Why Not Pick Up A Personal Loan.

21 June 2012 14:30 - Phoebe Robinson

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Why Not Pick Up A Personal Loan

Strapped for cash? One option that isnít use your credit card is take out a personal loan. A personal loan is a relatively small loan that allows you to borrow money and spend it how you wish. These loans however do have higher interest rates than long term loans, but they do have lower interest rates than credit cards. Moreover repayments of the loan can be shaped so that the loan is paid back over a few years, which gives more flexibility than a credit card.

If you have good credit and a steady income obtaining a personal loan will be problem free. Having a credit card can affect your ability to secure the loan, but it does not mean itís not possible. There are two main types of personal loans secured and unsecured. Secure loans require you to have some part of your property as collateral like your car.  Unsecured loans donít require this but they have higher interest rates.

If you have a poor credit rating you will be classified as high risk and therefore will be charged a higher annual percentage rate. This means that you will pay higher monthly payments, which has the potential to make it easier to default on the loan, resulting in a decrease in borrowerís already low credit rating, so think carefully!


Related Links:
• Personal Loans
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• Info Library
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