A Zillidy collateral loan is a great option for many people in many different situations but it isn’t always the right solution for everyone.
There are many factors that may make Zillidy the wrong choice for a loan:
You don’t have an asset that fits within our lending criteria
The primary criteria to secure a loan from Zillidy is that you need to have an asset that fits within the tight confines of our acceptable asset list. We are a collateral lender which means that we base our loans on the value of the asset used as collateral.
- Precious metals (gold, silver, platinum)
- Luxury watches
- High end art (famous artists with confirming paperwork)
- Ultra luxury, high end cars (typically $100,000+)
You don’t have a Canadian bank account
We deposit the loan proceeds directly into your bank account and directly debit the interest payments from your bank account every month. Because we are based in Canada, at the moment we are only able to do this for clients with Canadian bank accounts.
Zillidy stores the assets used as collateral in our fully secure vault facility under 24 hour surveillance throughout the duration of the loan. Our security and insurance is likely more comprehensive and sophisticated than your individual security and insurance policy so you can be assured that your assets are always safe.
You don’t want to send your asset by courier
In order for us to evaluate your asset and to store the asset, we need to get the asset to our facility. We are internet based and operate across the country but in order to get us your assets to evaluate and store, we need you to send it to us. The asset is fully insured from the moment it leaves your possession and can be tracked throughout its journey.
The thought of losing your asset keeps you awake at night
There is a theoretical possibility that if you default on your loan that your asset will be liquidated to recover the loan proceeds. If this happens, the excess amount recovered is returned to you.
Notice the word “theoretical”. We are not in the business of selling our clients’ assets. It is costly, time consuming and makes us sick to our stomach to have to liquidate prized possessions. But we are not a charity, we are a for-profit business that makes money from the interest we charge on our loans. We need to balance these two realities. As long as our clients make a legitimate, good faith effort to pay the monthly interest in full and on time, we will work with them to ensure a loan is restructured if necessary.
Our goal is to create an easy way for Canadians to access short term cash quickly by tapping the equity in their personal assets. We want our clients to sleep well at night knowing they have chosen a true financial partner in Zillidy to help them meet their capital requirements.
If after reading through the website, learning about Zillidy’s philosophy and process you believe that a Zillidy loan is right for you, please reach out and we’d be honoured to help you with your loan.