Advantages Of Personal Loan

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Advantages Of Personal Loan

Advantages of Personal LoanA personal loan is basically given to the customers to meet their personal needs. But if you want to get a personal loan to buy a car you can do so. There are many  Advantages of Personal Loan. If you are going to buy a second-hand car then you should go for a personal loan. Advantages of Personal Loan Because you may have trouble getting a car loan to buy a second-hand car. Basically, people buy a second-hand car for only reasons.

1. They are versatile

Unlike a car loan, a mortgage or a student loan, a personal loan can be used for many purposes. You can use it to pay for car repairs, medical bills, a dream vacation, to consolidate credit card debt — pretty much whatever you need.

However, just because you can use a personal loan for mostly anything doesn’t mean you should. Know the top reasons to use a personal loan.

2. Interest rates are decent

Personal loan rates are favorable compared with rates on credit cards. Federal Reserve figures for Q3 2019 show that the average interest rate on a 24-month personal loan is 10.36 percent, while the average rate on a credit card is 16.97 percent. For the most creditworthy consumers, personal loan rates hover in the range of 6 to 7 percent.

You don’t have to put up collateral either. Unlike a mortgage or home equity loan, which is collateralized by your house, most personal loans are unsecured. This is especially attractive to consumers who have nothing of value to use as collateral.

3. They are good for debt consolidation

One of the most popular uses of personal loans is to pay off higher-interest credit card debt.

“You may be able to lower your monthly payment and interest rate,” says Kathryn Bossler, quality assurance specialist at GreenPath Financial Wellness, a Michigan-based nonprofit that helps people through financial crises.

4. A variety of lenders offer them

Along with traditional banks and credit unions, you can borrow personal loans at online banks, such as Discover; online nonbank lenders, such as SoFi; and peer-to-peer lenders, such as LendingClub.

5. Excellent credit is not required

It’s possible to get a personal loan with bad credit. Some lenders cater to borrowers with less-than-great credit. Just know that you’ll pay higher rates, which can exceed 35 percent.

6. Monthly payments stay the same

Interest rates on personal loans are fixed, so your payment is the same every month.

“One of the things I like is that it gives you a clear beginning and end to knocking out your debt,” says J.J. Montanaro, a certified financial planner with USAA. “You can see the light at the end of the tunnel.”

7. You can borrow the amount you need

Whether you need a few thousand dollars or $100,000, you can find a loan with limits that fit your needs. Again, a lot depends on your credit score.

8. Loan approval is quick

While mortgage and home equity loans can take at least a month to close, it’s possible to apply for a personal loan online and have an answer the next day or within a few days. If you are approved, the money typically is deposited into your bank account within a few days.

9. You have enough time to pay it off

Unlike highly risky payday loans, personal loans give you a reasonable amount of time to repay. Terms can range from a year to seven years, depending on your lender and your credit.

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