a 1% interest, then you are losing money. But sometimes if you have outstanding credit, you are able to get a loan for a year with 0% as an introductory rate. Then you can put that into a CD (personally i would put it in Etrade-pays 4%) and make money. Unfortunately it is alot harder to find 0% loans without fees. |
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nano51424
|
Yes it is legal. Many that do not have any credit will take out a loan (with a co-signer) and put the money into a savings or a CD and make the payments from that money. (typically a savings, because CD's have restrictions)
My question to you is: Is this a personal loan? (meaning that there is no collertal) If so, check with your bank. Many banks have limits on the amount they will lend on what is considered an unsecured loan. In my area the limit on unsecured loans is $ 5,000.00. Some banks around here, don't even do personal loans anymore.
The going rate for a personal loan (where I live) is 15.00% and the best CD rate right now is about 3.50%. In other words you wouldn't make enough in interest to make your payments. Also keep in mind that CD's are locked in for a certain term, so while you can withdraw the interest without penaltly, you can't touch the principal amount until the CD comes due (matures).
Hope this helps. Also if your bank laughs you out of the office, get another bank. |
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MC85
 |
You can get a personal loan to get a Cd, then pay the personal loan off with the interest that you get from the Cd. |
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Smart Investor®
|
YES
It is possible
I did it
make investment in Europe. You will get the highest annual percentage rate from a CD abroad (5-10%).
Alternatively try to invest in someones business. You may receive 15 to 20% guaranteed interest per year. You will not get such high guaranteed returns on stocks, mutual funds, bonds or CD's.
I have 10 years of investing experience.
Email me at investment4us@hotmail.com and I'll give you a valuable advice if you are serious about investing. Please don't forget to mention your question and screenname on Yahoo Answers.
Best of luck!
Smart Investor |
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Shortstuff13
|
No, it's not possible. When you borrow money, most lending institutions want to know why you want to borrow. They'll laugh when you tell them why & you won't get a dime. |
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SASQUATCH
|
Yes it is legal but it would not work. The Cd's interest is not enough to pay of the loan. |
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Sally Tomato
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it's legal but the CD won't give you enough to cover the loan so you'll be coughing up some of your own money. |
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