There may be some signature loan companies that will take furniture as collateral. Most loan companies will want other collateral such as titles to vehicles.
Since the car is financed, it already is collateral for a loan. Your car loan uses the car as collateral for that loan. I think the only way for you to use the car as collateral for a different loan is to have the NEW lender pay off your car loan, tack the ammount of the car loan on to the new loan you are getting, therefore they would then be the leinholder on the car.
If you have a job, you can get a payday loan from a company such as Moneytree or Ace Cash Express. If you have something valuable you are willing to use as collateral, you can get a loan from a local pawn shop.
One disadvantage to a collateral loan is that the property put up as collateral can be taken away if the loan is not paid as promised. The dollar value of the collateral does not matter at the time, but after it is sold, the lender should return any portion above the loan repayment amount.
The bank required me to provide collateral, such as my car, in order to secure the loan.
security for a loan or outside of what was intended (collateral damage)
collateral
Collateral is an adjective that is frequently used elliptically as a noun. The bank wanted collateral (property) to secure the loan. It is understood that the property is offered collaterally to secure the loan so the noun 'property' is omitted.
Your property can be subject to repossession if you default on a loan. This can be the case if you put up part of your collateral as a guarantee for your loan.
No!In order to get a payday loan, you need a job and a checking account. Sometimes a direct deposit is needed. If you still want a personal loan but have neither of the above, try instead for a collateral loan.
It depends on the type of personal loan. It is possible to get a loan using only a good credit score as collateral. If you do not have good credit, it is still possible to get a loan without collateral, but you can expect to pay a much higher interest rate. It is also possible to use a vehicle or property as collateral.
In most areas yes, it is called collateral.