Each of us at least once in a lifetime needed a cash loan. It can be useful in any life situation. But sometimes it is not possible to borrow from friends or relatives, or simply do not want to show your critical financial situation. In this situation, the only way out is to contact one of the many financial organizations. But what if the credit history is badly damaged or there is no way to confirm your income with documents? There is an exit. It is worth taking one of the types of secured loans.
What is a loan?
A loan is a type of consumer loan that is issued for a certain period of time and at an individual percentage of the annual rate.
Loans can be of various types and categories. He can be:
- consumer;
- targeted loan;
- by credit card
- installment payment card;
- mini credit;
- loan secured by certain property.
The main types of secured loans are:
- loan secured by real estate;
- pledge of any transport property or pledge of TCP;
- Collateral secured by a third party, i.e. a loan secured.
The term, loan amount and interest rate on it directly depend on the main type of loan security.
Who can take a loan and what documents are needed
The forms and types of secured loans are different, but the requirements for the borrower remain unchanged. To receive a cash loan, any of the potential borrowers must meet the standard requirements. These are:
- The presence of a valid passport of a citizen of the Russian Federation.
- It is necessary to have a permanent registration in one of the many regions of the Russian Federation.
- The borrower must be at least eighteen years old.
- At the place of work indicated in the application form of the potential borrower, you must have at least three calendar months experience.
- It is advisable to provide a bank certificate confirming income in the form of a bank or 2 personal income tax, but with any type of loan repayment security, the need for a certificate may not be necessary.
- Certificate of ownership of own property.
In addition to the main package of certificates, for a greater likelihood of a loan and a decrease in the interest rate on it, documents should be provided to the financial institution, such as:
- driver's license;
- voluntary health insurance policy;
- TIN of the potential borrower;
- a foreign passport, while it is desirable to have notes on leaving the country for the past six months or twelve months.
Types of collateral
To provide a loan, types of collateral can be varied. Pledge of an apartment or a room in a hostel, as well as a private house or land property is possible.
Types of loan repayment security include:
- Pledge of any real estate. They can serve as an apartment of primary or secondary housing.
- Pledge of a land plot with or without communications.
- Pledge of a car or other vehicle, including a construction one.
- Pledge against the signature of a surety.
Pledge of property
One of the most popular types of collateral is a mortgage. They can serve as any real estate, including apartments in a residential building, dormitories or any room that can be rented out.
In order to provide the bank with a pledge of immovable property, it is necessary to submit documents to the bank stating the ownership of the immovable property.
When pledging machinery or precious metals, certificates are not required, one passport will be sufficient. You can also prepare documents and receipts fixing the purchase of a particular person.
Vehicle deposit
No less common type of loan security is the pledge of any vehicle.
For this, the potential borrower must provide the bank with a certificate of ownership of ownership thereof. This vehicle can be a personal car, as well as trucks, cranes, and so on. The presence of a passenger vehicle is one of the most common types of collateral for securing a loan. To do this, it is enough to provide a technical passport for a car to a bank or any other microfinance organization.
In order to offer an available vehicle as a guarantee, in addition to the TCP, it is necessary:
- provision of a passport;
- the presence of SNILS, for older people it will be replaced by a pension certificate;
- certificate of salary;
- and, of course, a certificate of ownership of a vehicle will be a binding document.
Third party repayment assurance
In addition to the above types of bank loan collateral, there is a loan secured by third parties.
A guarantor can be any citizen of the Russian Federation who is twenty-five years old. The guarantor, in addition to the passport, is obliged to provide a certificate to the financial organization confirming his income. It can be issued in the form of a bank or 2 personal income tax. At the same time, the guarantor’s income for the last three months should not be less than fifteen thousand rubles a month.
In the event that a potential borrower is not able to make payments on his loan obligations, then they go to the "shoulders" of his guarantor. He will be required to make monthly loan commitments.
Apartment deposit
One of the well-known types of bank loan collateral is the guarantee of an apartment. It should include mortgage lending. This is worth doing, because an apartment or other residential premises becomes the property of the borrower only after the full repayment of all loan obligations to a financial institution.
In case of default on credit obligations, any of the pledged real estate is transferred to the ownership of the bank.
The necessary documents
After the type of bank loan security has been determined, it is worth putting in order all the documents necessary for carrying out this procedure.
First of all, you should make sure that the passport with which you confirm your identity as a citizen of the Russian Federation is valid. In the opposite case, you can forget about getting a loan. And it doesn’t matter if he is provided with something or not.
The presence of SNILS of the borrower is also necessary. It is required to check the credit history of a potential borrower in any of the financial services bureaus.
Is it worth taking a secured loan
Whether or not to take out a loan secured by movable or other type of property, as well as on behalf of third parties, depends only on the solvency of the potential borrower of the financial structure.
If the future credit client of the bank is not completely sure of his solvency, then it is better not to risk his property. In cases where the borrower is reliable, and securing a loan is necessary only to lower the annual loan rate, then you should definitely use it.
The services of a surety should not be neglected by borrowers who are only eighteen years old or, on the contrary, a potential client has just retired.
It is worth considering that in case of evasion of obligations to pay the loan provided by the bank, property left as collateral will be withdrawn.
Well, if a specific person has vouched for a potential borrower, then all credit obligations will be transferred to him.
It is for this reason that the question of whether to leave your property as a pledge of a financial organization remains open to this day. To some, this proposal seems to be the most profitable, well, but someone goes to it only as a last resort.
Whatever situation you are in, it is worth considering all your risks, are you ready to sacrifice your movable or immovable property, or it really will only be an explicit guarantee and proof of your solvency.