Types Of Personal Loans
When you have made the decision to apply for personal loans
, it is important to understand the different types of loans that are available. This, along with other factors, will affect your decision and whether or not the financial institution grants you the loan. The amount of money that you want to borrow determines where you will apply.
Large banks are hesitant to grant a loan for less than $5,000 because the cost to administer and service the loan is the same for all loan values. Another important factor is the length of time that is involved with repaying the loan.
The interest rate will also vary depending upon the institution. Your chances of receiving the loan are greater if you have some form of collateral to offer in case you default on the payments.
There are three primary types of personal loans available to consumers: secured loan, unsecured loan, and a line of credit. The advantages and disadvantages of each are explained in the following paragraphs.
In order to receive secured personal loans, you have to offer some form of collateral to the financial institution as a guarantee that the loan will be repaid. In most cases, this will be your home, although other real properties such as a car, land or building might be considered.
A homeowner has a better chance to qualify for a secured loan than someone who is a renter. A primary advantage for getting a secured loan - also known as a homeowner loans - is the lower interest rate, which equates to lower monthly payments.
This makes the loan more manageable and affordable. You receive better terms because the lender has reduced risks tied to the loan. Alternately, the disadvantage is if you default on your payments, you can lose your home or other property that was used as collateral.
With unsecured personal loans, the borrower is not required to have a form of collateral. This type of loan is processed quicker than a secured loan because the only documentation required is the loan application and your credit report.
This is a definite plus if the loan is to cover an emergency. Also, you can get smaller amounts. Therefore, you must have good credit to get this type of loan.
Line of Credit
Similar to the terms of a credit card, the line of credit allows you to borrow and repay money from an approved limit. Timely payments may lead to an increased borrowing limit.
If you need to apply for a personal loan, it is best to contact an institution that you are familiar with. Personal loans are a breeding ground for scammers who look to take advantage of people during moments of desperation.
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