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The Ultimate Guide to Personal Loans

Personal loans are a consumer loan provided to you for use at your own discretion. Some common reasons consumers obtain this type of loan include to pay off medical bills, to pay for a sought after vacation, make changes to their home, or even pay for a wedding. This method of financing can be secured or unsecured and has a fixed loan amount and term, meaning you get the funds once and make fixed payments at predetermined intervals. Some loans have prepayment penalties while others allow you to make extra payments at no extra charge, so make sure you read the fine print and know all of the details on the loan to ensure that you understand the terms.

Personal loans can be obtained from local banks. Typically, consumers start with the bank where they hold their checking and savings accounts since they already have a relationship with that bank and sometimes have a better chance at getting more favorable terms. Some banks offer a discount on the rate if you choose to have your payments automatically withdrawn from the account you hold there. If you do not have a local bank or you want to shop for the best rates , you can also obtain this type of loan online from a variety of lenders. The process is simple and can be done over the internet and the phone for the most part. Some lenders offer the money to you in as little as 24 hours, but make sure you do your research first to ensure that the bank is reputable and the terms favorable.

Verification Documents to Provide

Once you decide on the lender you wish to use, you will need to provide proper documents to verify who you are, your income, proof of where you live, and where you work. Every lender differs on the documents they require, but be prepared to show your last 2 years’ worth of W-2s if you are a salaried employee or 2 years of your tax returns if you are self-employed or work on commission. You will also need to provide your employer’s information so the bank can verify the information you provide and any previous addresses if you moved within the last 2 years.

The Definition of a Secured Loan

Personal loans can be secured or unsecured. Secured financing occurs when you put up collateral in exchange for the loan. The collateral in this loan might surprise you though – it is not putting up the collateral of the item you purchase, such as occurs with a mortgage, when your home serves as the security. With personal financing, you have the option to use one of the following items for collateral: savings account, car equity, or home equity. If you apply for the loan with the bank that holds your savings account and you have a significant amount in the account, getting qualified for the loan will be quick and easy as they hold the collateral already. If you wish to use the equity in your car or home, the loan amount varies depending on the amount of equity you have. The equity is the amount of the car or home that you own free and clear because you either put down that amount of money as a down payment or you paid off that portion of the loan – it is considered your portion of the investment.

The Definition of an Unsecured Loan

An unsecured personal loan is the opposite of the secured option. In this scenario, your loan approval is based on your creditworthiness. Due to the fact you do not give the bank any type of “insurance policy” in the form of collateral, you must have high credit and other positive qualifying factors in order to obtain this loan. Banks look for a stable employment history (holding the same job for at least the last two years with the same or higher income); a low amount of debts compared to your gross monthly income; and a blemish-free credit history for at least the last two years. Banks require much higher qualification factors for this type of loan because they do not have anything to guarantee that they will get paid on the loan should you default on your payments.

Interest rates vary widely on personal loans. Banks offer different rates for each category, which means determining if you will get a secured or unsecured loan will help you determine the interest rate range you fall into. Generally, the rates you pay are higher than any other loan type because of their risk level. In the event that you are able to secure the loan with equity in your home or car, you will be able to lower the rate slightly. Typically, secured loans start around 5 percent but can go up to as high as 10 percent and unsecured loans start around 10 percent and go as high as 30 percent. The rate the bank provides you depends on the loan amount, the length of the term, your credit history, income, employment, and debt ratio.

The good news is that bad credit does not automatically mean you will not get a personal loan. If you are in dire need of the funds, there are entities out there that will provide them; you will have to pay the price though. Sometimes if you are starting over and trying to get a fresh start, however, it can be worth the price you pay. Every bank determines “bad credit” in a different way. Some banks consider scores lower than 630 bad, while others will consider scores as low as 600; some even going as low as 500. If you have a score on the lower end of the spectrum, it pays to shop around to get the best rate and terms for your loan. It is typically better to go with a personal loan with an interest rate of 30 percent or higher than it is to trust a lender that takes borrowers with no credit or does not consider their credit as the fees and interest rates are astronomical on these loan types.

If you take a personal loan because you are knee deep in debt and then find that you cannot keep up with the payments, you could find yourself in trouble in one of two ways.

If you have a secured loan, the bank will seize your collateral. This usually happens after several missed payments and attempts on the part of the bank to get the money from you. Due to the fact you put your items up for collateral, the bank does not have to provide you with a warning; your items will just be repossessed. The bank then sells these items to help pay off your loan and the fees accrued throughout the process as an attorney must be involved in the repossession.

