Secured Loan Example

It is called Secured loan to the loan in which a guarantee is given such as the movable, immovable property, one's own word or the word of a third party "Endorsement" in order to guarantee the payment of a loan.

The guarantees can be divided as follows:

• Real guarantees:
  estate
• Personal guarantees:
  Endorsements
  credit history
  the word itself
• Pledge guarantees:
  jewels
  automobiles
  miscellaneous movable property, etc.

Example of a secured loan:

Mr. Gabriel Gutiérrez Juárez, needs to request a loan to pay for clinical studies related to a medical service.

As he had no credit history, he decided to use his articulated car as collateral and for this, he presented copies of the registration documents for the vehicle in question at the bank.

Because a car is an item susceptible to being stolen or prone to fraud, the bank carried out a preliminary investigation before granting any credit.

Subsequently, the loan was granted, establishing an amount of 120,000.00 pesos and a period of 18 months to pay them to the bank.

As a requirement, two guarantees with clear documentation were requested to confirm said loan.

This loan is recorded at a total of 25% monthly interest that will increase if he does not pay that amount.

Another example

The Mrs. Alejandra Zedillo Aguilar, requires extra capital to cover the tuition fees of her three children.

In this case, Mrs. Alejandra decided to pawn her items consisting of two bracelets, a diamond ring, a gold necklace, and an automatic gold watch.

The pawnshop appraiser valued the items and determined a payment amount for a loan of 75,000.00 pesos spread over six months.

Upon completion of the payment, her belongings were handed over to him and while the debt lasted, it was denominated as a pledge, due to the type of guarantee for the loan received.