Personal Loans

What are personal loans? A personal loan is an example of an unsecured loan that is taken out by an individual. Personal loans can be unsecured or secured. Secured loans may take household goods, a vehicle, a house etc… as collateral. The lending institution funding the personal loan will examine the requester’s personal credit report and borrowing behaviour to determine the level of risk involved and their overall trustworthiness. This means that, often, in order to get approval for a personal loan from a bank, you must have good credit.

Personal loans, because they are often unsecured may carry higher interest rates because they represent more risk for the lender. Also, because of this, the amount that you can borrow is usually less than a secured loan. Banks offer the lowest interest rates on personal loans. Finance companies also offer personal loans but their interest rates can be very high (20%+).

Another important thing to know about personal loans is that typically a personal loan is an installment loan, meaning that your monthly payments are fixed and once you have paid off a portion of that balance, it is no longer available for you to use. A revolving loan (a line of credit or a credit card) is the opposite of an installment loan in this regard.

What are examples of personal loans? A loan from the bank or a cash advance are two examples of personal loans. That being said, one is not typically the same as the other. Personal loans from the bank can represent important opportunities to pay for things like home improvements or a new car with the added bonus that the terms help you pay off the debt securely.  Personal loans from a payday advance lender are much more dangerous.
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This is because they offer money at ‘no interest’ but these funds come with expensive fees and strict repayment terms. If you cannot pay the balance of a payday loan on time, you can easily get stuck with high interest rates and additional fees – leaving you paying far more than the initial debt.

Also, some personal loans can work to improve or rebuild your credit if you maintain good credit behaviour. Payday cash advances however do not report to your credit report, so in this way they are useless.