Personal Assets That Can Be Used To Secure A Loan
It may be possible to obtain cash from personal assets by using them as collateral to secure repayment of a loan. You get money when you need it and get to keep the asset. For instance, you can borrow money against the following items:
- Certificates of Deposit and Other Term Bank Accounts. For information, click here.
- Stocks and Bonds. For information, click here.
- Personal Property such as jewelry, antiques or collectibles. For information, click here.
- Cars and Trucks
The lender will always limit a loan to less than the current value of an asset. It's the only way the lender can assure that if you don't pay, a sale of the asset will repay the loan plus interest and costs.
NOTE: Real estate can also be used to secure a loan. To learn more, click here.