answersLogoWhite

0


Best Answer

You cannot use check's are collateral. Either cash or bank deposit receipts or property can be used as collateral. Usually check's have a validity period of 6 months after which they are useless. So banks would not accept them as collateral

User Avatar

Wiki User

16y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: How do you use Check as a collateral?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Can an employee use their ESOP stock as collateral to start their own business?

There is a way that someone can you an ESOP to start their own business. It's not in the form of collateral though. Check out this site for the details. http://www.borsaplan.com/


Can I use my IRA as collateral for a mortgage?

No, you cannot use your IRA as collateral for a mortgage. IRA funds are meant for retirement savings and cannot be used as collateral for loans.


Is it illegal to use a financed vehicle as collateral on a loan?

It is not illegal to use a financed vehicle as collateral for another loan, but it's important to check your financing agreement to ensure there are no restrictions. Additionally, defaulting on the new loan could put your vehicle at risk of repossession by the lender.


In a payday loan what is considered collateral?

Post dated check.


Can I use my IRA as collateral to purchase a house?

No, you cannot use your IRA as collateral to purchase a house. IRA funds are meant for retirement savings and cannot be used as collateral for loans or other purchases.


Can you use a vehicle for collateral?

YES YOU CAN


How do you use the word collateral in a sentence?

The bank required me to provide collateral, such as my car, in order to secure the loan.


Can you use your car as collateral for a loan?

Yes, your car can be used a collateral but it is up to the lender.Yes, your car can be used a collateral but it is up to the lender.Yes, your car can be used a collateral but it is up to the lender.Yes, your car can be used a collateral but it is up to the lender.


How can you use the word collateral in a sentence?

I asked my mother if she can loan me her fan, she agreed and took my laptop for collateral.


Can you use farm land as collateral?

yes


Can you use a leased car as collateral for a loan?

Yes, you can use a leased car as collateral for a loan, but it depends on the lender's policies and the terms of the lease agreement.


Can you use an IRA as collateral for a loan?

Yes, you can use an IRA as collateral for a loan, but it is not recommended due to potential tax implications and penalties for early withdrawal.