Setting up a secured loan
Is there a way to track a Secured Loan, that is a loan where you borrow against your own cash? In olden dqys, this was called a Passbook loan. In essence, your bank holds a certain amount as collateral and lends you that amount. You make monthly payments (principal and interest); the principal pays down the loan. The account where the money was taken (i.e., Shared Secured Funds account) still accummulates interest on the total secured amount.
While I know how to handle the loan portion (that's straight forward), I haven't figured out how to do the payback piece so I have entered the payback manually each month into the Shared Secured Funds account.
Any thoughts?
Thanks to all
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I would like to know how to, too. I just got a secured loan approved, and I wanted to track just like you.
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@gregnugget I just read this post and thought you may want to read it. See one comment detailing the process.
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Thank you. I'll give this a try. It's sort of similar but in this case, the interest is paid to the bank; we keep the principal.
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