If you have at least one property within your estate, then you can use it as collateral for a loan. The safest way to do this is to request, at a financial institution, a type of credit usually known as a mortgage. So that you know what a payday loan with mortgage guarantee consists of, we have prepared this article.
What is a payday loan with mortgage guarantee?
A payday loan with mortgage guarantee is one of the various credit products offered by Peruvian financial institutions. In this credit, you receive a loan of money, guaranteeing in compliance with your payment through a real estate property of your property.
This type of credit uses the figure of the mortgage, which is a real right to guarantee the loan. This is conformed to ensure your compliance with the payment of personal credit, within the agreed period. Although you maintain ownership of the property, the granting institution can promote the forced sale of your mortgaged property, if you fail to pay.
Advantage of payday loan with mortgage guarantee
The main advantage is that by using a real estate as a guarantee, for the financial institution this product is very low risk. Therefore, it can offer you very competitive terms and interest rates, compared to other types of loans. Also for the same reason above, the requirements are usually less demanding.
Another important advantage is that this type of credit is generally offered with free availability. This implies that you can use the credit money as you wish, since there are no limitations in this regard.
Disadvantage of payday loan with mortgage guarantee
By giving as a guarantee a property of your property, you put your personal and family assets at stake. Remember that if you fail to pay the loan, you can lose ownership of the real estate placed under guarantee; However, nobody asks for a loan to not pay it. True?