Find answers on personal loans

Personal loans help you finance a personal need like a wedding. These loans can come with a higher rate of interest depending on the bank you choose and the period you choose to return the loan. Your credit also plays an important role in securing a personal loan. Read on to find out more.

Answered By Jose Lopez | 6 years ago
  • Q: Can I get a loan if I have bad credit?

    You can get a personal loan if you have bad credit but the rate of interest at which you must pay back the loan will typically be higher.

  • Q: Can I pay off the loan early without a penalty?

    You need to check the terms of the loan at the very beginning if you think you might want to pay off the loan earlier by adding to your monthly payments. Some lenders charge a penalty or fee for repaying the loan early.

  • Q: Can you get a small personal loan online?

    Yes, many banks give small personal loans online to their customers. You can apply online from anywhere, choose your loan offer, payment option and within few days the loan amount will be transferred to your account.

  • Q: How to obtain personal loans from private lenders?

    Private lenders can be your friends, acquaintances or financial firms that have professional private lenders. Try to select a firm that is accredited by the government before you take the loan. Take quotes from different lenders before settling for the best.

  • Q: What are army loans?

    The active duty listed soldiers and the retired army men from the United States Army are eligible for army personal loans. These loans help them pay for travel, monthly bills, house rent, and other expenses.

  • Q: What is a fast cash quick personal loan?

    Quick personal loans are referred to as payday loans, where unlike traditional loans; it is possible to get loans on a very short notice. They come with a high interest, so borrow exactly how much you need and pay it once your payday arrives.

  • Q: What is a government debt consolidation loan?

    There is no legitimate debt consolidation loan program by the government that individuals can directly benefit from. But, the government backs many financial institutes, making it possible for these firms to give you loans at a much lower interest rate.

  • Q: What is a secured personal loan?

    Secured loans are loans that are protected by some sort of collateral. The financial company or bank holds the deed to this asset till the loan with interest and all applicable fees is paid back. Mortgage, Home Equity Line of Credit, Auto Loan (New and Used), Boat Loan, Recreational Vehicle Loan are all examples of a secured loan.

  • Q: What is an unsecured loan?

    An unsecured loan is a loan that is given to a borrower based only on his creditworthiness. It is a loan that can be obtained without the use of property as collateral for the loan. Credit Cards, Personal Loans, Personal Lines of Credit, Student Loans and some Home Improvement Loans are examples of an unsecured loan.

  • Q: What is fixed or flexible interest rate?

    Fixed-rate means that the interest rate on your loan does not change over the entire life span of your loan. With a fixed rate, you know your payment for each month and the total you will pay. Flexible interest rate is where the interest rate on your loan can change, based on the prime rate or another rate called an “index”, meaning that it could go up or down. If the interest rate goes up, your monthly payment can also go up. Now this is risky because the longer the term of the loan, the more the time there is for rates to increase.

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