Loan on pledge: how does it work?
Main features and functionality of the pledged loans
In the imagination of consumers, the complexity of the financial sector makes the loan on pawn relegate to remote times, while it is simply one of the forms of loan that in fact does not know the limits of time.
It is a very fast loan, almost immediate, with a bureaucratic process almost completely absent and the great advantage of not leading to a preliminary investigation phase.
Precisely because of these aspects it is accessible to everyone: from those who are protested or bad payers, to those who have no demonstrable income (such as unemployed, housewives, etc.). This is a loan with guarantee, but it should not be confused with the forms of loan that use severance pay as collateral. In fact, for the loan on pledge, “physical” assets are used as collateral (jewels, paintings, etc.).
Conditions for obtaining a lien loan?
The fundamental condition is only one, that is the property of a valuable object (which must belong to the categories of those accepted by the pledging agencies present in the authorized banks, in the financial, etc.). So to get a loan on pledge just bring the object of value to one of the branches where the estimate will be made, and eventually proceed with the signing of the contract, if the value attributed to the asset will be considered congruous or satisfactory.
What documents do I need to obtain a lien?
If you have property or value certificates on the property, they must be brought together with the object, but this does not mean that you will not proceed otherwise with the estimate of the asset itself and the related analyzes if necessary. So you have to show an identity document and your tax code, to be identified and registered (for anti-money laundering laws). Then eventually there is the signing of the contract, which also reports the costs associated with the custody of the asset (the overall cost of the loan is always indicated by the Taeg ).
The duration of the pledged loan?
In most cases, you have three or six months to repay the amount lent by adding interest due. But there are also banks that offer contracts up to 12 months.
If at the end of the repayment term the payment or renewal (if provided for in the contract) of the lien loan is not complied with, the asset is auctioned.
Examples of pawn loans
- Among the banks, the one that offers more “elastic” conditions is OneCash, with the possibility of choosing a maturity from a minimum of three months up to a maximum of 12 months. The Taeg is below 15%;
- With 4 agencies, Bank Cruse also foresees the possibility of being able to obtain the loan on pledge, or of being able to purchase the assets pledged as collateral at the various auctions.