Personal Loan Information
Learn more Personal Loan information at this page.
Personal loan is a sum of money lending by banks, credit unions, financial institutions to borrower to ease their financial needs. A lot of peoples using the funds for paying education fees, repairing car or vehicles, home improvement, pay-off high interest credit card bills and etc.
Here are several points that personal loan different from other loans :-
1) Most of the personal loans are unsecured, that's mean you will get the money without placing any assets as collateral. But under some special circumstances, lenders will ask for collateral such the title loan for car, payday loans and etc.
2) The minimum credit score to eligible for the loan is 580, while some banks even request for 620 and above. And the debt-to-income ratio of borrower shall not exceed 35%, otherwise application probably will be reject by lenders.
3) There are no fixed interest rate from lenders, all rates offered are based on the credit rating of applicator. The gap of the interest is very obvious among good and bad credit borrowers, the different will be around 14%-20% higher or lower.
4) The term period of the loan is quite similar to mortgage loans, paying every months. Just the installment period (months) is shorter than mortgage loan, for normal cases, its around 5 years.
5) The range of the loan is generally from $2,500 to $5,000. For car title loan, the amount lend will be higher roughly around $15,000. Of course, only those with good credit is qualified to this loan.
For more information about the loans, please check out Loan Services Guide instead of Personal Loan Information
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