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If you need quick cash or having a financial emergency then you can apply for a personal loan online be it is any reason. The best part about online personal loan is that it requires minimal documentation, offers flexible tenure, attractive interest rates, and zero-prepayment charges.
Online you can also make an easy comparison of various loan offers including interest rates and calculate your EMI with the help of personal loan EMI calculator.
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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5 Reasons You Should Get a Personal Loan
Living on loans was never a smart thought till 10 years back, yet the needs and ways of life have changed. For some, new family units beginning another life may require a quick implantation of some capital. This is the place a Personal Loan comes helpful. Getting a loan isn't awful, anyway an individual must know heretofore concerning what the expectations are, the manner by which would the loan be spent or more of all in what manner will it be paid back. Before we begin examining concerning why you ought to go for a Personal Loan, gives initial a chance to be clear what a "Personal Loan" is?
There can be two sorts of personal loans: Secured loan, this is the point at which a borrower presents an insurance against the cash obtained. The loan sum for Personal loan against insurance more often than not have a higher farthest point. The other is Unsecured loan which does not require an insurance. At the point when an individual apply for a personal loan, bank progresses the cash against the record, idea of occupation, and ordinary pay of the candidate.
There can be a few reasons why you ought to apply for a personal loan, we'll examine that in a bit. Before applying for a loan, the candidate must look at loan offices from different banks. This should be possible on the web and by visiting bank offices closest to you. It isn't vital that all banks offer a similar pace of enthusiasm against the cash acquired viz a viz the timeframe. An intensive examination should be finished utilizing correlation sites, for example, Mawazna.com. You can do it by drawing an exceed expectations sheet and arrive at a resolution which bank offers the best. When you have shortlisted the bank, apply for the personal loan.
There can be a few motivations to apply for a personal loan, following are a portion of the quick prerequisites for which you ought to get a personal loan:
Clear your Debts
There is inclination to get whatever number Mastercards as could be expected under the circumstances. At the appointed time an individual either forgets about installments or are not paid at all due to budgetary imperatives. The intrigue continues mounting and an opportunity arrives when the pressure winds up intolerable. Moreover, you may likewise have some parity sum payable on auto or house loan.
This is a traditional situation when you should consolidate all obligations and quickly apply for a personal loan and have these little exceptional sums dealt with in one go. Gaining a personal loan will empower you to abstain from missing installments, decrease intrigue and you will have just one loan to take care off.
Home needs fixes
Your home needs an upkeep; rooftop is spilling, plumbing is self-destructing, power bills are heightening a result of old wiring, mortar needs fixing and the house needs another paint work. These are a portion of the substantial reasons concerning why you ought to have the fixes done. Putting resources into house isn't a cost you really have redesigned the market esteem. This also is a sound motivation to apply for a personal loan and have the vital fixes done.
Putting resources into future
You are as of now a certified man, with a sensible and a great job. Have you at any point pondered you can acquire an exceptional change your profession with little interest in getting new ranges of abilities? Maybe a couple Microsoft Certifications, a recognition in Coding, showing up for F.C.P.S or taking Quick books course, to give some examples. There's no motivation to avoid such ventures regardless of whether you need to apply for a personal loan. Pull out all the stops, who realizes you get a decent increase in salary from existing occupation or land up in another organization you dream to work for.
Supplanting Consumer Durables'
The innovation has changed, the icebox, climate control system or the vehicle you have devour twofold the vitality in this way raising your power and fuel bills. Customer sturdy' you purchased 10/15 years prior are out dated. Its about when you should change to more up to date innovation, for example, an inverter ,climate control systems and mixture vehicle. On its essence may look a pointless yet in actuality, you are setting aside tremendous measures of cash over the long haul. After all you won't discard old apparatuses you may get a decent arrangement in arranging them off.
In short personal loans help from numerous points of view, the deciding component is the manner by which you intend to use them and how have you wanted to reimburse such loans.
What Everyone Must Know about Personal Loan
It is not new to know that personal loans are preferred over all other forms of borrowings, especially as perceived by Indians. They can consider taking a personal loan whenever an urgent need drops by. We would have heard a lot previously about these loans but maybe not all of it. So having said that, let us quickly glide through all the important pointers to be considered before making a choice to apply for Personal Loan.
1. Think about your needs, not the eligibility criteria-
Yes, it’s true that an instant personal loan can be used for almost all purposes. However, an undue attempt to apply beyond the eligibility criteria and legible needs will be wrong to do. Therefore, it’s far more crucial to prioritize your requirements instead of trying to match eligibility for idle money. The idea is to keep your future prospects alive and focus on bigger financial goals.
They say, that your debt proportion should never be more than 40% of your total income. It’s useful to follow the suit.
2. Inform your family timely-
It’s hugely recommended to keep your family in loop when taking a risky financial decision. Discussing the money angle with family always helps in a refined decision and planning the right way ahead. In a larger interest, it’s good to inform family and close ones on time.
3. Correctly determine the loan amount
The proportion of the online loan amount should be rightly in sync with the paying capacity of the individual. Borrow just as much as it is returnable. This is being advocated because of the repayment liabilities that hover over.
4. Pre-determine your EMIs
According to ones paying capacity and financial boundaries, the EMIs can be broken down. A full financial management activity is recommended. Live in the realism since you know your cash inflows the best.
5.Set out your repayment chart
Skipping your loan installments can be dreadful. Not only will it affect your CIBIL score but you’re your future credibility as a loan taker. In addition, extra costs will also be levied upon you, including a higher interest on default, penalty, late fees, and more related charges.
Take assistance from reputed financial companies! Apply for a personal loan online and streamline your personal finances smartly.
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Need funds to cover your wedding expenses or planning for a holiday to your favourite destination? LoanTube can help you Compare Personal Loans for free. Visit to know more. https://www.loantube.com/unsecured-personal-loans/
WARNING: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK
Unsecured Personal Loans are instalment loans where you don't have to provide any collateral or security. Tenants are equally eligible. £100-£35000 ✓Apply Now
Borrow a personal loan wisely by Comparing Loans in the UK. It always yields beneficial results as you get a variety of options to choose from. Visit LoanTube to Compare Loans for free. https://www.loantube.com/unsecured-personal-loans/
WARNING: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK
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WARNING: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK
