Question by Huntsman: Secured Personal Loans, anyone done one?
What bank?
Or just say credit union, small regional bank, major chain bank.
What interest rate did you pay?
How much did your bank request as the minimum amount to do this type of loan?
Spammers will not be appreciated
Best answer:
Answer by someone
Never needed a personal loan but the banks normally charge 2% less then a regular loan .
Local Banks are currently charging 3% if you link the loan to your checking account and have payments automatically debited
What do you think? Answer below!
What do you have to offer as the security? In almost every case, it must be “real” property like a house that is paid off, land that you own that is not mortgaged, or a car that you own free and clear. There are some other assets that qualify, but those are the ones that are the most effective. People who own valuable works of art usually don’t need personal loans, but that is also considered as acceptable collateral in some situations.
You just go to your local banker and show them the deed or title to your asset and ask what you can borrow. If it’s real estate, unless you want a small loan, they usually require you to get an appraisal and that can run you several hundred dollars as it must be done by an accredited appraisal service.