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While not all personal loans will have each feature or benefit described here, these are typical of most loans in this category.
- Applying and getting approval for a personal loan is quicker. When you compare the time it takes to apply for other loans like mortgages and home equity loans which require a lot of paperwork and background research, you’ll usually find there’s far less paperwork for your personal loan and it will be processed and approved faster.
- You can apply for a personal loan whether you own a home or rent. Many loans require that you promise your home as collateral or security for the loan, but that’s not the case with personal loans. Whether you own a home, rent or live with family members, you could qualify for a personal loan. When deciding whether to approve your personal loan, the lender will review a number of financial factors including your credit rating, your current income, your debt load and other issues that may affect your ability to repay the loan.
- Some loans have a floating interest rate that may rise and fall over the course of your loan. A personal loan, in contrast, has a fixed interest rate that cannot be changed during the term of your loan. Both the interest rate and your monthly payment will remain steady which will make it easier to plan your payments into your monthly budget.
- You can choose the length of time you want to repay your personal loan. Lenders usually offer a variety of repayment plans. When considering which plan is the best option for you, think not only about what your monthly payment will be, but also about how much interest you will pay in the long run.
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Our Notes: The process for personal loans is considerably faster than other loans, such as secured loan. However, personal loans are typically much more difficult to qualify for, in terms of the expected quality of the applicant’s credit history. Personal loans are made available to renters, as well as homeowners, but the available loan size is typically larger for those that own a home, as opposed to those that do not. This is true, primarily, for two reasons: 1) Homeownership is viewed as a stability factor, thereby reducing risk. 2) Keeping a loan, to a homeowner, on the books is desirable for lenders, because the relationship may enable the lender to secure a more desirable transaction from the borrower in the future… their mortgage.
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