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Frequently
Asked Questions

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What is collateral and do I need it to get a loan?

In some cases, you will need to provide collateral to secure your loan. This depends on inpidual circumstances like income, assets, existing debt and credit score.


Collateral is an asset of value – generally a vehicle or your home, which provides security to the loan. Providing collateral can lower your interest rate, and help you get approved for a loan if your credit score does not qualify you for an unsecured loan.