Personal Loan Questions
What is a secured loan?
A secured loan normally requires some security, assets for collateral. For example, a homeowners can use a home as collateral for a home equity loan as the loan is secured on their home. Secured loans offer easier acceptance criteria, as the loan has security, more adverse cases are considered. Normally longer repayment terms are available on secured loans which can lead to lower monthly repayments.
What is an unsecured loan?
Basically unsecured loans are not secured on the value of your house and so there is more risk involved for the lender. The interest rate tend to be higher than unsecured loans, and the loan is repaid over a shorter period of time.
How much money can I borrow?
This is dependant on your income to debt ration and your credit history. Personal loans greater than $10,000 up to $15,000 may require home ownership and a good credit rating. Loans greater than $15,000 can only be approved with an excellent credit rating.
Can I still get a loan with bad credit?
You can get a personal loan up to $1000 without a credit check. For this type of loan your credit history is irrelevant, it does not matter how bad you credit is. This can include late payments, charge offs, even bankruptcy.
What is required to get approved for a personal Loan?
If you are looking for a personal loan up to $1000 all that is required is that you have a bank account. For loans over $1000 and up to $15,000 a credit check is required and normal considerations apply.
How long does it take to get a loan?
After you have completed the quick qualification form you will be instantly matched with the best lender and a loan specialist will contact you directly to discuss your loan approval.
What company will my loan be with?
There many of the internets leading lenders offering loans for any kind of credit problem. You can select the best loan and interest rate!
What is the interest rate on a personal loan?
This depends on the type of loan you choose, the lending company, and the repayment period. When you get an online loan quote you can decide what loan best suits your needs.
What is the repayment period of a personal loan?
You get to choose between a variety of payment options, including fixed interest, and flexible payment terms. You can even select your own payment due date, and decide how quickly to pay your loan off!
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