Personal Loans - The Facts And The Basics
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James Copper
Apr 26, 2013, 3:05:54 PM4/26/13
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Article Title: Personal Loans - The Facts And The Basics
Author: James Copper
Word Count: 549
Article URL: http://www.isnare.com/?aid=143339&ca=Finances
Format: 64cpl
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Personal loans are usually unsecured loans for a small amount of money. They are given for any use. Banks have not always been so happy to give personal loans, though. Personal loans are not profitable because they are short term loans on such a small amount.
They are also unsecured which banks tend to try to avoid since it is completely relent upon the individual to get the money paid back. However, more and more lenders are seeing personal loans as being a great way to connect with customers.
When searching for a personal loan a person needs to first establish how much money they would like to borrow. Typically a personal loan is for a small amount, such as a couple thousand dollars. They should also consider if there is an alternative way to get the money besides borrowing.
This will help a person avoid debt problems should they end up not being able to payback the personal loan. Once they have decided on the amount of the loan and that getting a loan is their best option they should shop around for the best loan.
If you are looking to borrow more, say around 20,000 then it might be advisable to use a loans broker. These brokers will have access to a whole range of different lenders and offers.
So if you have bad credit or are self employed they will be able to find you a suitable lender. Of course there will be a small fee involved, so it is best to speak to a few brokers and see what they to offer.
Personal loans have various terms depending upon the lender. It is very important to get the terms and conditions of the loan before ever applying. Every time a person applies for a loan their credit is checked. Too many credit checks, especially in a short period of time, can bring down a persons credit score. Always narrow down to one or two choices of lenders before applying.
One of the best places to look first is a credit union. Credit unions typically are more willing than a bank to extend a personal loan. They are also more willing to offer loans on amounts as small as 500.
Using a credit union will help a person to not borrow too much, just what they need. They will also likely get the best interest rates and have a better chance of getting approved for the loan.
A personal loan should be used sparingly. It is not wise to use personal loans when you are having debt troubles as this just creates more debt problems. A personal loan is perfect for someone who has an unexpected expense come up or who just needs some extra cash.
They are not good to be used to pay regular bills or make payments against a debt. Using a personal loan is this way is a sign you have debt problems. Remember a personal loan is another debt that you will have to repay.
As long as a person is smart and shops around they should be able to handle a personal loan and get the money they need fast.
About The Author: James Copper is a mortgage broker with over 30 years experience. He works for http://www.any-loans.co.uk/secured-personal-loans.shtml as a Secured Personal Loans Advisor. In his spare time he writes on all things finance and investment related.
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=143339
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Message delivered directly to members of the group:
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*****************************************************************
Please consider this free-reprint article written by:
James Copper
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=143339
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=143339
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: Personal Loans - The Facts And The Basics
Author: James Copper
Word Count: 549
Article URL: http://www.isnare.com/?aid=143339&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=143339
Easy Publish Tool: http://www.isnare.com/html.php?aid=143339
*********************** ARTICLE START ***********************
Personal loans are usually unsecured loans for a small amount of money. They are given for any use. Banks have not always been so happy to give personal loans, though. Personal loans are not profitable because they are short term loans on such a small amount.
They are also unsecured which banks tend to try to avoid since it is completely relent upon the individual to get the money paid back. However, more and more lenders are seeing personal loans as being a great way to connect with customers.
When searching for a personal loan a person needs to first establish how much money they would like to borrow. Typically a personal loan is for a small amount, such as a couple thousand dollars. They should also consider if there is an alternative way to get the money besides borrowing.
This will help a person avoid debt problems should they end up not being able to payback the personal loan. Once they have decided on the amount of the loan and that getting a loan is their best option they should shop around for the best loan.
If you are looking to borrow more, say around 20,000 then it might be advisable to use a loans broker. These brokers will have access to a whole range of different lenders and offers.
So if you have bad credit or are self employed they will be able to find you a suitable lender. Of course there will be a small fee involved, so it is best to speak to a few brokers and see what they to offer.
Personal loans have various terms depending upon the lender. It is very important to get the terms and conditions of the loan before ever applying. Every time a person applies for a loan their credit is checked. Too many credit checks, especially in a short period of time, can bring down a persons credit score. Always narrow down to one or two choices of lenders before applying.
One of the best places to look first is a credit union. Credit unions typically are more willing than a bank to extend a personal loan. They are also more willing to offer loans on amounts as small as 500.
Using a credit union will help a person to not borrow too much, just what they need. They will also likely get the best interest rates and have a better chance of getting approved for the loan.
A personal loan should be used sparingly. It is not wise to use personal loans when you are having debt troubles as this just creates more debt problems. A personal loan is perfect for someone who has an unexpected expense come up or who just needs some extra cash.
They are not good to be used to pay regular bills or make payments against a debt. Using a personal loan is this way is a sign you have debt problems. Remember a personal loan is another debt that you will have to repay.
As long as a person is smart and shops around they should be able to handle a personal loan and get the money they need fast.
About The Author: James Copper is a mortgage broker with over 30 years experience. He works for http://www.any-loans.co.uk/secured-personal-loans.shtml as a Secured Personal Loans Advisor. In his spare time he writes on all things finance and investment related.
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=143339
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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