What is personal loans?
A personal loan is borrowing a sum of money from a financial institution for personal use. The borrower will make monthly payments to the financial institution repaying the sum borrowed plus interest. Personal loans give individuals the financial ability to make purchases without saving the funds first.
Personals loans, also known as unsecured loans, are different from payday loans, short term loans, or cash advances in that they offer higher loan amounts, have lower interest rates, and longer repayment periods. Approval for these loans are not based on employment but rather the credit history of the borrower. Borrowers with good credit can usually be approved for a personal loan and can be used to cover large payments that may need to be made such as college tuition or home repairs.
What can a personal loan be used for?
Whether you are paying off bills, celebrating a special occasion, or covering an unexpected cost your personal loan is there to be used at your own discretion.
How do I qualify for a personal loan ?
You should meet all of the following requirements: Currently employed (or receive regular income), Make at least $1000/month, Be 18 years of age or older and a U.S. citizen, Have a checking or savings account with direct deposit.
The Annual Percentage Rate is the rate at which your loan accrues interest. It is based upon the amount of your loan, cost of the loan, term of the loan, repayment amounts and timing of payments and payoff. You will be given the exact APR, loan fees, and other terms by your lender when you approved for a loan. By The Truth in Lending Act law, the lender must show you all the information about the loan before you enter into it.
The APR range is between 6% to 35.7% and repayment within 90 days to 30 months. Please know that you are never under obligation to accept the loan terms that a lender gives you. Representative Example: APR is 10% so if you borrow $5,000 over 365 days (12 months). you will repay $439.58 per month and $5,274.95 in total.
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