We’re excited you chose to start a secured loan with us. This page will help guide you through the collateral process, which involves providing information and details about the personal property items (sometimes referred to as “collateral”) you intend to offer as security on your loan offer. You must provide enough eligible personal property items to cover the amount of your loan offer.* Follow the steps below to get started.
2) Understand how your state determines the value of collateral
A loan with Republic Finance needs to be secured by collateral that equals the amount of the loan offer. It is important to note that depending on your state of residence, you will be determining the value of your collateral differently. Please see the below list to determine how you should value your collateral:
Alabama, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, Ohio, South Carolina, and Virgina
You should use the
Fair Market Value which is equal to the price that a willing seller and buyer would agree that item is worth.
Texas and Missouri
You should use the
Replacement Value which is equal to the cost to replace the item with a similar item of similar quality.
Tennessee
You should use the
Actual Cash Value which is equal to the cost to replace the item with a similar item of similar quality less depreciation due to age and wear and tear.
3) Review the list of prohibited personal property items
The following types of household items
cannot be accepted as collateral to secure a loan:
Clothing
Furniture
Including grandfather clocks, home entertainment centers, patio or lawn furniture, etc.
Appliances
For example, deep freezers, window unit air conditioners, microwaves, sewing and serging machines, etc.
One Television
You must own more than one television in order to use a television as collateral for your loan. You are not permitted to pledge all of your televisions to secure this loan.
One Radio
You must own more than one radio in order to use a radio as collateral for your loan. You are not permitted to pledge all of your radios to secure this loan.
Wedding/Engagement Rings
Personal Effects (yours or your dependents)
For example, cell phones, eyeglasses, purse/wallet, family photographs or heirlooms, family religious items, etc.
Handgun
Various federal and state laws prohibit the use of handguns as collateral on a loan or make their use as collateral impractical.
Linens
Such as bedding, towels, tablecloths, napkins, etc.
China/Kitchenware/Crockery
Such as dishes, utensils, cutlery, pots and pans, cookware, etc.
Tools of the Trade
If you are self-employed and require certain tools or equipment to perform duties related to your employment , you may not pledge those items as collateral for a loan.
Stamp and Coin Collections
Some state laws prohibit the use of a stamp and/or coin collection as collateral for a loan.
4) Fill out your collateral form
Please ignore the section labeled “WHEELED VEHICLES” at the top, since this loan will not be secured by titled automobiles.
Proceed to review the list and fill in the information for the items you own and wish to use as collateral for this loan. Input the value of those items based upon the value definitions for your state of residence above. You have to write in the value.
Do NOT write in the total value, date, or sign the document, yet! When you speak with the Republic Finance team member, the amount of the offer may increase or decrease, so wait to fill in that section until instructed by the Republic Finance team member. Please reference the prohibited personal property list above for items you cannot use as collateral for a loan.
COMMONLY ACCEPTED ITEMS
Frequently Used Items
Electronics (e.g., sub-woofers, amplifiers, TVs (smart, LED, etc.), computers, game consoles, video games, game controllers, Blu-ray players, DVDs, video cameras, GPS systems), wheeled vehicles (without titles), outdoor equipment, tools, jewelry, grills, trampolines, shotguns
Landscape and Outdoor
Riding lawn mower, chainsaw, weed eater, generator, camper, air compressor, pressure washer, grill, movable storage shed, deer stand, shotguns
Jewelry and Antiques
Watch, diamond earrings, bracelets
Miscellaneous
Paintings, car rims, gun safe, drum set, basketball goals
5) Call your loan agent
Now that you have filled out the collateral form, refer back to the checklist and call an agent when ready. They’ll walk you through adding additional collateral, if needed, and how to upload your documents to Republic Finance. They’ll also be able to answer any questions you may have.
Thank You! We appreciate your business and can't wait to speak with you.
* You must be the owner of personal property items identified and have the rights to grant a security interest in those items.
If you are self-employed, you cannot provide any items that would be required tools or equipment ro perform duties related
to your self-employment.