Credit Simple
A personal loan is a monetary loan you can get from a credit provider such as a bank, credit union or online lender – usually for a specific life purpose like renovating your home, paying for a holiday or consolidating several smaller loans. Lenders approve personal loans by evaluating your creditworthiness. When you enter into a contract for a personal loan, you typically receive money in a lump sum and agree to repay the lender back the money in regular…
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A secured personal loan is a personal loan in which you offer up an asset as collateral, essentially guaranteeing you’ll pay the loan off. If you don’t pay, the lender can take possession of that asset (in this case, known as the security) and sell it off to recoup their money. The most common type of secured personal loan is a car loan, where the car you’re buying is also the asset that secures the loan. Why take out secured…
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A personal loan is about as straightforward as it gets when it comes to borrowing money. It can help you pay for something special like a car, holiday or home renovations, or to consolidate debt. With a personal loan, you borrow a specific amount and you make regular payments until it’s paid (along with the interest), usually one to five years. And for a long time personal loans have been in the shadow of credit cards. That’s because credit cards…
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A personal loan is about as straightforward as it gets when it comes to borrowing money. It can help you pay for something special like a car, holiday or home renovations, or to consolidate debt. With a personal loan, you borrow a specific amount and you make regular payments until it’s paid (along with the interest), usually one to five years. And for a long time personal loans have been in the shadow of credit cards. That’s because credit cards…
read more