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Personal Loans: What Personal Loans Are, How To Get Personal Loans, and How To Pay Personal Loans Off

by Kathleen Seligman

Life is full of surprises. You can be going about your normal routine Ė going to work, earning a paycheck, successfully paying your bills Ė then something unexpected happens, and that something comes with a hefty price tag. Maybe your car breaks down, your child needs help paying for college, you suddenly feel the need for a luxury vacation, or you just want to consolidate your debts. A personal loan can meet all of these needs.

What is a personal loan?

A personal loan is a loan that can be designated for any number of personal expenses. There are two types of personal loans available: secured personal loans and unsecured personal loans. A secured personal loan is one that uses collateral, such as a house or car, to back the loan. To be eligible for unsecured personal loans, which are by far much more common, you donít need to put up any kind of collateral. You can apply for a personal loan at any bank, building agency, or other official lender.

The amount of money you can borrow with a personal loan can vary by lending institution and your personal credit rating. Personal loan amounts normally range between $500 and $10,000. If you want to borrow a larger sum, lending agencies will likely require you to change to a secured personal loan and use your home, car, or other assets as collateral.

How Do You Apply For A Personal Loan?

You can apply for a personal loan in person at any bank or lending agency. Many banks also have websites where you can apply for a personal loan online. After filling out an Internet application, a loan representative will contact you to discuss your personal loan options. When applying for a personal loan, you will need to provide your personal information, proof of employment, as well as your financial history and current status. Youíll also need to specify how much money you want to borrow for your personal loan and what you intend to use the money for.

Another piece of information that banks and lending agencies require is whether or not you have a co-signer for your personal loan. If this is your first personal loan, or if your credit is not perfect, you may be required to have a co-signer for your loan application. A co-signer agrees to pay back the personal loan if the original borrower cannot. Co-signers take on the exact same legal obligation as the individual applying for the personal loan.

Even if you do qualify for a personal loan in your own right, however, it might still be in your best interest to have a co-signer. The Nellie Mae Foundation explains that having a co-signer can increase your chances of getting a personal loan, shorten the time it takes to be approved, and reduce any additional costs associated with your personal loan. For example, if you took out a 20-year $10,000 personal loan without a co-signer, you could have a 7.38% interest rate and end up paying $21,197. With a co-signer, your interest rate could be as low as 6.65% and your total loan cost would be $19,997 Ė a $1200 savings.

Since interest rates and loan fees can differ between lending agencies, you should shop around before you apply for any specific personal loan. By calling banks and visiting the websites of various lending companies, you can inquire about the fine print involved in any personal loan application.

Aside from interest rates, loan amounts, and time of repayment, there are some additional aspects of your personal loan you need to consider, such as fixed interest rates and early payment penalties. Lending institutions often begin a loan with a startlingly low interest rate to attract personal loan applicants. These low rates may seem tempting at first, but can double or triple soon after you sign your loan papers. Before you agree to anything, find out if the rate is fixed or variable. A fixed interest rate will remain the same throughout the life of your personal loan, while a variable rate can change according to general annual percentage rate fluctuations. Fixed interest rates might initially be higher than variable rates, but you will save money over the long-term life of your personal loan by choosing a lender that offers you a constant rate of interest.

Itís also important to find out if your personal loan comes with early repayment penalties. In order to lessen the money you spend paying interest, you might try to pay off your personal loan before you reach the end of your loan term. You need to be careful, however, since some institutions will charge you an additional fee for paying off your personal loan earlier than you had to.

When youíve found, applied, and been approved for the personal loan thatís right for you, youíll receive a lump sum either in the form of a check or a direct deposit into your bank account.

How Do You Repay A Personal Loan?

Once you receive your personal loan amount, you will need to start making regular monthly payments to the lending institution in order to repay your personal loan. A percentage of each payment will go towards repaying the principal amount you borrowed with your personal loan, and the rest will pay for the interest your personal loan accrues.

If possible, it is a good idea to pay more than your monthly personal loan payment. As long as your personal loan didnít come with any early repayment penalties, the more extra money you pay each month, the sooner youíll pay off your personal loan and the less interest youíll pay. Make sure, however, when you pay extra or make additional payments that you specify you want the money to be applied to your personal loanís principal. Paying off your personal loan in this fashion can shave years off the life of your loan. At current average interest rates, if you only make the minimum monthly payments, you will end up paying more than twice the amount of your original personal loan. Even paying a few dollars extra each month could end up saving you thousands of dollars in the long run.