If you have an unsecured loan, the bank does not have anything to repossess. In this case, they must come after you and your money. Typically, lenders will send your account to their collections department after two missed payments. After a few months of attempting to reach you via phone and mail, they will then sell your account to a collection agency. This company will then take over the account, charging you extravagant fees in order to make a profit for taking on the loan. You are then on the hook for more than just the principal and interest if you plan to make good on the loan. If the collection agency does not settle your loan, they can then sue you for the amount of the loan plus any fees that accrued throughout the process, which allows them to come after your money and/or any assets you own.

Personal loans can be a great way to get the funds you need, but make sure you enter into the process with proper knowledge of what the bank provides. You can expect to pay much higher interest rates than any other type of loan and undergo the scrutiny of your financial situation to ensure that you can make good on the payments. In the end, this type of financing can help you get out of a financial problem while allowing you to increase your credit score with timely payments of the loan its

Personal Loans Online With Bad Credit Approval

Promoting The Responsible Use of Unsecured Personal Loans

Personal Loans and Personal Installment Loans Made Simple. All Online, All Credit Types

Traditional banks are tightening their credit standards and rejecting more requests for personal loans. However, online personal loan and personal installment loan lenders have lined up to fill this growing void in the credit market.

We work with several lenders and financial connecting services offering personal installment loans for up to $5,000.00. And you can get started now.

Additionally, through our direct lender connections, we are able to connect the borrower with much larger personal loans as well – as much as $35,000.

Personal Installment Loans Up to $5,000

Whether you need a loan for a minor emergency, or a personal installment loan large enough to cover a major expenditure, we’ll do everything possible to get you funded – fast.

We offer personal unsecured loans for any reason, and credit scores are no obstacle. Whether your credit is bad, good, or even if you have no credit at all, you’ve come to the right place.

Our small loans offer you the opportunity to obtain online loans, with varying terms, interest rates, and repayment plans. Start Today – you’ll be glad you did.

Requesting Personal Installment Loans Online

Getting personal installment loans online is faster and easier than getting a traditional bank loan, and now there are more options than ever for loans with bad credit.

For those who just need quick cash to get through a tight spot, pay off some bills, or any other reason, payday loans or payday loans online may be just the solution. Unsecured loans of up to $5,000 are available with an instant online decision. Simply get started.

For larger financial needs, you can fill out the form below for both secured loans and unsecured loans for up to $35,000 and get an interest rate that may pleasantly surprise, depending on credit; bad credit loans are available as well.

Small Personal Installment Loans

Customers who need to borrow a small payday loan or installment loan, for an amount between $100.00 and $5,000.00, will have an instant decision, with money deposited directly into their bank accounts.

This makes the borrowing money online process very convenient. Short term quick loans have different payment options depending on the financier, some can be paid back in either a lump sum, or others over time with an installment plan.

For these small, short term personal loans, once you verify your employment and income, if approved, you’ll receive detailed offers from lenders indicating the amount they’re willing to lend, fees you’ll be responsible for upon repayment and the date or dates of repayment.

If you need easy loans fast, this is the right option for you. Fees and interest rates vary from lender to lender, and they can change based on your state of residence or the amount borrowed and the term length of the loan.

Unsecured Personal Loans up to $35,000

If you need a large, unsecured personal loan of up to $35,000, Personal Money Store is here to help.

You can borrow an unsecured personal loan, which are also called no collateral loans. You can avoid the hassle of borrowing from a large bank, and some personal loan lenders are more willing to help borrowers get a loan who have lower credit scores.

Most lenders who offer larger personal loans do check the credit score of the borrower. This, however, will not necessarily result in a denial, sometimes it might just entail paying a different or higher rate if your credit is bad.

Because you’ll be borrowing from a personal loan company rather than a bank or financial institution, there can be more room for negotiation regarding terms of repayment.

Personal loan lenders will lend money for many reasons to many types of people. Over the past few years, the banking industry and its practices have been repeatedly called into question.

Many borrowers are looking to personal loan lenders simply because they like having the choice of borrowing from a company that specializes in online personal loans and obtaining fast cash rather than a typical financial institution.

Online lenders who don’t have the overhead or investor pressure that banks have can afford to to negotiate on interest rates – but hurry to get started. Rates are going up, fast.

Customers can still qualify for bad credit personal loans with imperfect credit or even no credit. There are additional determining factors that a lender may consider such as the amount they’re looking to borrow and the fees they are willing to pay.

The process is similar to getting personal installment loans online. The form is short and the approval process is fast; and with an instant decision you’ll know within minutes how much you can borrow. Start Today to see how much you qualify for.

