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Part One...
How To Use Your Assets Or Those Of A
Third Party To Get The Personal Loans You Need!
Personal loans – here’s our stand on them. Personal loans
are not the type of funding we handle on a direct basis as a
service, because they’re usually pretty small for us. But we
do have extensive “know-how” and the insider information to
counsel our members to succeed with their personal loan
needs.
With that in mind, let’s see what we can offer you in this
article. Personal Loans generally fall into two main
categories. Signature Loans, the first of the two is the
most basic kind of loan. They’re fine for smaller loans, but
when the amount you need is large, lenders look for
something tangible on which to grant a loan.
This is where collateral becomes essential for getting the
loan you need, And, since this website covers collateral and
credit enhancement extensively, it’s logical to discuss the
second category of personal loans in greater detail
What The Term “Collateral” Means
As you may know the term collateral is anything of value
against which you ca n borrow money. In the event that you
don’t or can’t repay the debt, ownership of the collateral
passes onto the lender. collateral, therefore, secures the
repayment of the loan. In fact, collateralized loans are
commonly called secured loans: signature loans are referred
to as unsecured loans
In any type of lending including personal loans, there are
four kinds of collateral acceptable to banks and other loan
sources. There are also six non-bank sources for
collateralized loans. Here are the first four…
• Savings Deposit: includes certificate of deposit if
they are regular CDs and not the Special issues
• Real Estate: The equity in your home – that is, the
current value of your home less the amount you still have to
pay on your mortgage – can be one of your most valuable
borrowing assets. This by far is the most popular type of
collateral for personal loans.
• Stock and Bonds: Almost all banks accept top-rated
bonds and blue-chip stocks as collateral if they are worth
at least $25.00 or more a share. As a general rule, you can
borrow up to 75 percent of the value of qualifying stocks.
• Diamonds, Gold, Paintings, And Other Valuable Assets:
A bank generally won’t accept these as collateral. But if
you possess something of value that you think a bank should
accept, ask a bank loan officer.
Continue.....
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International
The COMMERCE BANK Building
P.O. Box 402, Worcester, Mass 01613
508-753-1769
Fax 508-340-4977
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2009-2011 Diversified Funding International. All Rights Reserved
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