Personal Loan Program:
Do you need money for a specific purpose or a cash cushion? Are you having a hard time getting financed because of your bad credit? No matter your circumstances, a personal loan program detailed below may be the answer. Use this guide to learn more about how payday loans, secured loans, and unsecured loans can help.
Personal loans, also known as cash advances or paycheck loans, are often the easiest loans to obtain. They are ideal for people with bad credit because lenders do not perform credit checks. Instead, they base their lending decisions on employment history and income. Because they attract many high-risk borrowers, payday loans typically charge high interest rates. Payday loans are meant for only short-term needs, such as emergency cash to last until the next paycheck.
Secured Personal Loans
Unlike payday loans, secured personal loans require credit checks for approval. They also expect some form of collateral, which is usually the item(s) being purchased with the loan. For instance, auto loans and furniture financing are both types of secured personal loans. Consumers do not fully own the items until the account balance is paid off. Due to the credit and collateral requirements, lenders take on less risk and can reduce the interest charges. Secured personal loans are generally granted as installment loans, which means that payments are divided into equal installments over a certain time period, such as three, five, or ten years.
Unsecured Personal Loans
Unsecured personal loans are the most difficult financing to obtain. Lenders in this category rely on past financial decisions to determine whether a buyer is likely to repay his/her bills. They tend to reject most people with bad credit because collateral is not necessary. General loans, debt consolidation loans, and student loans are all examples that fall into this category of personal loan program.
Most banks are willing to grant unsecured personal loans of less than $10,000 to qualified buyers without asking why the money is needed. These types of loans are considered “general” because the funds can be used in any number of ways–travel, car repairs, home renovations, wedding preparation, business start-up expenses, etc.
Debt Consolidation Loans
When consumers want to bundle their existing debts into a single loan with one monthly payment, they often look toward unsecured debt consolidation loans. This personal loan program is guided by the type and number of debts that can be combined. Consumers may or may not be able to withdraw cash in addition to the debt consolidation.
Students loans are a special type of unsecured debt that provides money for tuition and education-related expenses. Student loans can cover graduate or undergraduate expenses, can be granted by the federal government or by private lenders, and can have variable repayment terms. The interest rates tend to be lower than other forms of unsecured personal loans.
The best way to find the right personal loan program is to discuss the situation with a knowledgeable banker or financial adviser.
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