Loan on pledge

get a loan

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

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

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

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

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

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

money

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.

 

Mortgage loan: 2018 mortgage loan

Home Loan

Have you ever heard of it? And do you know exactly why, perhaps, it could be the ideal solution to your credit needs?

In this guide I provide you with all the most important information on the mortgage loan, for any questions or doubts you have to ask in a comment and I will answer you as soon as possible!

What is the Mortgage Lifetime Loan?

Mortgage Loan

The lifetime mortgage loan , or reverse mortgage , is a form of loan that is intended for property owners only, provided they are already 60 years old.

It is therefore a loan that is dedicated to a restricted class of users which, however, is very often “neglected” by the offers of the banks, which sometimes are not used to finance for large amounts of people’s money “a little go on with age ”.

Instead, through this credit tool, the applicant who has the right characteristics will be able to obtain a very substantial amount of money (even several hundred thousand euros!) Without having to pay installments for his entire life.

Personal loans: get up to € 60,000

Personal loans

In short, as you have already seen, this is a very special loan, which the Italian market is trying to acquire from international experiences (it is widespread especially in the Anglo-Saxon area).

Of course, the bank that provides the lifetime mortgage loan will certainly not be exposed to the risks of not being able to obtain the due satisfaction of its: the main guarantee present on the loan in question, as you will have already had the opportunity to guess, is represented by the presence of a first degree mortgage on the home of the holder of the loan or, in any case, on another real estate unit of full ownership of the subject concerned by the loan.

Upon the death of the underwriter of the loan , the heirs can therefore choose whether to repay the accumulated debt and enter the property of the mortgaged property, or leave the house to the bank, so that it can proceed with the sale.

Well, if at this point in our analysis the life-long mortgage loan mechanism is not entirely clear to you, no fear. Let’s try to schematize its operation in these few points of attention:

  1. Do you need a very high amount of money ? You could check if you are among the potential beneficiaries of the lifetime mortgage loan (age over 60, availability of at least one non-mortgaged residential property). If so, you can calculate the amount obtainable, taking into account that its share on the property value fluctuates between a minimum of 10% for those 60 and a maximum of 50% for those with 90 (among these extremes, find the intermediate percentages).
  2. Where to apply for a lifetime mortgage loan ? If you have passed the first point with positivity, you can proceed to the second step. That is, where can I apply for a lifetime mortgage loan? Fortunately for you, the list of banks that make it possible to obtain life-long mortgage financing is growing. We’ll talk about it soon, with a dedicated paragraph!
  3. How to apply ? The third step is to submit the request to the bank you identified. In addition to signing the application , it will be necessary to present a copy of the identity documentation (valid identity card), the tax code, the family status, the deed of origin or the preliminary notary report.
  4. When does the appraisal take place ? If you have read the above lines well, you should know that one of the key moments to be able to find out how much money to get through the life annuity loan is related to the expertise that the bank technicians will carry out: based on their estimate, and on your age, in fact the amount of money obtainable will be calculated. The appraisal will be carried out by the credit institution as soon as the feasibility opinion will give a positive outcome (ie, as soon as the bank has verified the correct possession of all the requirements).
  5. How is the loan signed ? At this point, you are very close to getting the much sought-after amount of money! You will only have to wait for the bank and notary (the contract has the form of a public deed) to give the availability for the appointment for the signatures, and the game is done. We advise you anyway to read the copy of the contract at least a few days before the stipulation, and to read carefully all the clauses).
  6. When is the debt extinguished ? The extinction of the debt can take place in two ways, on the death of the subscriber (unless the latter has wished to proceed with voluntary, total or partial repayments): a) the heirs settle the accumulated debt (principal and interest, eventually turning on a mortgage) and fall under the ownership of the property; b) the heirs leave the bank to sell the property to cover the accrued debt (any excess amounts will be returned to the heirs).

Who is it convenient?

With these characteristics, the mortgage life loan is addressed exclusively to a class of banking user made up of who:

  • is at least 60 years old
  • is the owner of a residential property
  • it has no liens (mortgages) on the property on which it wishes to constitute a mortgage.

The annuity mortgage loan is therefore a loan dedicated to a range of users that is not particularly wide, but which could actually be very interested in this type of credit intervention by the bank.

The mortgage life loan is in fact the best solution if you want to get a large sum of money without having to worry about repaying the installments during your life (the main form of debt for those who have reached this age threshold is in fact the sale of the fifth of the pension , which however – for characteristics, amounts obtainable and restitution methods – is far from being comparable to the life-time mortgage loan).

Furthermore, the funding could be ideal for those who have good real estate assets and wish to exploit it with a specific form of credit intervention, perhaps allocating the sum obtained to the needs of their grandchildren or children, or for their own personal expenses.

Those who receive the money through lifetime mortgage financing can in fact dispose of it as they see fit (the annuity loan with a mortgage is in fact an unfinished loan), freeing – at the same time – from the worry of having to repay principal and interest (which, as we have seen, are capitalized in a single debt payable on the debtor’s death).

How much can mortgage financing be obtained?

mortgage financing

Through the mortgage life loan you will be able to obtain a sum of money that will be proportional to the value of the property granted as mortgage, and at your age.

In general, the higher the value of the property, the higher your age, and the greater the amount you will be able to obtain through the mortgage loan.

Keep in mind, however, that the percentage of money you can get, in relation to the value of the property, is not comparable with the one you could get with an ordinary mortgage (80%): the limit for obtaining money with the mortgage loan is in fact generally equal to 50% of the value of the property, but it is very likely that it will be able to obtain much less (20-30%).