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Every now and then we all can find ourselves in a financial rut, either with piling debt or just an unexpected expense that needs to be dealt with. Whatever the reason, you’re not alone. For people in this situation you can find many online services that offer many different types of loans for a variety of different financial requirements.
One of the many types of loans available to you is the personal loan. This type of loan is an unsecured loan, there is no property, such as a home, required as collateral, which is great if you don’t own a home or you don’t have much equity on your home. This way you can get the financial help you need without risking any assets. There are some disadvantages to consider as well before you get too excited.
Due to the fact that there is no collateral required in order to apply, the interest rates are rather high compared to a secured loan due to the high level of risk the lender is taking lending you funds without collateral. Interest rates can soar as high as 10 percent, therefore you ending up paying far more on a personal loan than you would for example on a home equity loan. Another thing to consider, the interest payments on this type of loan are not tax deductible, while an interest rate on a loan secured with property usually is. Obtaining a loan with a fixed rate and term can actually be a good thing for you, this way you lean to be disciplined in order to pay the loan off within the specified time frame.
Personal loans can help you in many aspects of your life. In the past people used these types of loans in order to make large purchases, such as large house appliances. Now a day’s people are able to pay for those sorts of things using a credit card, while loans like this are reserved for more important and larger needs.
A wedding is a great example for a very large and unavoidable expense that some of us cannot bear on our own financially. The average price of a wedding is 30,000$, many couples or couples parents make use of a personal loan in order to deal with the wedding expenses. Another common situation where a this type of loan comes in handy is when people go on vacation. The expenses of a vacation are to high in the long run if you were to use a credit card to pay for it.
Proceed with caution, carefully consider the advantages and disadvantages of any type of loan before applying. Compare the different offers from the many different lenders before making a decision.
We make it easier for borrowers by offering a hassle free application process, access to a large network of reputable lenders, with approvals in less than a few hours.