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What if I don’t have a post dated check?
Most banks and private lenders require borrowers to pay via post-dated cheques. A borrower has to issue post-dated cheques equivalent to the amount and number of months the loan has to be repaid. For example, if your loan amortization amounts to 5,000 payable within one (1) year, then you have to issue 12 post-dated cheques of 5,000 each.
Why post-dated cheques?
This is a way for the lender to secure your commitment to repay the amount you owe. Once a cheque bounces due to low funds and the issue is not resolved (e.g. borrower can’t be contacted or borrower refuse to pay) then the lender has the right to take the borrower to court for fraud and could thereby result in civil and criminal penalties.
What if I don’t have post-dated cheque?
It’s easy. You just need to open a checking account in any bank you prefer. It usually takes 2 – 3 days. Once your loan is approved, banks or private lenders will request for you to issue the cheques prior to loan release.
At the point of application wherein you don’t know yet if you are qualified or not, you can delay opening a checking account until you get notified of loan approval.