Personal Loans Questions

cash money offered with open hands
Oct, 26, 2012
Yes, a personal loan can build credit for borrowers with poor and nonexistent credit scores. Various types of financing can build up credit scores if borrowers are responsible about repaying their debts. Many people have poor credit scores due to past mistakes with debt. Finding a personal financing lender is the first step in rebuilding credit. Borrowers can improve their chance of selecting a good lender by evaluating and comparing different types of financial institutions. Obtaining financing from a credit union may be better than borrowing from a bank since credit unions typically offer lower interest rates.
family with a piggy bank
Oct, 5, 2012
A family loan is indeed a personal loan, but simply one that is lent to a family member. Although family members very commonly lend money to each other, there are a number of tax implications involved in lending money. Further research and reading of personal loans questions and answers can help borrowers decide if a family loan is something they want to pursue.
man signing contract
Oct, 4, 2012
There are several types of items and assets that a borrower can use as collateral for a secured loan.
Handing over money
Sep, 19, 2012
Prospective consumers and borrowers have a number of options when it comes to finding where to obtain a consolidation loan. A consolidation loan is a type of financing that is used by a borrower to pay off multiple debts. This can help borrowers who are overwhelmed with multiple loans and multiple monthly payments. In effect, it simplifies the payment process by having only one debt to pay off each month in addition to possibly awarding a borrower with a lower interest rate.
Vault in shape of dollar sign with money
Sep, 10, 2012
The collateral that is backing a secured personal loan should never be sold. Collateral is used to secure a loan for the lender. In a secured personal loan, the collateral involved is an agreed-upon asset of value. By having access to an asset of value, a lender is able to make back some or all of any loaned money that is not repaid. Collateral is usually seen in the form of vehicles and homes. Sometimes it can even be checking or savings accounts. When offered collateral is a vehicle or home, borrowers may face a situation where they would like to sell whatever’s being used as collateral.
Woman with laptop holding a credit card
Sep, 6, 2012
Using a credit card to pay off a personal loan is dependent on the situation of individual borrowers and lenders. Many personal loan lenders operate online, and some solely exist online. These lenders are accustomed to processing payments electronically. While these lenders may accept personal loan payments via a mailed check or even by cash in person (assuming they have a physical business location), online and electronic payments are far more expedient. These online lenders usually do not care if they are paid via debit card, wire transfer, or credit cards.
Question mark above a man
Aug, 31, 2012
Not all prospective borrowers can qualify for unsecured personal loans. Prospective borrowers can speak to as many lender representatives as they wish, research information to their hearts’ content, and look up all the unsecured personal lending quotes they want, yet that will still not necessarily make them eligible for unsecured financing. Fortunately, in the event that a borrower is unable to qualify, there are several other options worth pursuing.
What are bad credit personal loans
Aug, 17, 2012
Bad credit personal loans are secured financing for borrowers with poor credit scores and flawed credit histories. Those with bad credit should be prepared to put up collateral if they hope to obtain financing. Collateral minimizes lenders’ risks in the lending process and encourages them to approve a low credit applicant’s request for money. Borrowers can always find and compare bad credit personal loan quotes before seeking out actual lenders.
Warning sign
Jul, 10, 2012
The dangers of unsecured personal loans are present for both lenders and borrowers alike. Banks usually aren’t very interested in giving unsecured financing because unsecured loans don’t require collateral, which places banks at greater risk of not reclaiming all of their money. Borrowers with very good credit may be able to obtain these types of financing from banks, but most will have to settle with borrowing from a different lending source, like peer-to-peer lenders.
Piggy bank family
Jul, 6, 2012
Family members often help each other out by lending money to one another. Whether these family-originated personal loans are for the purchase of property, starting a business, or making important payments, it is vital that a document or contract be written and signed by both parties. Contracts exist in order to protect both parties involved in a personal loan agreement. The clauses contained in contracts spell out what will happen should a borrower and lender have a disagreement. The Pre-Contract Phase