What to look for to take a loan against a security?

Date: Sun, 10/20/2019 - 23:24

Submitted by HereiithE
on Sun, 10/20/2019 - 23:24

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Total Replies: 3

I am getting a loan at a good rate but they are saying that I need to keep something as security? Is it a good move to do so? Is there any chance of losig the asset I am keeping? What should I check in the terms and conditions? I stay in Minnesota.

Okay. What kind of loan is

Okay. What kind of loan is this? Is it a personal loan or a business loan? How much are you planning to borrow? Do you have assets that you can pledge as security? The lender is offering you a secured loan. In the event of loan default, you will lose the asset pledged as a collateral against the loan. Read the loan agreement in detail, especially the fine print section. Check out the interest rate on the loan, fees, penalties, payments, etc.

Personally, I don't like secured loans because there is always a chance of losing the asset.

lrhall41

Submitted by Nick Jonas on Mon, 10/21/2019 - 03:35

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Is it a mortgage? Some lender

Is it a mortgage? Some lender asks for collateral before lending money. I think they are genuine, However, know the terms and conditions of repayment before taking out the loan.

lrhall41

Submitted by Sanders Patricia on Thu, 10/24/2019 - 03:36

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My friend, you may surely

My friend, you may surely lose the security or the collateral if you do not pay off the loan timely. Could you please tell us what kind of loan we are dealing with?

lrhall41

Submitted by Barbara Delinsky on Mon, 10/28/2019 - 01:01

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