Secured loans with mortgage (mortgage or vehicle) or guarantee

There are loans in which you will be asked for a guarantee or guarantee to grant you the credit. They are a good option in certain situations.

What is a guarantee?

What is a guarantee?

The guarantee means that upon receiving a loan you must deliver as insurance an asset of your property (pledge). That is, in the case that you could not pay the debt, the lender would take ownership of your property.

If you do not have an important asset of your property, a third person can be your guarantee, also called a guarantee.

What is an endorsement?

What is an endorsement?

An endorsement or guarantor is a person who has a better financial profile than yours. This person assumes responsibility (total or partial) for your debt. That is, if you cannot pay the debt, the lender will contact the guarantor to take care of the remaining balance. For this reason, guarantors are often relatives or close friends.

There are different assets that you can give as collateral in a security loan, but the most used are real estate and automobiles.

Home equity loans

Home equity loans

To apply for this loan you must have a property in your name; it can be a land, a commercial premises, a house or an apartment, the essential thing is that it is in your name.

Another usual requirement is that you have to have paid at least 80% of the property.

Advantages of the mortgage guarantee

Advantages of the mortgage guarantee

  • Few additional requirements:
    The main advantage of these types of loans is that there are lenders who do not check your credit history or your current employment situation; If you have a property registered in your name, that is enough to accept the loan.
  • Accept negative Bureau:
    It is usually a good option for those people who have a bad credit bureau rating, and that is not why it has a high interest rate.

Disadvantages of the mortgage guarantee

Disadvantages of the mortgage guarantee

  • Danger against default:
    The major disadvantage is that if for some reason you cannot pay the loan, you will lose ownership of the property.
  • Approval Time:
    Sometimes the lender needs to do additional checks on your property, which can delay the approval of your credit.

Consider other loan options before putting your property as collateral, especially if you are not sure you can afford it. If you need a small loan you can opt for urgent personal loans or microcredits, even if the interest is higher. The mortgage guarantee is adequate when the loan is for a high amount and you have no other option.

Pledge loans with vehicle guarantee

Pledge loans with vehicle guarantee

Like home equity loans, these loans deliver an asset as collateral or pledge: the car itself. You must have ownership of the vehicle and have paid in full.

The amounts are less, they are approved quickly and the money can reach your account in a few hours. Many lenders do not check your credit history.

Something you should check carefully is that it is a vehicle-guaranteed loan and not a sale of the vehicle. In this last scenario the lender buys you the vehicle and then rents it to you. There have been cases in which people think they are paying their monthly loan fee, but in reality they are paying the rental of the vehicle.

You can use Robin to request a loan appropriate to your situation.

Maybe a secured loan is what you need, but you can also compare with other available options.

Do you know what a credit line is? Find out here!

Various lender loans are widely used financial services in Latvia and worldwide. They differ in terms of the terms of the loan, as well as the arrangements for granting it and their suitability for different purposes. Quick loans, consumer loans, and credit lines, or simply credit lines, can be difficult to navigate among these names unless you feel like a fish in the financial world. What is a credit line and how does it work? This and many other questions will help you understand the article prepared by our specialists. Read on!

Credit line for unexpected situations

Credit line for unexpected situations

A good credit line is a type of loan that allows you to immediately borrow different amounts of money, both for unexpected expenses and planned expenses, the amount of which is not yet accurately predictable. This service is offered by both bank and non-bank lenders. The credit line is available to both bank and non-bank lenders. Credit line works similarly to credit cards and overdrafts:

  • after applying for the service, the lender carefully evaluates your solvency and determines the maximum amount of credit line available to you, or the credit limit (also takes into account the age of the client, in most cases a credit line is possible from 20 years);
  • a credit line agreement is made by agreeing on the terms of the loan (when the credit line is available, what are the repayment terms and schedule, interest rates, etc.);
  • Upon request, your bank account will be credited with the amount of money specified in the credit line agreement. If you use all or part of the amount within one month, you will need to gradually repay it in accordance with the terms on which the credit line is issued;
  • within your credit line, you can borrow the required amount of money as long as the credit line is not exceeded.

