First off I should probably clarify what an asset loan is. An asset loan occurs when you get a cash advance and put up any asset as collateral. This could be jewelry, a house, boat, car or art. Essentially anything that can be sold to recoup the cash lent out should you default on your loan. Banks typically secure real estate, such as your house.
Asset loans are typically used when people need quick access to cash and do not wish to go through all the paperwork required by a bank. The process for acquiring one is also pretty straightforward. I will explain this below but for more information on the types of assets considered, visit Car Pawn Loan, as surmised from the name they prefer vehicle based assets but they are open to other types too.
So how does the process work? Simply take your pawnable asset down to your local lender where they will give you an estimate on its worth. You will then be required to sign a standard loan agreement, which highlights payment terms and interest rates. It is worth shopping around a little bit if you are new to the process as the interest rates and terms can vary from lender to lender. Typically the payback term is 30 days but longer periods can be negotiated.
As with any loan where you put up assets as collateral, if you default on the payment or are unable to repay the loan, you risk losing the asset. If you anticipate you are not going to be able to pay back the loan on time, contact the lender before and not after the payback date. Reputable lenders will be open to extending your payback period.