Do loans come with a savings account?


Quick Answer

People who take out loans usually don't get a savings account attached to the loan; however, borrowers do have the option for apply for a savings account to keep the loan money in. In some cases, lenders require that borrowers of personal loans have money in their savings accounts as collateral for qualifying for loans, notes Regions.

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Full Answer

In cases where a savings account is needed to get a loan, the borrower usually needs to have a high percentage of the desired loan amount, such as 80 to 95 percent, already in the savings account, notes NOLO. In addition, the account may need to have a minimum balance to qualify for a loan. Interested borrowers should check with their banks to find out if a savings account is required for a loan.

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