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Frequently Asked Questions

Below are the most commonly asked questions that we get from our clients. If any of your questions are not answered here,
please feel free to get in touch with us.

What is a collateral loan?

A collateral loan is a loan in which you provide physical goods with an estimated resale value as backing towards the money that you receive.

In the event that you are unable to pay back the loan, or the monthly interest - the collateral is used as a means to recuperate the money that was originally paid out to you.

Are there any credit checks involved?

There are absolutely no credit checks involved in our process. We also do not perform background checks, we do not ask about your estimated net worth, and we never inquire about your collateral holdings outside of the loan you are working on with us.

What can I use as collateral?

We offer the best appraisals on precious metals, fine jewelry, designer handbags, luxury watches, and other items with a verifiable aftermarket resell value.

How do you determine my monthly interest rate?

Based on the amount of money you need, we provide you with a monthly interest rate sheet for collateralizing your loan. Depending on the collateral you put up for your loan, you will receive a related fixed monthly interest rate payment amount. Each month, your minimum payment will be the assigned interest rate amount.

Can I use more than one item as collateral?

Absolutely. We can often utilize several items to collateralize your rate sheet. As long as we can meet the required collateral expectations for your desired loan amount, we can work with you to reach your requirement.

Who owns my collateral?

While your loan is active, you remain the sole owner of your property the entire life of the loan.

Should you be unable to make a payment, then and only-then does the ownership of the property transfer over to Defco.

How long can I maintain a loan active?

While our loan periods are up to 90 days, we can work with you to continue to extend your loan past the original period given that you continue to pay the monthly interest fee payment.

Ask your loan concierge about length when working through your application process.

What happens if I can't pay my loan?

In the event that you are unable to continue paying for your loan, Defco Loans will place your collateral up for sale through our wholesaler network.

To avoid this, we request you notify us as soon as you are aware that you cannot make your payments - so that our team can work with you.

If I default on one loan, can I re-apply at a later date?

Absolutely. Since our loans are collateralized, we offer the opportunity for repeat loans - given that your new loan is also collateralized based on your future needs.

Do I have to be in the state of Florida to get a loan?

You do not. We work virtually with many customers and can offer 100% virtual programs. Please note, however, that all loans processed are subject to all applicable laws and regulations of the State of Florida - specifically Broward County & Palm Beach County, FL.