If you hadn't noticed already, it's virtually impossible to get a loan or a credit card if you don't already have credit... no matter what your assets are!
Does anybody know of a bank that will accept physical PMs as collateral for a credit card or a loan? I know about Orchard Bank's secured credit card where you have to deposit dollars, but are there any banks that will take physical bullion as collateral?
I sure wouldn't mind mailing in some bullion and having a loan based on its value or a credit card limit pegged to its value. But it bugs the heck out of me to think of letting some dollars just sit around as security.
(Obviously, I don't mean a pawnshop loan. But is that the only option?)
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