Optional sources are readily available when you want to borrow money using your personal assets to vouch for repayment of a loan. You can use your personal property as “collateral” to vouch repayment of the loan you borrowed. Melbourne engagement rings are examples of collateral.
You can utilize personal property such as jewellery or antiques as collateral; however, you need to know the real value of the property before you discuss it with a lender. On the other hand, a local shop can provide hints of its real value. Sometimes, they may charge you with fees for just asking the rough value of the item.
Below are optional sources where to borrow money using personal assets:
- Banks and other Commercial Lenders
If you own a personal property with significant value, like artworks and jewellery, a commercial lender such as a bank can offeryou loans using the asset as collateral. Don’t be surprised if they insist on taking possession of your asset until you pay off the loan. You just need to entrust assets like Melbourne engagement rings to the lenders.
If you are the owner of your residence, it is sometimes possible to add value of the personal property when acquiring a loan versus the real estate. It allows an increase in the size of the deductible interest and the loan. There are also a many ways available that has no need of selling theproperty.
- Not-for-Profit Lenders
Sometimes, you can use non-profit lending agencies to provide fast loans secured by diamond jewellery, gold jewellery, gold coins, silverware and watches. It can also include Melbourne engagement rings as a collateral. Search for not-for-profit lenders that are located nationwide.
- Collateral Loan Brokers
These are brokers that lend you money on a shorter period of time, say between three to six months, based on your collateral that guarantees repayment of the loan.
- Personal loans
No restrictions are involved using personal property like Melbourne engagement rings as loan collaterals. Personal loans are those from relatives, friends, or employers, who are willing to have interests not exceed government’s laws.