Not everyone has the option of a secured loan, but for those who do they can tell you – a secure loan is the safest way to borrow. It also makes the process a lot faster and easier.
Why is that? What makes a secure loan different than other loans?
The Power of Collateral
When you own things of true value, it can make up for a lack of cash. Most borrowers are seeking a personal loan, and the bank or lender needs to assess the risk of that borrower. After all, the borrower absconds with the money, there are a lot of legal fees in addition to the lost loan.
When you have collateral, something of value to back up your request, the borrowing process is so much easier.
When you have a secure loan, it means the bank feels more secure! Because they know you own your own vehicle, or home, they know you won’t just run off with their money.
When the lender doesn’t have the worry, they are more likely to loan to you, more likely to issue a higher loan, and more likely to offer favorable repayment terms.
In other words, securing your loan benefits both side in a major way.
Options for Finding a Secure Loan
Do you have collateral? That means you own a home, land, a boat, or a vehicle free and clear – you are not still paying it off, and it does not have a lien on it.
If you have collateral, you have any number of options. First, check with your regular bank or credit union to see what they have to offer.
Remember – don’t ever accept the first offer you get! Check around with different banks and credit unions and compare terms.
If you can’t, or won’t, use the banks, San Juan has any number of smaller financial institutions eager to help you.
PR Title Loan specializes in loans secured with the title paperwork for your car or truck. We do not want your vehicle, we only visually inspect it, and then keep the title and you drive away with the car and the money.
Contact us today for more information!