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Calculate and compare your loan repayments for personal, car, home, business, and boat finance. Plan your borrowing with ease using our loan
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How to avail a Personal Loan
Introduction
A personal loan is an unsecured loan that helps in meeting the financial requirements of you or your family members. Most of the Americans prefer loan as they can’t afford to buy a home or pay school fees of their children Personal loans can be taken from a bank or a non-banking financial institutions. Personal loans don’t require any security or collateral to be paid upfront. In most of the cases, lender do a background check to know the creditworthiness of the borrower before providing him with a loan. Personal loans can be used for various purposes like for traveling, for emergency purposes or for buying personal goods. The interest rates are comparatively higher compared to other loans such as home or education loans because of the risk involved in it. Personal loans come with fixed interest rates and a term that ranges from 1-5 years. Personal loans are given based on the borrower’s credit score. Borrowers with a high credit score is generally approved of giving personal loans. The personal loan availed has to be paid on time like any other loan as it would reflect on your credit score and can cause you trouble if you apply for loans in the future. But borrowing money can be a risky proposition and an emotional one. Only that amount should be borrowed which you can pay later.
Places you can get a loan from?
Government Banks: Banks like Federal Bank, U.S Bank, and Well Fargo are one of the best and biggest banks that offer personal loans at an affordable price. They offer you a lot of options in terms of fees, incentives and have great customer service to give your assistance.
Online or fast money lenders: Online money lenders typically provide you loan within 24 hours. You just need to fill in particular details and once the approval is granted, the amount reaches you within a day.
Credit Unions: As the name suggests it is centered around the community to which they belong. Compared to banks, they offer lower interest rates and they provide a touch of comfort and ease to their community members.
Peer to peer loans: Peer to peer loans are loans that are granted by certain individuals rather than the banks. And you need to pay the amount to them along with the interest. For example, an organization like Lending Club are doing a great job in providing loans to the borrowers. The rate of interest is attractive and the term ranges from three to five years.
Which bank or Financial Institution to choose from?
Compare the interest rates from various banks and financial institutions. Some important factors that you need to look out for before you go for personal loan is the interest rates, loan tenure, processing fees, etc.
What can we use personal loans for?
As the name suggests, personal loans can be used for a variety of purposes and there isn’t any collateral to be paid upfront. The various uses of personal loan are
● School fees:
● Medical Expenses:
● Vacation
● Shopping
● Books
● Purchase of house
● Purchase of car
Why Personal Loan?
Personal loan is personal: it can be used for any purpose as you want it. And the best part is that there is no collateral to be paid upfront. Personal Loans can be used to buy a car or renovate your house or go for a vacation. The choice is entirely yours. Other benefits of taking a personal loan is that it takes less time than other loans. You can get a loan through a money lender or a credit union and there is no need for a bank to give a personal loan. Loan can be taken from an amount as small as $1,000 to the amount as big as 1,00,000. The interest rate is lower than credit cards.
Eligibility Criteria to Avail a loan
The conditions differ from each bank but some of the common ones are:
● Age
● Regular source of income. The income can be from Business, Job or self- employed. If you are in the high-income category you will be eligible for higher loan compared to a low-income category.
● Occupation: If you have a stable job then you are eligible for a higher loan compared to working in a part-time job.
● Capacity to pay the loan
● Credit history: If you have paid the past loans well in time you have a good credit score which will help you in getting a higher loan amount.
Loan Duration
The period of loan can be anywhere between 1 to 5 years depending on case to case basis. And the rate of interest also varies depending on the duration of the loan. And the loan amount is disbursed within a week to the borrower applying for a loan. The amount is received in the form of a check, draft or the amount is deposited in the borrower’s account electronically.
Advantages of Personal Loan
● Personal Loans comes with a fixed interest rate. That means that you will be paying the same amount of money to the lender every month. It gives you the comfort to manage your finances more proficiently.
● Fixed tenures: Personal loans comes up with a fixed duration of 1-5 years.
● Easy availability: Personal loans are easily available. And it offers the choice to pick the amount you want to avail.
● Round the clock assistance: Personal loan offer round the clock assistance wither through phone call, email or chat service. So, every time you have even the slightest of doubt, you can easily avail the customer service. And the customer service comes free of cost to you.
Disadvantages of personal loan:
● Before you apply for a personal loan, you should have a bank checking account for a minimum of 120 days.
● The loan is available to only those people who live around 50 miles of the bank branch so it is always wise to make use of the bank’s branch finder tool.
