Good evening people…
I’m looking into getting a loan, but I’ve noticed a few lenders asking for a security deposit upfront before they approve it. This is my first time dealing with loans, so I’m not sure if this is normal or something to be worried about. 
Has anyone else dealt with this? Is it typical for lenders to ask for a security deposit, or should I be careful? I’d really appreciate any advice or if you could share your experiences.
Regards…
Pliz, take care my good folks, 
security deposit is usually linked to renting a property. It’s an amount of money that the landlord holds to make sure the tenant meets their responsibilities, like paying rent and keeping the property in good condition.
When it comes to loans, the lender takes on the risk of the borrower not repaying the loan. To reduce this risk, lenders typically evaluate the borrower’s credit history, income, and other financial details. 
Halo comrades,best advice is, 
If a borrower is considered high risk, the lender might ask for extra collateral or security. However, this usually isn’t in the form of a security deposit.
Word of caution, 
It might be an indicator of a scam or predatory lending practice. It’s crucial to proceed with caution and thoroughly research the lender before agreeing to anything.
Becoz, of todays advancement many people fall victim to scammers exercise caution and if in doubt dont even try look for another option