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Can you use your ESOP account as collateral on a personal loan?
Wiki User
∙ 13y ago
Yes, the vested portion of an employee stock ownership plan owned directly by an individual may be used for collateral. Some definitions:
* "Owned directly by the individual" indicates that there is a clear trail of ownership that is held by a sole party (e.g., one has X shares of stock in the company or Y% of the company)
* "Vested portion" indicates the portion of assets owned by an individual that no longer have any contingency attached (e.g., one may be vested in 50 shares of stock if I stay with the company 3 years after receiving those shares; for the first 3 years, that stock may not be used in full by the individual)
Wiki User
∙ 13y ago
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What is the price range for a secured personal loan?
A secured personal loan is a fixed interest rate loan in which you provide collateral or savings account, stocks, bonds, etc. to receive the loan. The price range depends on how big your loan is and what you have to put up for collateral, so there is no fixed price range.
What kind of collateral is used for a personal loan?
It depends on the type of personal loan. It is possible to get a loan using only a good credit score as collateral. If you do not have good credit, it is still possible to get a loan without collateral, but you can expect to pay a much higher interest rate. It is also possible to use a vehicle or property as collateral.
If I default on my personal loan agreement, can they repossess my collateral?
Your property can be subject to repossession if you default on a loan. This can be the case if you put up part of your collateral as a guarantee for your loan.
Can you get a payday loan with a prepaid master card?
No!In order to get a payday loan, you need a job and a checking account. Sometimes a direct deposit is needed. If you still want a personal loan but have neither of the above, try instead for a collateral loan.
How do unsecure personal loans differ from secure ones?
The difference between an unsecured loan, and a secured loan is pretty substantial. A house, or a car is used as collateral and therefore secures the loan for the lender. For an unsecured loan, there is no collateral available to the lender.
What is the price range for a secured personal loan?
A secured personal loan is a fixed interest rate loan in which you provide collateral or savings account, stocks, bonds, etc. to receive the loan. The price range depends on how big your loan is and what you have to put up for collateral, so there is no fixed price range.
What kind of collateral is used for a personal loan?
It depends on the type of personal loan. It is possible to get a loan using only a good credit score as collateral. If you do not have good credit, it is still possible to get a loan without collateral, but you can expect to pay a much higher interest rate. It is also possible to use a vehicle or property as collateral.
If I default on my personal loan agreement, can they repossess my collateral?
Your property can be subject to repossession if you default on a loan. This can be the case if you put up part of your collateral as a guarantee for your loan.
Can you get a payday loan with a prepaid master card?
No!In order to get a payday loan, you need a job and a checking account. Sometimes a direct deposit is needed. If you still want a personal loan but have neither of the above, try instead for a collateral loan.
How do you get personal loan for defaulters?
It may be necessary to put up collateral of similar value to the loan.Then if the loan in not repaid the lender can seize and auction the collateral to try to recover the loss.This is why car loans and home mortgages are relatively easy to get, the car or home purchased with the loan is the collateral for the loan. But an ordinary personal loan does not automatically have collateral like those loans do, so it is harder to get if your credit is very bad.
What is a cross collateral lien?
A cross collateral lien is a loan where one piece of collateral secures more than one loan. An example would be a car that is paid off being collateral on 2 separate personal, cash loans.
Is loan account real nominal or personal?
Loan account is a personal account in nature so increase with debit and decrease with credit.
Can you help me by giving me a collateral loan on my SUV Ford Escape. I need a collateral loan of about $6, 500 or so. I can pay it back within a 12 month period?
No I have no money to loan but you might get a personal loan at a bank. They are fairly easy to get.
How do unsecure personal loans differ from secure ones?
The difference between an unsecured loan, and a secured loan is pretty substantial. A house, or a car is used as collateral and therefore secures the loan for the lender. For an unsecured loan, there is no collateral available to the lender.
What is the difference between collateral and mortgage?
Typically a mortgage is a loan secured by real property (land!) and collateral is personal property (jewels, bonds, valuables, etc.) used to secure a loan.
Can retirement pay be used as collateral to a personal loan under Philippine laws?
no yes no
What is the difference between a no closing cost loan and a personal loan?
A no closing cost loan saves you from paying a lot of money up front with closing costs, however, you will have a higher interest rate. A personal loan requires no collateral for the loan.
