What are personal asset loans?
Get a loan secured against your possessions
If you need money quickly, and have been refused a bank loan or other forms of borrowing, then you might consider personal asset loans as one source of income in an emergency. If you have never heard this term before, then you may be asking yourself “What are personal asset loans?” In their simplest form, these loans are secured in the form of personal assets such as vehicles, watches and jewellery. The loans are worked out based on a percentage of the assets’ value. So, for example, you would not get the full price for a vehicle, but might be able to get a loan of up to 50% of its current sale valuation.
Why Personal Asset Loans Are Better Than Bank Loans
- Speed: The whole transaction can take place in as little as 24 hours
- No credit checks or lengthy loan applications
- A PAL allows you to tap into the equity in luxury assets to secure capital
- No personal guarantee: Your asset fully supports the loan as collateral