If you want to get a loan without pay or other guarantees to offer to the bank, a useful and advantageous solution could be the loan on pledge .
But what is it? What are its features? And why could it really be the solution for you and your financial needs?
What is the lien loan
The loan on pawn is a loan that the bank grants you upon presentation and valuation of valuables, without it being necessary to acquire other guarantees as in the loans issued . Therefore, if you think you have some products of particular value and interest, you could hand them over to the bank in exchange for a sum of money: at the end of the loan, you can choose whether or not to redeem the asset, or request the renewal of the loan.
Of course, not all assets can be pledged. Although much depends on the policies of the individual credit institution, normally diamonds , objects in gold and silver , watches and other assets that can be easily evaluated and resold can be used for a pawn loan!
But why should you seriously consider using a pawn loan to meet your money needs?
Benefits of a lien loan
Although it may not always be the most convenient solution (especially if you have a lot of arrows in your bow, and you can choose to borrow for other ways that you can compare with this form of credit), sometimes the loan on pawn becomes the best alternative.
To try to emphasize what could be the reasons that can push you towards a loan on pledge , we can only remember how these loans are generally disbursed without any income or patrimonial investigation: in other words, it will be the precious asset to guarantee for you, and you can have access to this loan to protesters and bad payers without salary assignment , lack of pay slips, protests and other situations that could make it difficult to resort to “ordinary” credit.
We also recall how these loans are disbursed fairly quickly: once the evaluation by the bank (a procedure that generally takes a few days) is complete, the loan will be granted in a very short time, allowing you to have the money you want within 3- 5 days.
Speaking of good pledged, his fate is protected: in fact, until the loan expires, your valuables will be safe, kept in the bank vault.
By the way, and at the end of the loan?
What happens at the end of the pledged loan
At the end of the loan, several things can happen. Firstly, if you have the necessary amount of money (the sum received in financing + the interest due), you can present yourself at the bank and redeem the asset. The report will be considered extinct and you will return in full possession of the object.
Of course, this opportunity is welcome to remind you that you can redeem the pledge in advance at any time, before the scheduled date: in this case, however, it is possible for the bank to ask you for a penalty for early termination, calculated as a percentage of the amount of the financing.
A second possibility at the end of the loan is represented by the customer’s willingness to renew the loan for another period of time (generally 6 months): in this case all you have to do is pay only the accrued interest, and a “renewal cost” , while the redemption will eventually be postponed at the end of the renewed loan.
The last possibility is that you cannot or do not want to redeem or renew the small loan . In this case, after another 30 days from the due date of the loan, the credit institution will proceed to sell the assets as a pawn at a public auction, at specialized facilities.
In this final case, keep in mind that for pawns sold with an eventual surplus (ie, with the collection of the auction which is higher than the debt contracted by the customer), the surplus will remain at your disposal for 5 years.
How much to get with a lien loan
The amount obtainable with a loan on pledge depends solely on the value of the assets that are presented to the bank. Considering that rarely too valuable assets are committed, and that for rather high amounts of money it is preferred to resort to other forms of credit, it follows that – given Bankitalia in hand – the average amount of a loan on pawn is around 700 euros , with a request volume of approximately 30 thousand units per month.
How long is the loan on pledge
The duration of the loan on pledge depends on the service choices of the individual bank. In principle, however, we can remember that loans in this category generally last between a minimum of three months and a maximum of one year.
Where to get a lien
All the major banks are now authorized to provide lien on the pledge. There are dozens of institutions that could meet your money needs, and that will allow you to have a loan guaranteed by a lien on precious objects in a few days.
Our advice is of course to go exclusively to authorized operators (you can check the authorizations on the website of the Bank of Italy), moving away from any operator who, through unofficial routes, wants to give you money with little formalities.