A secured personal loan is a loan backed by something of value that belongs to you, also known as collateral. Many types of assets can qualify as collateral, such as your car, boat, equipment or house. Because of the collateral, lenders take on less risk, and can therefore offer better rates or larger loan amounts on these types of loans.
There are various benefits to securing your loan with collateral. Because of the reduced risk for the lender, many lenders are able to:
Some lenders like Alpine Finance Group offer many additional benefits such as:
When you put up an asset as security, your lender often puts a claim also known as a lien – on your collateral, in case you default on the loan repayment. However, this does not impact your credit.
For example, if you use your car as collateral, you still get to keep and drive your car while you pay off the loan. Once your loan is paid in full, the lien/claim is released from your car. However, if you default on your payments and fail to pay off your loan, the lender may take steps to seize your collateral to reduce or cover the amount you still owe.
You might be thinking “A personal loan sounds a lot like a title loan.” Well, it is not. There are two main differences:
Secured personal loans stretches the repayment period to several months or years, giving you more time to complete your payment. This makes personal secured loans more friendly, and with Alpine Finance Group, you can get a secured personal loan just as fast.
With Alpine Finance Group, a secured personal is very simple to get – even if your credit score is low or you don’t have any credit at all. This makes our loan a great option, especially if you are just starting out to build your credit and traditional lenders won’t help you.
More importantly, no one knows your financial story better than yourself. Most lenders may only take a quick look at your credit history, but they do not know the details and how the story may have changed over time. If you are confident in your budget, a secured personal loan may be a great option for getting a loan at affordable rates.
Are you looking to get a secured loan from Alpine Finance Group? With our personal secured loan, you will likely get more money at a lower APR and with more time to pay it off!
Our personal loans offer you fixed, affordable payments. Moreover, we always report to national credit bureaus to help boost your credit history.
Unlike secured personal loans, unsecured personal loans do not require you to pledge any collateral. These types of loans can be used to sort out any kind of financial emergency. The lender does not have any control on how you spend the money.
Besides that, unsecured personal loans are more popular compared to short-term funding such as payday loans. This is because unsecured personal loans typically offer a larger amount as well as longer repayment periods.
Since lenders do not have any collateral to hold on to in unsecured loans, traditionally, they only accept only those with outstanding credit scores. However, here at Alpine Finance Group, we go beyond this conventional approach, offering unsecured personal loans even for individuals with bad credit scores and seeking to fix it.
Here, the process of getting an unsecured loan is fast since there is no agreements related to collateral involved. We only focus on the employment status or a regular income source of the debtor and their ability as well as willingness to pay back the loan.
Moreover, our loans are paid back in multiple monthly installments that are aligned with your paydays, this way, you get enough time to get debt-free without diminishing your credit score or getting anxious about due dates.
We go out on a limb for our customers and simply ignore their credit scores, especially when they are not so good. Instead, we consider the borrower’s ability to make the scheduled payments and the state laws that govern lending.
Therefore, with the least number of requirements, we give you access to an unsecured personal loan.
This is all you need:
Now you know. Getting an unsecured personal loan online with Alpine Finance is simple, safe and competitive, right? Apply to secure your finance today!
There are many ways to finance a large purchase, for example, an Installment Sale Contract Loan.
An installment sales contract loan is a type of contract whereby the lender agrees to sell something to the borrower on credit. In return, the seller/lender receives payment of the value of the asset plus interest.
The borrower and the lender agree on the following:
Once these conditions have been met, the two parties sign a legally binding agreement. In most cases, the buyer is required to pay a specified amount of down payment upfront. Thereafter, the buyer pays the balance in monthly installments until the whole amount is cleared.
Note that the buyer takes equitable ownership of the item bought as soon as both parties sign the contract and the buyer pays the down payment. In other words, you are able to take physical possession of the asset as soon as you make the down payment. As a result, the buyer becomes liable for any fees, taxes, licenses or maintenance costs for the purchased item.
At the same time, the seller retains the legal ownership of the asset and the final transfer happens only after the final installment has been paid. If the buyer defaults on the installments, the seller may take steps to take back the asset and the buyer will have to forfeit the installments that they have already paid.
