Personal Loans: Money at Its Best

By: Mary Jones

While applying for loans, there are a number of issues that needs to be taken care of. For instance, the amount you want to avail, repayment schedule, interest rates etc.? If you are looking for loans that provide you answer to all these issues, then you should consider availing personal loans. These loans are flexible and can be used to take care of any personal need such as home improvement, debt consolidation, purchasing a car, wedding, vacation, pursuing higher education and a host of other needs.

You can avail the loans in the usual format of secured and unsecured form. Secured forms of the loans are collateral based and are beneficial for those individuals who are willing to pledge one of their valuable asset as collateral. Through this form of the loans, you can derive a bigger amount, as lenders advance the loans on the basis of equity value present in the collateral. As the amount is insured against a valuable asset, the interest rates levied is comparatively low.? Usually, you can borrow amount that varies in the range of ?5000-?75000. The repayment tenure is convenient and spans over a period of 5- 25 years.

On the contrary, borrowers who are not having any collateral or do not want to pledge any can opt for unsecured form of the loans. The amount advanced under this loan option is small and is in the range of ?1000-?25000.? You have to repay the amount within a period of 6months- 10 years. Being advanced without any collateral, interest rates levied on the loans are slightly higher.

Borrowers with a history of bad credit such as CCJs, IVA, arrears, defaults etc can also apply for the loans. Although the interest rates levied will be comparatively higher, ensuring timely repayment of the amount will assist the borrower to mend their credit score.

These loans now are also available online. All you have to do is to fill a simple application with details like amount required, repayment schedule along with your personal information. The lenders will then contact you and provide their quotes. Once you have compared the quotes and finalized the deal, the loan amount gets approved instantly.

Personal loans indeed are beneficial loans as it enables you to meet your desired needs in a way that suits your prevailing circumstances.

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