How to Apply for a Personal Loan

Are you looking for some extra cash for a vacation, auto repairs, home improvements, or tuition fees? Well why not think about applying for a personal loan. The most common types of personal loans are secured loans and unsecured loans. A personal loan secured against an asset, attracts lower interest rates, can be repaid over a longer period of time and is more easily obtainable.

Even if you have a bad credit history it is now possible for you to be approved for a secured personal loan by securing valuable property as collateral. Whilst personal unsecured loans attract higher interest and obtaining them relies solely on your credit health, the application process is normally quicker and approval faster. If you have a good credit history showing on time payments with a small outstanding balance and a strong employment record you should not encounter a problem being approved for personal loans.

Most banks and financial institutions offer personal loans and it is a good idea to ‘shop’ around for the best interest rates. It is also advisable to check the loan terms and conditions for other costs that may be involved in obtaining a personal loan. Banks and financial institutions are happy to receive your call or see you in person to discuss your specific personal loan needs. Personal loan application forms can also be downloaded from the Internet for you to complete and mail to your financial institution. Many financial institution websites conveniently provide for you to make application for a personal loan online.

Another expedient way of obtaining a personal loan is via an Internet lender. The application process is straightforward and convenient, whilst approval is quick. Online personal loans, which incidentally offer lower interest rates than credit cards, can be paid directly into your bank account or mailed to you by cheque, with the convenient option of making repayments by direct debit. There are even online personal loan options available for those with a bad credit history. Generally the requirements for online personal loans are that you are 18 or over, are a citizen of the USA, have an active bank account, and you have a regular source of income earning over $1,000 per month.

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