Looking for cash? Perhaps you need a loan to start a new business or just want to access extra funds for a once-in-a-lifetime vacation?
For many, a bank loan is the first port of call for financial assistance. Although with reduced confidence in the banks who are not lending at the same level as before, this option may be less than ideal. Particularly bearing in mind the current economic climate. Financial checks will be highly invasive and you will certainly need to prove a positive credit score to be entitled to a loan, let alone manageable repayment rates. Not only that, but you will generally be limited on the amount you can borrow.
The good news is that there are alternatives, with personal asset loans being one of the most favorable. Folks often associate secured loans like these with real estate, whether residential or commercial. However, there are now a number of new companies which offer loans against other assets – from luxury watches and jewelry, to fine art. Some will even loan against fine wines and luxury cars!
When you are in need of money, there is often less time for leisurely pursuits. Perhaps you have a sports car which you hardly drive that costs a lot to maintain? Instead of opting for a bank loan, you could opt for a personal asset loan against the car. This is just one example of using assets for the short-term in return for a much needed cash injection.
Personal asset lenders offer loans secured against the open market value of an asset with no checks on your credit history. This opens up a new world of possibilities for you as the consumer and also means (depending on the value of the asset) that, unlike at the bank, there is flexibility in the amount that you may be able to borrow.
Use your personal assets to secure a loan from $1000 to $1,000,000.
This article was submitted by Paul Aitken, he is the founder of borro, the leading personal asset lending platform in the UK and the US. The company has created a new lending category and in 2011 and 2012 won Alternative Lender of the Year and International Business Awards.Paul also holds an MBA from IMD, Lausanne,Switzerland.