There are many reasons that people feel they need more money. These reasons can range from something nice that you want but can’t afford to a true emergency situation where you suddenly need money you don’t have. Things like this happen to everyone at some point in time, and the question becomes where to get the money needed. A personal loan may be just what you need in situations such as these.
To begin with, there are 3 types of personal loans that you can choose from. All of them are based on the loan amount, interest rate and time frame. The 3 types of personal loans are the secured loan, the unsecured loan, and the line of credit.
A secured loan requires the borrower to have some sort of collateral to put up against the money borrowed. This assures the lender that you will repay the loan on time because you most likely will not want to lose your home, car or whatever you used for collateral. You can usually get this type of loan easily from banks and money lenders. Secured loans carry low interest rates. However, if you fail to repay this loan, you’ll lose your collateral.
The unsecured loan doesn’t require any security from the borrower. These loans are available for small amounts of money and approved only for people with good credit. The lack of collateral, or security, makes the interest rate higher on this type of loan.
A line of credit loan is where the bank or lender approves money for you to use for a specific period of time. You’re allowed to withdraw up to a set maximum limit during the period of time agreed upon, depending on how much money you need. Following the disclosure of what you need, the amount of credit is decided. A line of credit loan can be secured or unsecured. The good part about this loan type is that interest is only paid on the amount of money used.
It’s always a good idea to look closely at such things as your credit, options for collateral and just how much money you’re going to need to meet your needs. Based on that, you can choose your best loan type.
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