When you know what a credit line is, do you consider using such a service?

Find out how to open a credit line!

Find out how to open a credit line!

In order to enter into a credit line agreement and open your own credit line, the borrower must meet several criteria:

  • be solvent – show regular income that is sufficient to cover the total cost of the credit line;
  • be a permanent resident of the Republic of Latvia;
  • have a bank account with one of the Latvian commercial banks.

Note that most credit lines are available over 20 years!

How is a lucrative credit line different from a quick credit?

How is a lucrative credit line different from a quick credit?

A credit line differs from a quick loan in that a quick loan is a one-time, fixed term loan. We, the friendly lender Roy Beru, also offer a quick loan. Each application for such a loan is individually considered and there is no credit limit as required by the credit line. Accordingly, a new loan can only be obtained once the previous loan has been repaid, but there is the possibility of receiving an additional amount on an existing loan. Alternatively, the repayment term may be extended for an additional fee. This type of loan can be useful at times when a relatively small amount of money is urgently needed.

Conditional loans are classified as follows :

  • short-term loans – most credit institutions offer repayment terms of up to one month and the maximum available funds are relatively lower;
  • long-term loans – can be useful in times when the required amount of money exceeds 500 euros and accordingly a longer repayment term is available.

Did you know that fast credit is available just like a credit line from 20 years ago?

Read on for what purpose a credit line should be used to know when to choose it!

A credit line and a quick loan serve a variety of purposes

A credit line and a quick loan serve a variety of purposes

There is a myth that a good credit line and quick loans encourage you to live beyond your means, but this service is only meant to provide additional support for people with adequate solvency. From a doctor’s visit to a home appliance repair shop, there are many situations in your life that may require additional funding as a matter of urgency. If you don’t have the money or the ability to borrow from relatives or friends at any given time, a good credit line or quick credit can be a help.

How to borrow prudently?

How to borrow prudently?

Before choosing a credit line or quick loan, evaluate all the circumstances and do not be hasty!

To borrow wisely:

  • Honestly evaluate your monthly income-expense ratio
  • study carefully what a credit line or quick loan is and find out all the terms;
  • choose only the amount of your loan that regular income will allow you to repay without delay, so that, for example, a credit line does not become blacklisted;
  • assesses whether a particular type of credit is really intended for a short-term purpose and not for prolonged financial difficulties for which it will not be an appropriate solution.

The financial situation has to be considered everyday

The financial situation has to be considered everyday

In the long run, a credit line cannot serve as a regular tool for managing your personal financial matters. Regardless of your financial situation at any given time, it is always important to keep the following three things in mind so that your wallet and bank account will not be a headache and your credit line will not be the only bailout:

  1. smart spending – always make sure it’s important before making a spontaneous purchase. It’s worth asking yourself, “Can I postpone this purchase?”, “Will the money be well spent?” Spend no time comparing different options and finding the best bargain;
  2. Budgeting – All significant purchases and expenditures are planned in a timely manner, consistent with the amount of monthly income. Note that paying bills should be a priority, so avoid delaying regular payments. This is especially important if you have an open credit line or other loan;
  3. Saving money – even transferring a small amount to a savings account every month in the future can be a valuable financial aid – it would be like a personal credit line without having to give it back! It’s worth a try for everyone!

But what if spending money, budgeting, and trying to make savings don’t have money left over, and situations where credit lines seem to be the only way out?

