What are Personal Loans?
As the term implies, Personal loans are simply loans for any personal use. They're known as personal loans because the money is for personal use, such as buying a car or home improvements. Most lenders do not stipulate what you can spend your personal loan on, generally allowing for any purpose.
A Personal Loan is a method of borrowing a lump sum of money from a bank, building society or other financial institution to finance the buying of a new car, make home improvements or go on a luxury holiday.
Personal loans have become a popular way of raising much-needed funds for personal use Personal loan amounts vary from between Ł500 to Ł25,000. Normally, you'll receive a lump sum.
In return, you agree to make regular repayments, usually monthly. Assuming you've taken out a repayment loan, which will usually be the case, some of the money you repay will go towards servicing the loan and the rest of your payment will be used to pay off capital and reduce the outstanding debt.
Personal loans are repayable on a monthly basis at a fixed rate of interest. Generally personal loans are offered by banks, financial institutions or building societies and are available in a variety of formats with variations in size, term and purpose of the loan. It is important to know the APR (Annual Percentage Rate) of the lenders so that you can do a comparison search to get the best rate of interest.
Interest rates will vary. It is also worth bearing in mind that some lenders are only interested in lending to people whom they regard as a 'safe risk' and they will be offered lower interest rates.
A personal loan could be the best option for you if you are looking to borrowing money for between one and five years and is particularly ideal if you have other debts that you're looking to consolidate into one loan to reduce your overall monthly payments.
There are two basic types of personal loan, the secured and the unsecured.
With an unsecured personal loan you will normally make payments on a regular basis to the lender who, if you should default on the payments, would have to take legal action to obtain the outstanding money.
With a secured personal loan, the lender will ask for the amount that you borrow to be 'secured' against a piece of your property, very often your home, which would become the property of the lender in the case of default.
You may freely reprint this article provided the author's biography remains intact:
About The Author
John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the http://www.directonlineloans.co.uk website.
This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news
Seven Tips For Credit-Enhancing Your Business Loan
What are the avenues available to businesses with weak credit profiles or to companies pursuing credit transactions that are perceived as too risky by credit providers? Many companies apply for credit at banks, finance companies or equipment leasing firms and are routinely rejected due to the high degree of perceived credit risks. When approaching a credit provider, it is helpful to understand what can be done to reduce the risk of a credit transaction in the eyes of the provider.
SBA Loan: Qualifying and Applying
According to federal government research, small businesses provide about 75% of the net new jobs added to America's economy. They also employ fully one-half of America's private sector workforce.
Five Things To Check Out When You Apply For a Payday Loan
Are you thinking of going in for a payday loan to meet an unexpected expense? If so, look into these five things before you finalize one. This checklist can help you make smarter choices.
An Overview of Getting a Homeowner Loan
Should you be in the market for a homeowner loan, you might find yourself wondering exactly how to go about finding the loan solution that you're looking for.A homeowner loan is a loan that's designed for individuals who own a house or other real estate, and uses the value of the home as the collateral for the loan.
Fast Cash Payday Loans
If you need cash now there are several options available to you. The first is your debit card, assuming you are in good standing at your bank.
User Guide to Payday Loan Terminologies
Are you approaching towards a payday loan cash advance? Is this your first loan borrowing? Are you acquainted with all the terminologies or facts that you will be facing when you approach for the loan? Need not to worry. We have assembled a brief payday loan glossaries and definitions to make you understand about payday loan borrowing.
Why Choose a Homeowner Loan?
Outlined below are some of the reasons for choosing a Homeowner Loan. A Homeowner Loan is a loan secured against your home.
Understanding Personal Loans, Cash Advances and Payday Loans
Have you ever been short on cash? Has an unforeseen event emptied out your wallet? Are you short on funds in-between paychecks? I am sure that many of you have found yourselves in this situation before. Don't want to borrow money from a friend or family member because you don't want them knowing your business? Now you don't have too.
No Faxing Hassle-Free Payday Loans Can Be Yours
No faxing payday loans are the wave of the future. There are so many no faxing payday loans available to the average consumer, even if they have poor or no credit.
Why Starve Your Needs When Payday Loans are there to Gratify Them
The long awaited paycheque is finally here. However, the reverie with the paycheque is not expected to last long, because of the various expenses yelling for their fulfilment.
A Guide to Debt Consolidation Loans
Should you find yourself overcome by debt, you might want to consider debt consolidation loans. These loans are designed with the person in debt beyond their means in mind, allowing for repayment of the outstanding debts while combining multiple payments into a single affordable monthly payment.
What is a Bridging Loan?
A bridging loan as the name implies is a loan used to "bridge" the financial gap between monies required for your new property completion prior to your existing property having been sold.A bridging loan is in simple terms a short-term mortgage that is secured against the property that you are selling, with the money that is lent being used to complete the purchase of the new property.
Bad Credit Car Loans - Why They Are Easier To Get Than They Ever Have Been
Car loans are easier to get by using an online financing company, even if you have bad credit. You can compare financing rates for the purchase of a new or used car, apply in minutes, and receive a blank check within days.
Lawsuit Loans - Caveat Emptor!
If you have been injured in an accident it is quite likely that you have been financially stressed as a result, and are in need of an advance against your insurance claim, lawsuit or other legal action. If you are looking for someone to lend you money based on your future settlement, BEWARE! There are reputable sources available but, unfortunately, there are many more disreputable ones as well.
If You Consider To Get a Quick Cash Loan Then Reconsider It
A quick cash loan also called payday loan, cash advance loan or a deferred deposit service is a small, short-term loan typically ranging from $ 100 to $ 500. These quick cash loans are issued against paychecks.
Poor Credit Car Loan - Get Approved Online
Poor credit doesn't have to stop you from getting a car loan. In fact, car loans are one way of rebuilding your credit history.
Finding and Getting Bad Credit Loans
If you don't know where to turn for bad credit loans, you're not alone. Thousands of people struggle with their finances month after month, weighted down by a credit rating that they don't know how to fix.
Business Credit Scoring: Is It a Killer Application or Application Killer?
In his 1968 seminal novel, 2001: A Space Odyssey, Arthur Clark introduced HAL, a spaceship computer with artificial intelligence. Mission engineers designed HAL to carry out an array of technical orders to safeguard the ship's mission.
PayDay Cash Advance Loans - The Benefits of Using the Payment Protection Plan
Payment protection plans are offered by payday companies to protect you in any number of unexpected situations. The payment protection plan is an inexpensive form of insurance that payday companies offer on all payday loans.
Bad Credit Business Loans - to Exchange Bad Credit for Monetary Benefaction
You want to raise a business on your own or you want to expand it further. You have a plan and the vigour to make your mark in this field.
|home | site map|
|TIGER MEDIA© 2006|