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House, car, valuables
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∙ 11y ago
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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.
What are the disadvantages of a collateral loan?
One disadvantage to a collateral loan is that the property put up as collateral can be taken away if the loan is not paid as promised. The dollar value of the collateral does not matter at the time, but after it is sold, the lender should return any portion above the loan repayment amount.
What is the difference between a collateral loan and a home equity loan?
OFFHAND I WOULD SAY THERE IS NO DIFFERENCE. WITH A HOME EQUITY LOAN, THE COLLATERAL THAT YOU OFFER TO THE LENDER, IS YOUR HOME. WITH A COLLATERALISED LOAN, YOU PUT UP SOME OTHER ITEM THAT YOU OWN, MAYBE A CAR OR STOCKS OR BONDS IN ORDER TO OBTAIN A LOAN.
Carla has applied for a loan. Which condition makes it likely that she will get an unsecured loan?
She is willing to put up her home as collateral for the loan
What is a fully secured loan?
it means if you put your house up for collateral for the loan, if you don't pay, they can take your house and foreclose.or if you use your vehicle as collateral and you don't pay, they will come and take your car.You have to put up some kind of thing worth money in order to receive money, this assures the loaner they will get their money!!!!!!!Answer:A secured loan is a loan where borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan.Secured loans are also useful for larger amounts or where the applicant requires a longer repayment period.
How do you use the word collateral in a sentence?
We put up our house as collateral for the loan.
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.
What are the disadvantages of a collateral loan?
One disadvantage to a collateral loan is that the property put up as collateral can be taken away if the loan is not paid as promised. The dollar value of the collateral does not matter at the time, but after it is sold, the lender should return any portion above the loan repayment amount.
Can a loan company put a lien on your car if its not paid off?
If the vehicle was put as collateral for the loan, there already is a lien on it.
What is the difference between a collateral loan and a home equity loan?
OFFHAND I WOULD SAY THERE IS NO DIFFERENCE. WITH A HOME EQUITY LOAN, THE COLLATERAL THAT YOU OFFER TO THE LENDER, IS YOUR HOME. WITH A COLLATERALISED LOAN, YOU PUT UP SOME OTHER ITEM THAT YOU OWN, MAYBE A CAR OR STOCKS OR BONDS IN ORDER TO OBTAIN A LOAN.
What is collateral as it relates to the business?
The word collateral in business is that the bank has rights to take away your collateral or something that you put in stock that you own. For example, John owns a farm and he took a loan. The problem is that he didn't deposit his loan in the bank back, so the bank took his collateral that he put in the bank if he didn't pay his loan back. So that is why the bank has John's farm. So I prefer that if you take a loan, then pay your loan back. Or else your collateral is bye-bye.
What is the definition of a secured loan?
It is a loan in which you put up collateral to secure the lending companies money. This way if you do not make the payment they have the right to obtain whatever you put as collateral to make up for the money lost.
Carla has applied for a loan. Which condition makes it likely that she will get an unsecured loan?
She is willing to put up her home as collateral for the loan
Can you get a bank loan with an IRS levy?
Sure. Be prepared to put up collateral.
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 fully secured loan?
it means if you put your house up for collateral for the loan, if you don't pay, they can take your house and foreclose.or if you use your vehicle as collateral and you don't pay, they will come and take your car.You have to put up some kind of thing worth money in order to receive money, this assures the loaner they will get their money!!!!!!!Answer:A secured loan is a loan where borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan.Secured loans are also useful for larger amounts or where the applicant requires a longer repayment period.
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.
