These loans are not designed to put money in your pocket. They are designed to get banks to trust you and start loaning you money along with posting A-1 credit ratings on you credit report to show you credit worthy. The best credit reference you can furnish is a record of having borrowed money from a bank. Since bank loans are hard to get, a good reference will usually rate you as AAA-1 and open the doors to the credit world for you. The following is a technique for using the banks money to build an excellent credit rating for yourself.
First of all go to a bank of your choice. Make sure they report to the same credit bureau that you are building your credit file at. Open a regular savings account there for no less than $100. Wait 3 days for the account to be posted and then go back to the same bank and ask for a $100 loan offering your savings account as collateral. Since your loan is totally secured by your savings account the bank won't even make a credit or employment check. Take the $100 loan, go to another bank and do it all over again. Go to at least 3 banks doing the same thing. Ask for a 6 or 12 month payment plan for each loan and take your payment account passbook with you each time you ask for a loan because you'll have to surrender it to the bank in order to get the loan. After leaving the third bank you'll still have the $100 cash in hand. Now go to a fourth bank and open a checking account if you don't already have one. Wait two days, and then make one monthly payment on each bank loan from your new checking account. Wait a full week and send your second monthly payment to each bank. Repeat one week later with your third month's payment.
Once you've followed my plan you'll be eligible for signature loans, credit cards, home or auto financing, or anything else. A credit investigation at this point will list you as an excellent credit risk. And why not? Within 30 days you'll have an active checking account, three $100 savings accounts and three $100 loans on which you are three months ahead on payments. You'll also have 3 A-1 credit ratings on your credit report. And as you continue reading you'll see that you'll also have a fourth A-1 credit rating from the bank that will issue you your visa and/or MasterCard.

By making the first 3 payments you have unfrozen equal amounts of cash in your savings account. You can now withdraw enough money from your savings account to make your upcoming payments. Continue In this manner until the loan is paid off. You'll still retain most of your original $100 because it continues to draw interest while used as collateral. This helps offset the interest charges you pay. Try to keep a little money in each savings account for future references.
Credit Scoring System
AGE POINTS
18-21 0
22-25 1
26-64 2
65-69 1

MARITAL STATUS
Married 1
Single 0
Separated 0
Widowed 0
Divorced 0

DEPENDENTS
No Dependents 0
One to three 2
Over three 1

RESIDENCE
Rent Unfurnished 2
Rent Furnished 1
Own without Mortgage 4
Own with Mortgage 3
Live with Parents 1

PREVIOUS RESIDENCE
0 to 5 Years 0
6 Years and up 1

MONTHLY OBLIGATIONS
0 to $250 1
Over $250 0

CREDIT HISTORY
Loan at this Bank 4
Loan at Other Bank 3
Savings Account 2
Checking Account 2

OCCUPATION
Professional 3
Skilled 2
Unskilled 1

YEARS WITH EMPLOYER
Under One 0
One to Three 1
Four to Seven 2
Eight or Over 3

MONTHLY INCOME
Under $600 1
$600 to $1,000 2
$1,000 to $1,250 3
$1,250 to $1,500 4
$1,500 to $2,000 5
$2,000 and Over 6

TELEPHONE
Listed in Applicants Name 2
Not Listed in App's Name 0

In most cases, 18 points is the minimum number of points acceptable if you are to receive an unsecured loan. The factors most leading institutions weigh the heaviest are a good salary, a good paying record and minimal obligations.
Some of you can institute this procedure with $300 or $1000 or more. Remember that the more money you use the better your credit report will look to credit grantors.