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Personal Loans

Do you want to buy a car or finance your kid’s higher education? A personal loan is there to fulfill your needs. These loans have been designed to satisfy various personal requirements of the borrowers. Personal loans are mostly unsecured loans.

About personal loans

Personal loans are also referred to as consumer credit. These loans have garnered a lot of popularity across the world. Borrowers utilize these loans for financing various individual needs such as paying for higher education, purchasing an automobile, going for a vacation or home improvement. These loans are available at flexible terms and conditions and are tailored to fit the needs of the borrowers.

In some countries, personal loans are referred to as signature loans. Borrowers use these loans for minor purchases like buying a personal computer or meeting expenses of home renovation, a holiday trip or unforeseen expenses. People with a somewhat blemished credit history can also qualify for these loans.

Benefits offered by personal loans

Given below are some important advantages that personal loans offer to the borrowers:

1) Easy application

The application procedure for a personal loan is simple and straightforward. There is minimal necessity of documentation and other formalities.

2) Instant financing

You will be informed if you qualify for the loan within one or two hours and normally the funds will be transferred the following business day.

3) Easy to budget

If you get a fixed rate personal loan, then it becomes easier for you to budget your expenses because you have a clear idea of how much you need to spend every month.

4) Cheaper loan option

A personal loan is frequently a cheaper loan option than other high interest debts such as credit cards. In this way, you can save a lot of money on interest payments.

Why should you go for a personal loan?

Personal loans can work as a boon when you have an unforeseen vehicle maintenance bill, a big tax bill or any other big expense. All these expenses can be met with a personal loan and this helps you drive away all your worries. At some point of time in your life, you might face financial hardships. Normally, financial adversities occur when your expenditures surpass your income. In these circumstances, a personal loan can help you out if it is used rightly.

Types of personal loans

There are usually two types of personal loans – secured and unsecured personal loans.

1) Secured personal loans

Secured personal loans are offered on rare occasions and are subject to excellent credit score and the value of the collateral or security that is furnished to back the loan. These loans are available with more extensive repayment terms with smaller monthly payments. In comparison to unsecured personal loans, the interest rate is quite less and hence it is a cost-efficient option for borrowers. You can request for a secured personal loan by keeping your home, your car or any other valuable property as security or collateral.

2) Unsecured personal loans

Unsecured personal loans don’t ask for any collateral or pledge. As a result of this, the interest rate on unsecured personal loans is higher than secured personal loans. The repayment term is also comparatively small. You should have an outstanding credit score to quality for an unsecured personal loan. Since there is no collateral, you have to undergo a credit check performed by the lender. Unsecured personal loans are better financing options for people who don’t have any property and are not able to furnish a collateral.

It is up to you whether you should go for a secured or unsecured personal loan. If you feel that you don’t have the risk of losing your property that you are furnishing as collateral then you should go for a secured personal loan. Otherwise, it is better that you go for an unsecured personal loan.

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