Fast stock loans are a great option for borrowers who need fast cash to purchase stocks or other items. There are various types of fast stock loans available, including unsecured and secured. An unsecured loan does not require the borrower to put up any collateral or assets to obtain a fast stock loan. Secured fast stock loans require that some type of collateral or assets be put up to obtain a loan.
Non-recourse loans are loans that do not require that the borrower provide any collateral or assets in return for the money. This type of fast loan is much like a credit card, that allows the borrower to purchase items and then makes the purchase with the money that is loaned from the lender. These loans are also known as credit card advances and have very similar terms to traditional credit card purchases. Although they have very few restrictions, these non-recourse stock loans usually come with high-interest rates and fees.
Unsecured loans are loans that do require collateral, but it is not required to supply protection against loss or damage to the property of the borrower. Some lending institutions will advance this type of loan on the condition that the borrower will pay them back within a certain amount of time, typically within thirty days of the acquisition of the item. These non-recourse loans usually carry slightly higher interest rates than non-recourse ones, but the convenience and short repayment period make them appealing to many borrowers.
There are several requirements needed to obtain these fast stock loans. Borrowers must be at least 18 years old and currently reside in the United States. They must have an open and active checking account with a bank that is registered with the Financial Industry Regulatory Authority.
Borrowers can obtain unsecured fast stock loans by providing proof of identity through a driver’s license, passport, or social security card. Most banks require that applicants for this type of loan provide two to ten working references. Applicants may also be required to fill out an application for a secured loan.
Secured loans are much like unsecured ones in that they require collateral to secure the loan. In addition, however, lenders are much more strict when it comes to assessing credit history and determining creditworthiness. If a person has bad credit, he or she may not qualify for the maximum credit limit on the loan.
Lenders will often insist that applicants supply a court order or other documentation detailing their extenuating financial circumstances. In the case of secured loans, borrowers must supply homeownership as a form of collateral. If the loan is not paid in full by the date specified, the lender has the option to sell the property used as security in return for the full face value of the loan.
Since these fast stock loans are unsecured, they carry a higher risk for lenders than most loans. Therefore, it is important to make sure that one has good credit before applying. Applicants should also familiarize themselves with the terms of the loan and the fees involved before signing on the dotted line.