Whether you need a loan to solicitar prestamo a car, pay for home improvements or fund another big expense, you can find the funds you need by applying for a collateral loan. Collateral loans can offer lower interest rates and longer repayment terms than unsecured personal loans. And they can help you build credit if you make all of your monthly payments on time, as long as the lender reports the payments to the three major credit bureaus.

To apply for a collateral loan, research lenders to see which ones may approve you based on your credit score and financial profile. Check their eligibility criteria to see what type of collateral they accept, as well as the minimum and maximum loan amounts they offer. You can also shop around to compare collateral loan rates and fees, as well as loan terms and hardship policies. You can often get these quotes without officially applying, by using a lender’s prequalification process.

Beyond the Numbers: Factors Lenders Consider When You Apply for a Loan

Once you have found a lender that offers the loan amount, interest rate and repayment terms you need, review your options to decide which one is best for you. Then, apply with that lender through their online application. The lender will typically perform a hard inquiry on your credit report during this step, but it should only have a temporary impact on your credit.

Once the lender has reviewed your application and all supporting documentation, you should receive a loan approval decision within a day or two. If approved, you can usually receive the funding through a direct deposit into your bank account, or the lender can send you a check by mail.