Home - Mortgage Loans | Personal Loans | Bad Debt Loans | Foreclosure Loans
Apply for a Loan | Best Auto Loans | Best Bad Credit Auto Loans | Best Bad Credit Loans | Best Bill Consolidation Loans | Best Cash Advance Loans | Best Credit Cards | Best Credit Repair Tips | Best Debt Consolidation Loans | Best Free Credit Reporting Tips | Best Home Equity Loans | Best Mortgage Loans | Best Pay Day Loans | Best Personal Loans | Best Products on the Internet | Best Unsecured Loans
Great Financial Advice
Apply for a Loan
Latest Financial News
Rate Lock Advisory
Best Products
Join Our Mailing List
Contact Us
Loan Articles Index
Auto Loans
Bad Credit Auto Loans
Bad Credit Loans
Bill Consolidation Loans
Cash Advance Loans
Credit Cards
Credit Repair Tips
Debt Consolidation Loans
Debt Reduction Loans
Foreclosure Loans
Free Credit Reporting Tips
High Risk Loans
Home Equity Loans
Home Loans
Lawsuit Loans
Mortgage Loans
Pay Day Loans
Personal Loans
Products on the Internet
Real Estate Services
UK loans
Unsecured Loans
Loan Article Index
Loan Articles A-G
Loan Articles H-Q
Loan Articles R-Z
Mortgage Calculators
Mortgage Calculator
Mortgage Amortization Calculator
Rent vs. Buy Calculator
How Much Can I Afford Calculator
Auto Payment Calculator
Click here to Sign up for Email and Newsletter

 

redhotloantips fat loss


Why consider a Personal Loan

Written by: Tony

Back in the days where banks were the only lenders in the business,
getting a loan meant putting on your best clothes to go to a nervy appointment
with the bank manager. You'd sit there for some minutes, feeling like you're
facing the school headmaster and bracing yourself for humiliation. It is then
such a relief that these days, things aren't so bad.


Banks used to have the market for personal loans all to themselves. This
is because they were the only business entities that could offer personal
loans. And because of this, they charge you extortionate rates, confident in
the knowledge that the borrower has no other choice. Well, it's a little
different now. The market is open, which means that banks are no longer the
only ones from whom you can get your personal loan. There are loads of places
where you can apply for personal loans. And because of the increase in supply
of consumer credit, the rates have become increasingly competitive.


You can find loan providers everywhere. Supermarkets, gas suppliers,
junk mail, television, and magazines are only a few of the places where you can
look for personal loans. This means that a wide array of options is held open
for you, assuring you only the best of deals. However, with so many places to
choose from, where do you start?


Personal Loans - The Beginning


Let's start at the beginning. What is a personal loan? A personal loan
is money lent to an individual by a financial institution for a specific
personal purpose. The circumstance does not include buying a house since that
is covered in wholly different loan category. One main difference between a
personal loan and a home loan is that most personal loans are unsecured. So,
that means that there is no collateral provided and the only guarantee that a
borrower can give the lender is his reputation for good credit. This is also
one of the main reasons why personal loans have interest rates that are a
percentage higher than most other loans.


The Factors to Consider


To work out the answer for this, you will need to find out how much you
can afford on monthly repayments. Do your calculation by looking at your
monthly household income. Afterwards, find out what your monthly expenses are.
These include your maintenance payments, food, outstanding debts, any bills,
clothes, and any other miscellaneous spending money. Add all these figures and
work out a safety margin of 10% just to be on the safe side. You will then take
all your expenses and subtract them from your monthly income. What you have
left is your available cash for your personal loan.


When you're taking out a loan, it doesn't really matter what your reason
is. The main question is whether or not you can afford to make the monthly
repayments.

Tony Forster has a keen interest in living debt free having been "up to his ears" before realizing the need to take control. He has compiled an online financial article resource at http://www.loan4payday.info


Other Related Articles:

Student Loan Consolidation
Why Consolidate Your Student Loans? It's January of your senior year and time to start thinking about all those loans you took to help pay for college. Between Stafford Loans, Perkins Loans and all the rest, between subsidized and...read more

Employ Bridging Loans for short term financial gaps
Each one of us may face financial crisis in our life. I too have faced. I always wanted to own a home with a big beautiful garden. I had been looking for it for a long time and one day I found it. However, there was one problem, I would say a...read more

What Type of Loan Do You Need?
There are many types of loans available to consumers. There is no shortage of people willing to lend money to qualified individuals. It is a matter of knowing what you need and what is available to you. Student loans, personal loans, auto loans-...read more


Return to Home

468x60

Best Auto Loans, Best Bad Credit Auto Loans, Best Bad Credit Loans, Best Bill Consolidation Loans, Best Cash Advance Loans, Best Credit Cards, Best Credit Repair Tips, Best Debt Consolidation Loans, Best Debt Reduction Loans, Best Foreclosure Loans, Best Free Credit Reporting Tips, Best High Risk Loans, Best Home Equity Loans, Best Home Loans, Best Lawsuit Loans, Best Mortgage Loans, Best Pay Day Loans, Best Personal Loans, Best Products on the Internet, Best Real Estate Services, Best UK loans, Best Unsecured Loans
Subscribe to Mailing List | Private Policy | Unsubscribe | Site Map