Some tricks to make money

Some tricks to make money

Have you heard of Wilbert Mora book, the story is about how to get rich with a change of mindset. However, one has to admit that thinking alone is not enough – the subconscious has a huge influence on life. Here’s a little trick on how to make money! The process is quite simple – you have to divide your monthly income according to the following rules:

  • Put 10% of your money in a separate box called a “money magnet” – a money-making box that you will never spend, just cover every month’s income. Why do I need it? First, according to Newton’s law: similar energy attracts similar energy, and for whom is it not clear that money is energy? Second, you can never say in your life that you have no money! Third, it is a way to reprogram the subconscious on a wave of money so that you never run out of money and a credit line or other loan becomes less relevant;
  • the next 10% of your monthly income is devoted solely to yourself, your wishes and your satisfaction. Why? In this way, you reward yourself for earning your money, for taking care of your well-being, and for doing something to improve your life, and these 10% give you a sense of accomplishment, which is a very important feeling;
  • the third 10% is spent on your growth – books, courses, education, self-development training, therapies and more on how you can improve your skills and make yourself better. Why? To make money, you have to learn and invest in new things, skills, events;
  • fourth 10% free for charity – give without thinking of getting in return! These can be gifts, simple donations, a transfer to a donation account, etc. Why do I need it? In this way you create a favorable “soil” within yourself and sow the seeds of money there. In other words, you are building a rich dad’s thinking that you can give, help others, and not become poor;
  • the rest of the money remains for your monthly expenses – bills, food, credit line payments, etc.

Try this system and you will never have to search the internet “what is a credit line?” Because you will always have enough money!

Payday loan for your projects

About Bankate

Bankate, headquartered in Brussels, is active in banking, asset management and insurance under the Bankate Group. This group is from France and is now present worldwide. Bankate Belgium has one million customers and employs around 850 people in 700 branches in Belgium.

The Bankate loan offer

The Bankate loan offer

Bankate offers various loans that allow you to borrow money to finance, for example, a house, a car or other projects.

Bankate offers loans for your home, such as a home loan, a renovation loan or an energy loan. With a renovation loan, you can borrow an amount ranging from $ 2,500 to $ 75,000. You do not have to have a mortgage and you pay no notary fees or treatment. The repayment period ranges from 12 months to 180 months and the repayment is done through fixed monthly installments.

For the ecological renovation of your home, you can, like the renovation loan, borrow an amount between $ 2,500 and $ 75,000. In addition, you do not need to have a mortgage and will not have any notary fees or legal fees. You have a repayment period of 12 to 180 months. It is also settled via fixed rate monthly payments.

The Bankate car loan allows you to finance a vehicle, whether new or used. You can borrow up to 110% of the value to cover additional costs such as insurance and various taxes. The vehicle is considered new when it is less than two years old. However, if it is more than 2 years, it will be a used car. The bank, however, sets the maximum age at 5 years.
For a new vehicle, you can borrow between $ 2,500 and $ 75,000 and repay the loan over a period of 12 to 48 months. For a used car, however, you borrow on a minimum of 12 months and maximum 60 months. For a mobile home, the maximum duration is 120 months. Repayment is in fixed monthly installments. A vehicle older than 5 years, or less than $ 2,500, can not be financed by a payday loan.

The Bankate payday loan can be used for all kinds of projects. Thus, you can use it to decorate your home, buy new furniture, finance your studies, holidays, etc. With this loan, you do not need to touch your savings to finance your project. In addition, you receive expert advice to keep your budget in balance and can borrow a minimum of $ 2,500 and up to $ 50,000. The loan period is between 12 and 24 months. You repay fixed monthly payments.

How to obtain an Bankate loan

How to obtain an Bankate loan

If you want to obtain an Bankate loan, you can do a simulation on our website or on the Bankate website. It is also possible to contact a bank agent to give you personalized advice. To obtain a loan, you must provide proof of identity and a form of income. In addition, you must be of age and not appear on the blacklist of the Central Credit to Individuals. For the car loan and the renovation loan (including the energy renovation loan), you must first provide a signed quote or an invoice.

Opting for Bankate

Opting for Bankate

Bankate aspires to be close to its customers and to develop a strong local network. Bankate Online Banking’s platforms allow you to access your accounts at home, on your computer or on your smartphone or tablet with mobile banking. You can manage your banking safely because the platforms are protected. The Bank’s identity is represented under FAST: Fair, Attentive, Simple & Transparent.

In addition, the bank is engaged for charitable causes. She has been volunteering for years with her Bankate Atout Coeur program and supports 450 associations and partners with lifeguards.