© 1999 - 2020 Wells Fargo. We cannot address customer service questions here. Plus, secured loans may have lower interest rates, larger loan amounts, or better terms than unsecured loans. We're sorry, but some features of our site require JavaScript. Secured loans might be a good choice if you have personal assets such as equity in your home or funds in a savings account that can be used as collateral. Contrast a collateral loan with an unsecured loan, where all a lender can do is ding your credit or bring legal action against you. LTVs typically range from 50% to 90%, though it’s possible to find LTVs above 100% on loans for a specific purchase — such as a car loan . Auto loans would use your car, and secured personal loans may use money from a CD or savings account.Let’s take a closer look at the pros and cons of collateral loans.If you don’t want to risk your property to get a loan but your credit is making it tough to get an unsecured personal loan from a traditional bank, there may be other options.Be sure to get informed about the ins and outs of getting a personal loan when you have rough credit. How the Collateral Lending Program works . Using a Wells Fargo CD or savings account as security for a loan may enable you to qualify within hours and get the funds on the same or next business day if approved. The contract is concluded for a certain period, after which the debtor must return an equal amount of money, … Plus, secured loans may have lower interest rates, larger loan amounts, or better terms than unsecured loans. It’s accurate to the best of our knowledge when posted. When you take out a collateral loan, you agree to give a lender the right to take the property that’s securing the loan — like a car, home or savings account — if you fail to repay it as agreed.

Product name, logo, brands, and other trademarks featured or referred to within Credit Karma are the property of their respective trademark holders. Image: Male same-sex couple sitting on sofa with their dog, using a digital tablet to research the best online loans Get an official Loan Estimate before choosing a loan. Conditions and limitations apply. For specific account-related questions or comments, please visit The annual percentage rate, or APR, is the rate, for a payment period, multiplied by the number of payment periods in a year. Stated rates are for new accounts only. Keep in mind, with a secured loan, the lender can take possession of the collateral if you don't repay the loan as agreed.

You can choose from a secured line of credit or a fixed-rate loan. The offers for financial products you see on our platform come from companies who pay us. Our marketing partners don’t review, approve or endorse our editorial content. You can secure the loan by offering some form of collateral in return, known as a collateral loan, or a secured loan. Lenders would prefer, above all else, to get their money back. Rates without AutoPay are 0.50% higher. Availability of products, features and discounts may vary by state or territory.

Your actual rate, payment, and costs could be higher. Read our App Store is a service mark of Apple Inc.The Equifax logo is a registered trademark owned by Equifax in the United States and other countries.Mortgage products and services offered through Credit Karma Mortgage, Inc. NMLS ID# 1588622 | Licenses | NMLS Consumer AccessLoan services offered through Credit Karma Offers, Inc., NMLS ID# 1628077 | Licenses | NMLS Consumer Access . A line of credit gives you the most flexibility by allowing you to tap the line as needed, while a fixed-rate loan offers the predictability of a lump-sum funding … Here are a few personal assets that can help you secure a loan.

But since we generally make money when you find an offer you like and get, we try to show you offers we think are a good match for you. That's why we provide features like your Approval Odds and savings estimates.Of course, the offers on our platform don't represent all financial products out there, but our goal is to show you as many great options as we can.When you take out a collateral loan, you agree to give a lender the right to take the property that’s securing the loan — like a car, home or savings account — if you fail to repay it as agreed.Mortgages, auto loans and secured personal loans are examples of loans that require some type of collateral.Mortgages would use your home as collateral, as would a home equity line of credit. Keep in mind, with a secured loan, the lender can take possession of the collateral if you don't repay the loan as agreed.Here are a few personal assets that can help you secure a loan.You might also consider a secured credit card, which requires some form of collateral.Either a secured credit card or a CD/Savings Secured Loan may be able to help you build or rebuild your credit history. Subject to credit approval. The money we make helps us give you access to free credit scores and reports and helps us create our other great tools and educational materials.Compensation may factor into how and where products appear on our platform (and in what order). Please enable JavaScript on your browser and refresh the page.

The loan-to-value ratio (LTV) is the amount you’re eligible to borrow divided by the value of your collateral, typically expressed as a percentage. No mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through this site.