0
What else can I help you with?
What types of assets can be used to get a secured loan?
The assets someone need to own to use as securities for a secured loan would be anything equal to value of the loan such as a car.
What is different about a secured loan application?
A secured loan application is different because the person who takes out the secured loan pledges an asset. An asset must be something of value such as a home or car. They then use that as the collateral, so that way if one does not pay the secured loan the creditor takes possession of the asset.
What does a secured loan and unsecured loan mean?
A secured loan is a loan in which there is physical collateral, meaning there is a physical item of worth that can be taken by the bank if the loan is not paid. Examples of this include a car loan or mortgage (house loan); the car or house are the collateral and therefore are the 'security' that the bank will not lose money on the loan. An unsecured loan is a loan in which there is no physical collateral, meaning there is no item of worth the bank can take if the loan is not paid. Examples of this include credit card debt or a student loan; in these cases, if the loan isn't paid the bank has to use a collections agency to try to get the money back.
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.
Can you use your house as collateral for a loan?
Yes, you can use your house as collateral for a loan, which means that if you fail to repay the loan, the lender can take possession of your house.
What types of assets can be used to get a secured loan?
The assets someone need to own to use as securities for a secured loan would be anything equal to value of the loan such as a car.
What is different about a secured loan application?
A secured loan application is different because the person who takes out the secured loan pledges an asset. An asset must be something of value such as a home or car. They then use that as the collateral, so that way if one does not pay the secured loan the creditor takes possession of the asset.
What does a secured loan and unsecured loan mean?
A secured loan is a loan in which there is physical collateral, meaning there is a physical item of worth that can be taken by the bank if the loan is not paid. Examples of this include a car loan or mortgage (house loan); the car or house are the collateral and therefore are the 'security' that the bank will not lose money on the loan. An unsecured loan is a loan in which there is no physical collateral, meaning there is no item of worth the bank can take if the loan is not paid. Examples of this include credit card debt or a student loan; in these cases, if the loan isn't paid the bank has to use a collections agency to try to get the money back.
Where is the best place for a secured loan?
A secured loan is a loan where you will be required to use your property as security against the loan, so the lender is able to balance the risk of lending to you. The amount that can be borrowed differs from lender to lender and your individual circumstances.
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.
Can you use your house as collateral for a loan?
Yes, you can use your house as collateral for a loan, which means that if you fail to repay the loan, the lender can take possession of your house.
What if a person dies while utilizing a reverse mortgage and did not use all the equity?
A reverse mortgage is a loan secured by the house. The loan must be paid off. Heirs have three options: sell the house using proceeds to pay the loan and keep the difference, refinance the house typically for the amount due, or give the house to the lender. In the latter case, the lender keeps (or eats) the difference.
What company could you use to refinance your house from reverse mortgage?
Sorry we do not understand what you are asking. A bank lends money to finance your purchase of a house - the loan made is secured on the house and is called a mortgage. While the mortgage is not paid off the bank actually own the house and you can not raise more money secured against it without the bank's permission. There is no such thing as a "reverse mortgage".
Where can one find the best secured loan terms online?
A person can compare many secured loan terms online to determine which is the best for them. Among the sites one can use is the site SecuredLoansComparison and MoneySuperMarket.
How can I use a secured loan to build credit?
You can use a secured loan to build credit by borrowing money and making timely payments. The loan is backed by collateral, such as a savings account or property, reducing the risk for the lender. By repaying the loan on time, you demonstrate responsible borrowing behavior, which can help improve your credit score over time.
Can a car title loan be included in bankruptcy?
It must be...you do not pick and chose what is included...everything you own and everything you owe is included. (Some, but very few things, are exempt by law from being seized/taken, but they are included in the filing and the ourt excludes or exempts it from use by creditors...like your kitchen set). The car loan is listed as a secured loan. They will have the ability to claim the vehicle to satisfy the loan. Other debts that aren't secured by something have to use your general assets....that is, what isn't directly secured by a loan.
Can a car be reposessed if nothing is stated in the sales contract about defaults on a repo?
You may be confused. A repo is an act pursuant to a secured loan, wherein the vehicle is security for the loan. There is no need to use the word "repossession." A repo is only one remedy available to a lender on a secured loan.
