There are so many ways to get a personal loan and they are:
Borrowing Against Your Car
There are a number of secured personal loans while using a car as form collateral. These loans are known as auto equity loans where you borrow money against the value of your vehicle which has to be yours and registered in your name.
Any lender who accepts your car as a form of collateral would require it us insured in cases of physical damage. For people who already dropped a collision and comprehensive coverage on their vehicle in order to save money, lenders would offer them a more expensive optional credit insurance Which is a lot more expensive than getting full coverage.
There are two other options for borrowing against your car:
Auto refinance is an option to use it you still owe money on your car this option lets you replace the original loan you have taken with a loan of a higher amount. Although you get extra cash to yourself, you have more debt to pay off.
Auto title loans are another Way to get loans. Here the APR is as high as 300% and you do not need a credit check to get this loan. The disadvantage is that you have a higher chance of getting your car repossessed and they are expensive to pay off. This is why it is advisable to only opt for this loan if it is a medical emergency
You can borrow against your savings
Once you have money in your savings account, you can use that other than getting a personal Loan which would have high interests attached to it. In a case where you need more money to add to the one in your personal account, lenders can use your certificate of deposits as a form of collateral, that way you wouldn't have access to your account until you repay the loan.
Learn about asset lending here >>> https://en.wikipedia.org/wiki/Asset-based_lending