● There is a prepayment fees and the origination fees to be paid by the borrower.
● Not all the information is mentioned on the bank’s website. You have to personally visit the bank or call the customer care to know about the rates.
● Borrowers should be beware of the hidden charges that banks don’t tell the customers before they apply for a loan. There are processing fees which are usually around 1-2% of the total amount. The lender may consider waiving off the charges if you are their valued or a long-time customer.
Prepaying Loans:
Prepaying loans means that some borrowers are eligible to prepay the loan after a certain number of repayments. There are some charges involved in making the prepayment which ranges from 2-5%. Some bank allows the prepayment while other banks doesn’t allow prepayment of loans.
Part- Payment
There is also a facility to make a part- payment which is less than the principal amount and which is made before the loan amount gets due.
Pre- Closure
Pre- Closure means completely paying off the loan before the tenure has ended. Pre- Closure charges range from 2-5% of the total loan amount.
Can a Non- U.S citizen get a personal loan?
Non- U.S citizens are eligible for compare personal loans provided they meet certain requirements that vary from lender to, lender. The basic criteria that lenders will be looking at will be that you should have a Green Card or valid Visa that is valid for at least 3 years or the duration of the loan. Also, the lenders will have a look at your ability to repay the loan. A credit history of a minimum of 2-6 years is recommended for a personal loan. In case, you don’t have a credit history in the United States, you have the option of providing alternative options like history on rentals and utilities or credit history from an agency in your Home Country
Is availing a personal loan a good thought?
Personal loan can be of great help if you have sought help from all including your friends and family members. When you are anxious and worried about getting money from somewhere. But you have to ask yourself a question, is taking a loan a good idea? It entirely depends upon your financial condition. It is common for people to seek personal loan who have high- interest credit card debt and want to consolidate that debt and want to pay it off. Personal loan has a facility for people with high-interest credit card to take out a loan with a lower interest rate compared to their credit cards. And it makes sense to take personal loan to pay for high-interest rate credit card when the interest rate on credit card are on most occasions above 15%.
Another benefit of using a personal loan is that they inculcate discipline into the borrowers. It compels people to make that higher monthly payment. And it pushes borrowers into better financial habits. Also consolidating five to six monthly payments into one and seeing that coming down every month gives you a feel-good feeling.
Those people should avoid taking personal loans that don’t have a good financial habit or if they are unable to make the payment on time.
Alternative of Personal Loans
People take personal loans for different reasons like buying a car, house, a wedding ring or going for a vacation. They can do that with their credit card as well, but taking a personal loan is way cheaper compared to a credit card. You can do that only if you have a good financial habit and you can pay it on time. But you have to weigh your options wisely.
Also, there is an option of Home Equity Line of Credit (HELOC) and one-time loan. Both use the equity in your home as collateral. Home equity loans offer a competitive rate of Interest. But there is a problem with using your home as collateral. If you fail to make the payments on time, they have a right to take away your home. The more you borrow, the more you are at risk.
There is a different phase of HELOCs. One is during the draw period which is typically 10 years. Contracts are usually small, in which you have to pay only interest rate during this period. Then the loan enters the repayment phase. In the repayment phase, you can’t access more funds and you must be able to repay all the money that you have borrowed, plus the interest rate.
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Smarter Loans Offers Canadians Online Comparison Lending
Smarter Loans Offers Canadians Online Comparison Lending
SOURCING CANADIAN LOANS AT HOME WITH SMARTER LOANS
As a personal finance expert in Canada, I’ve been asked on many occasions where the best place is to look for loans in Canada.
When the time comes and you want to take out a loan in Canada the best place to start is with Smarter Loans.
Not all Canadians are aware that there are alternative ways to search for Canadian Lenders other than going to…
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Over recent years, the unsecured lending industry has grown significantly. A personal loan may help individuals who are facing economic distress. With easy access to fast financing, a borrower may use the amount to consolidate their existing debts, pay bills, or even cover the expense of an unexpected car repair. This credit product can be used for pretty much any purpose one has. Whatever the reason to opt for these loans, there are several associated risks that one should consider before taking on the debt.
When you're seeking a personal loan, bad credit loan, a loan for a wedding or home improvements, you'll want to know that you're dealing with the right loan comparison company. Here’s six key things you should know about LoanTube as well as a few reasons why we’re so different fro
Here’s six key things you should know about LoanTube as well as a few reasons why we’re so different from other loan comparison sites you may have used previously.