Find answers on personal loans

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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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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