It’s often more expensive to borrow money for those who have bad credit, but personal poor credit loans may get you the credit and financing you need.

Bank overdraft fees could cost you as well because the bank charges a separate fee for each transaction — and those bank fees are only getting higher.

Personal loans for bad credit can be a lifesaver if you’re trying to keep your power from being shut off, avoid eviction, keep your car running or cover an emergency medical expense.

If you’re using small personal loans to try to save money by avoiding late fees or bank overdraft charges, do the math to make sure your loan fees are low enough to justify borrowing it.

Online Personal loans Versus Credit Cards

Interest rates on credit cards can far higher than anticipated, With online personal loans you always know what your interest rate is, whereas interest rates on credit cards can far higher than anticipated

If you already have a credit card and you take out a cash advance against your credit, most credit card companies charge an even higher interest rate than they charge for purchases. Even with bad credit, a personal loan can be a good option.

APR: The equivalent annualized percentage rate for payday loans and other short-term installment loans can have a very wide range and can vary based on the amount of the money borrowed and length of the loan. Make sure you understand all your terms and rates fully before every accepting any loans. If you were to annualize other fees in the same manner such as a returned check fee or a credit card late fee, your annual percentage could be astronomical.

Financial Implications: Short term payday loans are meant to be just that: Short term. Typical fees range from $15 to $35 1 for every $100 borrowed up to $500.00. (While these are typical fees, some lenders may charge more, and fees may be in addition to APR.) Fees per $100 begin dropping on loans larger than $500.00. Fees can sometimes be less than what borrowers can expect to pay for bouncing a check, having a utility disconnected, or paying a credit card bill late.

Collection Practices: Collection practices will vary from State to State and Lender to Lender. Some common methods if a loan becomes delinquent include, attempts at collections internally, primarily through telephone, an attempt to work out a pay-off arrangement that takes into strong consideration the financial condition of the borrower, and other internal attempts. Often, after all attempts at internal collections have failed, the lending agency may send the loan to a third party collection agency in an attempt to recover the funds lent in good faith, or may take other action within their legal rights. Check with your lender and your State regulations to be informed of the collection practices used by your lender.

Credit Score Impacts: Short term, payday loan lenders may rely on a credit reporting agency, and is not limited to any of the three (3) major rating agencies – Equifax, Experian, or Transunion. Generally, lenders will undertake some form of a credit check on a potential borrower, which may impact the borrower's credit score. It may also impact the lender's decision to extend credit. However, some lenders rely on information in addition to what is found in credit reports. The factors a lender considers when approving or denying a loan are solely in the lenders' discretion. Moreover, the lenders decide what, if anything, to report to the credit reporting agencies. Short term lenders may also rely on their own scoring criteria, which is generally based on income and ability to repay, as well as the borrower’s payment history of any previous payday loans that have been made with the lender in question, or with other payday lenders.

What Type of Personal Loan Do I Need?

Personal loans come in many sizes and forms. The kind you apply for depends on a few things.

  1. What kind of credit do you have?
  2. Do you have collateral?
  3. How much money do you need?
  4. What do you plan to use the loan for?
  5. When can you pay it back?

So let’s start with your credit. If you don’t know much about credit reports and scores, don’t worry. We have a credit guide that will walk you though all the details of what a credit score is and help you figure out if your credit is excellent, good, average or bad.

If you have excellent credit, you can start by going to your local bank or credit union. They will likely give you the best interest rates and terms, but…(this is a big but) you have to have a great credit score, a stable job that has been the same for at least two years, and fill out a lot of paperwork.

Most banks and credit unions don’t like taking much risk, so they want to make sure you will pay the loan back and on time. They usually only lend to the borrowers with high credit scores.

If your credit is not perfect, you can still qualify, but you will have to put up some kind of collateral. This is something you own that has value, usually a car or the equity in your house.

This is called a secured loan because it is “secured” with your collateral, meaning if you don’t pay you lose whatever you backed the loan with.

This is the hardest type of loan to qualify for and only a small percentage of borrowers get approved.

If your credit is not that good, you can still apply for a credit card (which is a type of personal loan), or a payday loan or cash advance.

The catch is you will pay more for the credit (interest rate and fees). In the case of payday loans or cash advances, you will have to pay the money back fast. Sometimes you’ll have to pay the entire loan back by your next paycheck. Some lenders do offer longer installment loans. An installment loan is stretched out longer and you make equal payments over a specific time period. Typically, you make monthly installment payments.

A credit card is what’s called revolving debt because you pay a minimum monthly payment. As long as you pay your minimum payment, your credit limit stays the same and you can charge (or borrow) whatever is available.

