- Date : 07/09/2021
- Read: 1 min
Let’s look at the concept of borrowing money against assets or collateralised debt. Consider these options the next time you’re short of money.
It’s probably the first time you’re hearing such a suggestion! After all, borrowing money is generally discouraged as it is considered a terrible idea by most people. While we aren’t exactly promoting the habit, there are some tricks that can ensure you get help the smart way.
These tricks can be especially useful for a personal loan (given their lowest total cost of borrowing) if you have a good credit score; that is, a FICO score of 690 and above. These come in handy for a personal line of credit – a hybrid between a loan and a credit card, if you are unsure of your total borrowing need. You’d be surprised to see a majority of banks offering these. And for a loan against property, they are ideal when you require funds with no end usage restriction, so you can utilise them for various purposes.