Personal Loans

Personal Loans

Personal loans can include any type of secured or unsecured loan that is issued by a bank or credit union. A “secured loan” is a type of loan where the lender requires you to put up some valuable asset as collateral – for example, your house or your car.

Rates

Depending on where you take a personal loan from, the interest rates will vary and you may end up paying significantly more in the end than you borrowed. It is best to do thorough research prior to deciding on a loan.

Paying Back Your Loan

Different banks and loan companies have different protocol when it comes to paying back loans. Some lenders offer extended pay back periods, others offer low interest rates, etc. so it is best to do significant research in order to find the best loan and lender for you.

Credit

Lenders often determine if they will loan you money based on your credit history. Your credit history reflects the money that you have borrowed and how promptly you have paid it back. It is best to check your credit prior to applying for a personal loan.

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