A Personal Loan
June 20, 2014
When you do not have the money to purchase something you want, or in fact need, you are sometimes forced into searching for a personal loan. There are many people out there just waiting to give you their advice, but first, do your own homework. Ask yourself how much you really need? How quickly do you need the money? In what form do you need the money? How much can you afford to repay and how often? Are you black listed?
A personal loan can come in many forms. Your answers to the questions above would define what kind of loan you need. Being black listed can be a big issue, but there are ways for you to fix this. Unfortunately most companies will see you as a high risk client, but not all. Some banks will not approve any kind of loan for you and it is very unlikely that you would be able to get a standard personal loan from them.
Although you can get cash loans from other banks, it takes time and a fair amount of paperwork; if you have the time take it! The banks generally offer better interest rates and better service in general. Loans can also be more rapidly accessible through ‘loan sharks’ – but be careful. Yes, a personal loan company at the side of road can give you instant cash at a crazy low interest rate. Just remember to read the small print; it can come with all sorts of scary terms and conditions.
IMPORTANT FACT: An ‘interest rate’ is the percentage of interest added to your loaned money. This is how much the company charges you to use their money. The ‘rate’ is normally calculated according to how long you want to take to repay the money. Also considered is the risk – what is your financial reputation like? How much do you earn? How much do you currently owe in debt?
Payday loans are often described as a ‘cash advance’. This is a very quick way to get instant money but it needs to be paid back in a very short period of time. This type of loan would only be available from the quick fix loan companies who specialise in small loans. Banks will not offer this kind of loan.
Surprisingly, most loan companies now do online loans. Just a couple of clicks, list your details and a personal loan is yours – or so they say. The reputation of the company is very important when loaning money. You need to read and understand everything!
Is a personal loan the answer?
Many people don’t realise that they can get consolidation loans if they already have other personal loans. Debt consolidation allows you to put all the money you owe into one place. At first glance you may think this does not make sense but the more you owe, the more you can try to negotiate. Most debt counsellors recommend debt consolidation loans as a way of controlling your money. With so many options, it’s wise to click on the link that we’ve provided on this page. You can fill in your details and get a number of various company quotes in order to choose the best option for your situation.
Next step: Complete the form on this page to get a quote for a personal loan
All info was correct at time of publishing