Have you recently asked yourself the question “Should I get a personal loan?” but haven’t found a satisfying answer, perhaps we can help. If you want to get some financial help to consolidate your credit card debt, make some improvements to your home or finance your education, a personal loan can be the perfect choice for you. You can get a personal loan up to $25,000 without having to secure it. Yes, personal loan do not require you to provide any collateral. They work just like online short term loans, but with some extra benefits.
Here are some of the reasons you should consider taking out a personal loan:
The interest rate of a personal loan is significantly lower than the interest rate of other online loans or credit cards, but higher than the interest for secured loans. Most personal loans have Annual Percentage Rates (APR’s) of up to 36%. The interest rates for an unsecured personal loan depend on your creditworthiness. The better your credit score, the lower your interest will be. Borrowers with low credit scores may even be eligible for loans with 19% APR.
Repayment over time:
Another great feature of that make personal loans a great choice is the long period of time in which you can repay the loan. In our case, borrowers that take out one of our personal loans can repay their loan in up to 36 months. With a good credit score and a low interest rate that means a few hundred dollars per month. This makes personal loans very affordable.
The last benefit that we will mention here is the fast funding rate. Compared to regular bank loans, personal loans are much faster. After applying for a loan, which should only take a few minutes as it is all done through an online application, funding usually occurs within 48 working hours but can vary slightly from customer to customer. Most of the times however, borrowers will get their funds within that time frame.
Personal loans can be used in a wide variety of situations, as they do not have a pre-determined purpose, like student loans or mortgage loans. Personal loans can be used to:
· Cover major expenses;
· Consolidate debt;
· Make home improvements;
· Cover wedding expenses;
· Expand or improve your business.
A personal loan will also be more affordable than other online loans, will not require you to provide any collateral and can be repaid in a long period of time.
So if you are in need of financing and are asking yourself “Should i get a personal loan?”. We say YES. But remember, at the end of the day, personal loans are still a form of debt. And we always encourage borrowers to only borrow what they can afford and always make their payments on time.