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We ended up in a bit of a pickle when we were renovating a property. Hock Your Ride explained everything in lots of detail. They were just overall, excellent.

Susan McKinlay, Self employed home renovator, Alderley.

I'm a business owner and was having issues with people not paying on time. Hock Your Ride are good to deal with and honest...it was just an easy process. I've used them several times since then and referred other people to them.

John McKenna, Industrial Refrigeration, Nerang.

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How does a collateral loan work?

The approval process for collateral loans is similar to that of other loans. Using companies like Hock Your Ride can make the approval process much quicker and easier while granting you the freedom to avoid showing your credit to the lenders, or letting bad credit hold you back from getting the loan you need.

Just like any other loan, entering into an agreement for a collateral loan will have you paying a set amount of money over a set amount of months. And when that period is over and the money is paid completely, the loan ends. The main difference between collateral loans and other types of loans is that the collateral or asset you’ve put down can be repossessed by the lender if the case you default. Just like the bank can foreclose on your property and leave you homeless if you stop paying your home loan, a lender of a collateral loan can show up at your house and take the asset you put down away for good.

To qualify and get approved for a collateral loan, you will need to provide both proof of value and proof of ownership of your assets, usually with a tittle. Although having a good credit history and a consistent work history will help in your chances of getting approved for a loan, getting loans from places such as Hock Your Ride can help you get the loans you need quickly and easily without having to deal with the credit side of the things.

what-is-collateral-loan

What is a collateral loan?

Even though the term collateral loan may sound unfamiliar, they are actually very common. Home loans and car loans are some of the most popular types of collateral loans, and in both cases, the borrower has secured their loans with a personal asset. Obviously, in the case of home loans and car loans, the asset is either their home or their car.

What’s interesting about collateral loans is that they are usually realized long after the borrower has gained legal possession of their collateral. This is because the collateral acts as protection for the lender in the case of default, which is also why these loans are often referred to as “secured loans” while other types of loans are considered “unsecured”.

One real-life example of when someone might be interested in obtaining a collateral loan is when they are wanting to start a business, but are lacking the necessary start-up cash. In this case, someone may choose to put either their home equity, paid-off vehicle, or investment portfolio down as collateral. Or all three.

Types of Collateral For Loans

There are many different forms of collateral loans beyond the standard car loan and mortgages. When someone decides they want to go down the secured loan route, they can use many types of assets to secure their loans, such as

  • Cars
  • Boats
  • Jetskis
  • Trucks
  • Machinery
  • Caravan
  • Trailers
  • Jewelry
  • And more

The bottom line is that with collateral loans, as with any other type of loan, the lender wants to get the money the lend back. And they can do this by having the borrower secure their loan using one of the types of collateral listed above, because it guarantees that they will receive some of or all their funds back if the borrower decides to default.

It is also important to keep in mind that most lenders won’t take into consideration the full value of the collateral you put down during the loan application process, and the terms of the loan vary widely. When you use assets / collateral that have a history of large drops or swings in value (such as cars, stocks, etc.), the lender may choose to only consider a portion of the collaterals full market value in order to guarantee a certain amount will be able to be returned. In addition to that, interest rates and length of repayment periods as with many other types of loans – vary greatly.

As you go about the process of shopping for a secured loan, make sure you take the time to understand how each loan works, the terms of the loan you are about to sign for, and how much you’re going to be paying month-to-month and over time. Sometimes, collateral loans may have have unusually high APR rates along with some type of additional fees that will need to be verified upon by you before signing.

Types of Collateral Loans

Car collateral loans

Collateral loans using cars is one of the most com-mon types of…

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Bad credit collateral loans

Collateral loans are great for people that are either just starting to build…

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No Credit Check collateral loans

At Hock Your Ride, we can approve you for the loans you need in a no…

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Pawnshop collateral loans

Pawnshop collateral loans are some of the most underrated types…

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Business loan with collateral

Many business owners resort to getting business loans in the form…

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Jewelry collateral loans

If you need money quickly and want a no-credit check solution…

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Land collateral Loan

Believe it or not, you can actually use vacant land as a type of collateral…

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Getting A Loan without Using Collateral

Getting a loan without using collateral works very similarly to taking out a loan using collateral. With an unsecured loan, you’ll be able to borrow money without putting down any of your own assets. This is a good option for people that have a great credit score as well as a solid history of employment and making regular payments on time.

The downside to an unsecured personal loan is the you will usually need good to great credit to qualify, depending on your current employment situation. Because you’re not putting down any type of collateral to secure your loan, the lender may be hesitant to approve you for a personal loan if you do not have a solid history of consistent work and income.

Although there are times and places for unsecured personal loans, they may be unrealistic for people that are currently suffering from bad credit scores or an intermittent work history. At Hock Your Ride, we can provide you with a no-credit check required collateral loan after you show us proof of asset ownership and some type of personal verification.

Why Choose Us Over a Personal Loan Credit Lender
For a Bad Credit Loan?

Both pawnbrokers and personal credit lenders provide cash loans, but their overall services are not equal. Personal Loans hinge on credit checks, Pay slips  and internal charges while car pawnbrokers provide asset-backed cash loans. The assets can be cars, bikes, boats, machineries, or anything else which has value. Here are the differences between loans from Hock Your Ride, and the ones from Personal Credit Lenders.

Loans From Hock Your Ride Fast Cash

  • No strikes against your credit or finances
  • No hidden charges.
  • No credit checks, pay slips or bank statements are required
  • Fast processing of pawn cash loans
  • You’ll have your loan and cash in minutes*
  • You can borrow $1000* and $80,000* against
    your asset or even more!

Loans From Other Lenders

  • You will be harassed by the debt collectors if you default.
  • You’ll have to bear additional fees and charges
  • Pay slips, bank statements are required
  • Getting the loan approved is a very lengthy and tedious process
  • You will need upto 7 days to get approved if you are lucky
  • You can get a loan up to $10,000 at the most.

Your Easy Steps To No Credit Check Cash Loans

Fast No Credit Check Loans For People With Bad Credit or Poor Credit

We will lend up to $90K against your vehicle

  • You need to own a vehicle to pawn it.
  • Your vehicle needs to be free of any finance.
  • Bring your vehicle to our Car Pawn Shop.

 Ownership and ID verification

  • Need 2 x Id: Licence, Medicare or Bank Card.
  • We need car Registration or Sales papers.
  • We will verify ownership and identification.

 Give key and get money!

  • We will value your car & offer you cash loan.
  • Upon offer acceptance –the loan is processed.
  • You will receive Cash and your Car is stored till repaid.

Frequently Asked Questions

Can I get a loan using my vehicle as collateral?

Once again, yes you can.
If you have a certain loan amount that you are trying to reach, but find yourself with a bad credit score and multiple different assets of various dollar amounts, you will be able to stack the amount of your assets and use them as leverage to take out the loan amount that you need. This means that instead of simply putting one item down as collateral, you will be able to put multiple items down that all have separate values, yet add to the total amount of collateral you’ve put down as a loan.

Who is the perfect candidate for a collateral loan?

Once again, yes you can.

If you have a certain loan amount that you are trying to reach, but find yourself with a bad credit score and multiple different assets of various dollar amounts, you will be able to stack the amount of your assets and use them as leverage to take out the loan amount that you need. This means that instead of simply putting one item down as collateral, you will be able to put multiple items down that all have separate values, yet add to the total amount of collateral you’ve put down as a loan.

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We Loan Cash Fast Against Your Ride. Contact us today and get your Cash Loan now!

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