If you had $1,000 credit limit and you charged $500 over the course of the month and your minimum payment was $50, you’d have $550 of available credit (less interest and fees) after you make your monthly payment. This credit limit is available as long as you have the card. You can pay more than the monthly payment, but you don’t have to. In a sense, you never really pay this debt off if you just make minimum payments.

Another thing to think about is how much money you need to borrow. If you just need a few hundred backs, a credit card is probably a better, easier way to get the money than a bank or credit union loan. But if you need thousands of dollars, you’re probably better off going to the bank. You have to have almost perfect credit to get a really high credit limit ($5000 or more for a credit card).

If your credit is bad or you need the money fast — and you don’t have collateral, you’ll likely need to seek a payday loan or cash advance. Most of these lenders don’t review your credit. Instead, they look at the fact that you have a job, earn at least $1,000 per month and are an adult (18 years or older). You will need a bank account too. But the lenders don’t require any kind of collateral.

A personal loan is not the same as car loan or a home loan. You can only use a car loan to buy a car and a home loan or mortgage to buy a house. The loan is actually backed by the car or home and you can only get approved if you buy the home or car the loan is for. When you buy or sell the home or car, the new buyer pays off the loan and usually gets a new one.

On the other hand, a personal loan can be used for just about anything — financial emergencies, bills, even vacations. You can also use a personal loan to consolidate or combine all your debt payments into one monthly payment.

6 Reasons Why People Would Need To Take a Loan

According to BusinessInsider.com, more than 43% of American families do actually spend more than they can financially afford. A consumer society made everyone spend beyond their actual financial opportunities.

Of course, all of us dream of having their own house, a big car and all other material things to enjoy our life to the fullest. Meanwhile, we might afford to go to the restaurants or buy brand clothes once in a while, there are costs an average American wouldn’t be able to pay right away.

Personal goals aren’t the only one that makes people look for sources of funding. There exist many substantial reasons why the majority of them say: “I need a loan” and consequently start looking for good loan deals at banks or other financial institutions.

We have pointed out 6 most commonplace reasons why people make their decision in favor of loans.

When starting your own business, initially it’s all about large investments. Unfortunately, finding such capital becomes a huge issue for people, unless, of course, they have sponsors or own millions already.

Both business or a personal loan are suitable for entrepreneurs, so it all depends on the concept of your business and its cash flow.

Taking a loan for your business development and expansion is perhaps one of the best reasons since this is typically an investment in your future prosperity.

There has been a lot of argument for and against debt consolidation. Someone will say consolidating multiple debts into one single payment makes the actual payment process much easier than if you would take care of all the loans (mortgage, credit card debt, student loan etc.) separately.

Besides, someone assumes it might reduce the interest rate. Others, however, persuade that debt consolidation is a too risky business that may drag you down even more from the point you can be now.

Frankly speaking, it’s hard to say which of these two roads you will be turned up on when consolidating your own debt. The best decision is always turning to a professional financial advisor that will analyze your situation individually and recommend you on further steps.

Furthermore, the education itself is so expensive that almost all students have to take student loans in order to simply afford one. At least, though, people can always find other sources of funding from grants, scholarships, and private sponsors.

“If you are not able to buy a good house and purchase a good car in your 30s already, then there’s something wrong with your life” – and this is how the society dictates us to live right now.

No wonder, more and more Americans apply for their mortgage and car loan as soon as they’re settled with a good and perspective job in order to afford their wishes. Applying for a mortgage is nowadays possible even online with our service.

Speaking of cars, nowadays there even exist special auto loan companies that offer fast and convenient loans for everyone regardless of their financial credibility. That means they could even accept people who say: “I need a loan with no credit.” Plus, you will need to take care of a car insurance. To help you save some money on it, we recommend signing up for a traffic school online.

“I need a loan to pay my bills”, – we’ve heard that thousands of times. In fact, even if it sounds a little queerly to budget lovers, some people tend to forget about their initial expenses, namely bills, like utilities, credit card payments, medical bills etc. For such reasons, the best option would be taking a short-term loan.

  • Paying for “Pop-up” Expenses and Emergencies

Photo credit: Pixabay.com

You’ll never know when and under which circumstances you’ll have to give away even more money than you initially expect.

Life brings up different emergencies and urgent situations: unanticipated medical costs, accidents that cause damage to your property, car repairs, unexpected travels etc.

Not always do people have enough sources from their “rainy day” budget to fully cover these pop-up costs, so they don’t have any other choice but borrowing some from banks or other private lenders.

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