If you own a saloon, you must be going well in the business, however, uncertain circumstances can come anytime. You may need some urgent cash for another business or may want to buy a new car or invest in a different business. In all such situations, your saloon will give you an opportunity to get fair cash. Pledge refers to the delivery of personal property to a creditor as a security for any performance of an act or a debt. This is an assurance that the person is going to repay the debt under the contract. You can either go for Saloon pledge [รับจำนำรถเก๋ง, which is the term in Thai] or the shares of your saloon, depending on your situation.
Types of lenders
When you pledge your property or the share of your property, you need to go to a lender who will provide you the cash in return. You may want to know who the lenders can be. Well, lenders can be anyone from a bank to a person. The most common lenders are the bank, financial institutions and credit unions. Apart from that, there are other lenders, including peer-to-peer lenders, crowdfunding contributors, family, friends and even you. Both peer-to-peer and crowdfunding can be operated online, however, financial institutions and banks come on the investigation, so you need to deal with them in person.
Tips to follow
When you are looking for a lender, consider and understand the type of loan you need at first. Check out whether you have any asset to pledge against your loan, for instance, if you own a saloon, which runs every day and may even at night, you may be generating good revenues from it, so it is an asset. Also, there are other factors that determine your probability of getting a loan and the terms of that loan. Therefore, it is advisable to keep a business plan at hand along with a financial statement for a business like owning a saloon. Know that you can enjoy tax benefits by pledging your saloon, so it is recommended to have a detailed discussion with the company or the lender.
