Loans Information |
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 £500 to £25,000. 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.
MORE RESOURCES: Unable to open RSS Feed $XMLfilename with error HTTP ERROR: 404, exiting |
RELATED ARTICLES
A Look at the Origins of Online Lending You might find yourself wondering about the origins of online lending, and how it has become the major industry that it has evolved into during recent years.The origins of online lending have evolved from standard lending practices combined with the increased ease and convenience of using the internet for a variety of purposes. Secured Loans - Filling the Void Created by the Deficiency of Resources "Money is like a sixth sense without which you cannot make a complete use of the other five."W. Filling Out The Loan Application 1. Property information. Zero Zero Financing on Automobiles in Retrospect Some say that the automobile industry saved the economy during the last recession. This is because auto sales are bundled into retail sales, which allowed higher numbers than actual to be reported. Secured Loans - UK Overview Borrowing money has become more and more popular in the UK over recent years, and this is partly due to the fact that it has become far easier to borrow money. The rising popularity of consumer finance has also been aided by the wide variety of deals and the low interest rates available these days. Personal Loans and Lines of Credit Personal LoansNormally, a personal loan is unsecured meaning there is no collateral. When you obtain a personal loan, you borrow an amount of money for a set period of time and pay interest on the outstanding principal balance. A Beginners Look at Secured Homeowner Loans Secured homeowner loans come in a variety of different types and amounts, and are intended for a wide variety of uses.These loans can be used for the same purposes as most personal loans? they can allow you to purchase a new car or other vehicle, pay for education expenses, make improvements or repairs to your home, or even consolidate several debts into a single low monthly payment. Taking the Edge Off of Military Motorcycle Loans So you have decided you want a motorcycle and you know you need a loan. Being in the military you're probably moving a lot and one of your main obstacles will be the accuracy of your personal information on your credit report. 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. Where to Look for Bad Credit Loans When trying to locate bad credit loans, many people find themselves becoming frustrated by the apparent lack of bad credit loans available. In truth, however, there are actually a large number of bad credit loans that you can get from a variety of different lenders? the key is knowing where and how to look for them. Shopping for a Personal Loan Most Internet users are now extremely comfortable using the Internet to research and buy items that we need, mainly because we know that e-tailers probably have the lowest prices and we can avoid heavy sales pitches and crowded stores.This is most evident in financial services where banks have used the channel effectively although there could be hidden charges and pricing that may make your new bargain personal loan or credit card not quite so much of a bargain. Boat Loans - Steering Way Towards a Bon Voyage In the full moon night, on a lovely morning you would like to take your craft, your boat where the cool wind blows. How it steers slowly along the fine film of transparent blue waters. If You're Looking To Borrow Larger Sums of Cash a Home Equity Loan Could Prove Ideal There are a number of different loan products available today, and the one that you select will depend upon your circumstance and budget as well as on the amount of cash that you need to borrow. If you are a homeowner and you're looking to borrow a fairly substantial sum of money at a low rate of interest, you may find that a home equity loan will prove ideal for your needs. Instant Payday Loan and Instant Payday Loans Instant payday loans are financial loans that are available for anyone who is experiencing an unexpected crisis and is in need of additional cash fast. A lending institution will advance an instant payday loan of cash as a cash advance on a payroll check, allowing those in the midst of a short-term financial crisis to take care of their needs without a long-term financial loan. Used Car Loans - 3 Tips For Financing Your Used Vehicle Online Financing the purchase of a used vehicle can be done through the convenience of online car loan lenders. Through their websites you can request quotes, compare terms, and even apply online. Navigation After Financial Closure - Bankruptcy Personal Loans Bankruptcy has a stigma attached to it that is hard to eradicate. Is that what you really think, then you need to rethink. Top 10 Ways to Avoid Loan Fraud Every year, misinformed homebuyers, often first-time purchasers or seniors, become victims of predatory lending or loan fraud. Below you'll find the top ten ways to avoid becoming a victim yourself. What You Should Know About Home Equity Loans A home equity loan is essentially a type of second mortgage. You'll be borrowing money against the value of your home. Instant Cash Advance Loans - Take Advantage of The Convenience of The Payday Loans Available Online Cash advance loans not only provide you with instant cash, they also allow you to complete the entire process online from the convenience of your home. No driving between offices and banks. Finding a Cheap Secured Loan In a time when everything seems expensive, it might seem impossible to find a cheap secured loan.Interest rates continue to climb, and prices everywhere continue to go up? but with a little patience and decent collateral (which is the property that you offer to guarantee repayment of the loan), it's relatively easy to find the cheap secured loan that you need. |
home | site map | contact us |