About Personal Loan

Personal loan I a fixed amount borrowed from a lender which is paid back with interest over a set period which may be used to plan a fabulous wedding, home improvements, or tiding up finances. It can be used for any other purposes other than capital equipments. It is an unsecured loan which brings greater flexibility.

Comparison of credit card and personal loans

Depending on what is involved, intention o paying back and period to which the money will be paid back, personal loans has a predetermined amount of time to pay them off while credit card, depending on how often is used might last a lifetime resulting to unending debts. Credit cards tend to have higher rates than personal loans.

Frequently Asked Question

Can you apply for a loan with a current credit score of 550?
With a credit score below 550, it will be difficult to get a personal loan, but you can opt for other types of loan.
How bad will getting a personal be?
Personal loans has higher interest and it is unsecured.
Does personal loan hurts your credit?
As long as personal loan is an installment loan debt on that loan can affect your credit score as much as debt on a credit card that’s almost to its limit.
How big of a personal loan can I get?
t all depends on your credit score and annual income, once our annual income is high you can get up to £100,000, but if not high or your credit score is not good enough you can get as low as £50,000.

How Does personal loan works?

  • No perfect credit record is needed
  • You don’t have to be a big earner
  • Special vacations
  • Planning for a wedding
  • Unexpected expenses
  • Uses of personal loans
  • Home improvement
  • The lenders can take your purchased item from you

Things To Do for loan

  • Qualification for the loan
  • The amount to be borrowed
  • The period it takes to pay back
  • The competitive interest rate involved
  • Early repayment terms
  • Understand what it takes or the risk involved, this takes you checking up if you are eligible enough to take out loans
  • Lenders financial institution should be compared, don’t be tempted to take out loans in your bank without comparing with other financial institution, choose that best suits your affordability

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