Money For Vacation On Valuable Property Pledge

What to do if urgent money for purchase of an expensive tour is required? To borrow from friends or relatives? To sell something valuable sometimes there is no sufficient time. Bank secured loan may become a salvation in this situation. It means that money will be given by the bank on apartment, or vehicle pledge, and etc. This type of credit is rather demanded today among those who wish to have refreshment with comfort, and it is famous for its liberal requirements to the borrower.

However, there is a risk in such crediting method: in case of non-payment of the credit the bank becomes the owner of the property of the client on the most legal basis. It should be noted that the loan interest rate on credit granting with pledge will be much cheaper than non-secured loan. Real average market price of such credit does not exceed twenty two annual interest rates.

Unfortunately, the mortgage credit has a number of negative features:

•first: term of solution on granting the bank loan takes from three days to one month. Therefore, to purchase the “last minute tour” from the operator is almost impossible;

•second: banks don’t grant mortgage loans in small amounts (to 1000 dollars)

•third: in case of granting the secured loan is required to insure the pledged property to pay one-time commission, and to receive cash it will be required to pay the essential amount to the bank.

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