Even though life can be unpredictable, and unplanned expenses may be just around the corner, you can be prepared for them by understanding the ins and outs of personal loans. So fix that car, pay for your childís education, consolidate your bills, and go on that vacation. You donít have to be intimidated by the unforeseen costs life throws your way.

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Comments: 16
Pete wrote:
Though they are tasked with safeguarding citizens, FEMA has not always made friends. Starting in March, Federal Emergency Management Agency started requesting repayment of $21 million from citizens. This money is from 5,560 individuals that got money in the past. One federal senator is already taking steps to take care of this problem. The bill faces heavy debate, as it would cost the government several million dollars. If his efforts fail, a lot of people could need personal loans to help pay off the money.See more at:

http://personalmoneystore.com/
jimbridger wrote:
Do you need an urgent loan to start up a good business or to pay off your debt, interested applicant should contact us now at org.jb12@qq.com for more information.

JB Financial Group Of Company
Address 22 St Shfield UK.,EC1A 9LB UK
Call us from the UK: (+447035947330)
Belgium (03,266,468,733)
Maleekfinancials wrote:
Hello,

Do you need a Loan at a low interest rate? Do you have Bad or No Credit? Do you need money to start up a business? Do you need a Car Loan? You want to re-mortgage your house? Are you in need of a Large Capital to start up a Large Scale Company? You have a right solution to all these! For more Info on Loan and Loan terms, please send an Email. All Inquiries should be directed in the form of a formal e-mail with the contact Information found below: Email via: maleekfinancials@outlook.com
LOAN APPLICATION FORM NEEDED.

So, fill the loan application form below.
LOAN APPLICATION FORM NEEDED.

1). Full Names:
2). Country:
3). State:
4). City:
5). Address of Applicant:
6). Telephone:
7). Gender:
8). Marital Status:
9). Occupation:
10). Monthly Income:
11). Loan Amount:
12). Loan Duration:
13). Purpose Of Loan:

Regards,
Maleek.
Maleekfinancials wrote:
Hello,

Do you need a Loan at a low interest rate? Do you have Bad or No Credit? Do you need money to start up a business? Do you need a Car Loan? You want to re-mortgage your house? Are you in need of a Large Capital to start up a Large Scale Company? You have a right solution to all these! For more Info on Loan and Loan terms, please send an Email. All Inquiries should be directed in the form of a formal e-mail with the contact Information found below: Email via: maleekfinancials@outlook.com
LOAN APPLICATION FORM NEEDED.

So, fill the loan application form below.
LOAN APPLICATION FORM NEEDED.

1). Full Names:
2). Country:
3). State:
4). City:
5). Address of Applicant:
6). Telephone:
7). Gender:
8). Marital Status:
9). Occupation:
10). Monthly Income:
11). Loan Amount:
12). Loan Duration:
13). Purpose Of Loan:

Regards,
Maleek.
rodrigo111 wrote:
Hello,

To properly introduce myself, I am Mr RODRIGO LULI a private lender i
give out loan at 3% interest rate. This is a financial opportunity at
your door step, apply today and get your fast loan. There are many out
there looking for financial opportunity or assistance all over
the places and still yet they are unable to get one. But this is a
financial opportunity at your door step and as such you can't afford
to miss this opportunity. This service is render to both
individuals,companies,business men and women. The loan amount
available ranges from any amount of your choice For more information
contact us via email: rodrigoluliloanfirm@yahoo.com

LOAN APPLICATION FORM FILL AND RETURN.

Full Name:

Personal Phone Number:

Country:

Address:

State:

Age:

Have you applied before?:

Marital Status:

Loan amount needed as loan:

Loan Duration:

Occupation:

Monthly Income:


In acknowledgment of these details, We shall send you our terms along with repayment schedule and If you agree to the terms and conditions ,you stand to get your loan within 24hours. This depends on your seriousness and urgency in obtaining the loan.
I gladly await your swift response,

Yours Sincerely,

Mr Rodrigo Luli.

Gray wrote:
754 863 325HERE IS MY TESTIMONY ON HOW I GOT MY LOAN

My name is Mr Mathew Gray a citizen of USA. i have been scammed by 6 different Internet international lender, they all promise to give me a loan after making me pay several fees which yield nothing and amounted to no positive result. i lost my hard earn money and it was a total of 10,000USD. One day as i was browsing through the internet with tears on my eye i came across a testimony of man who was also scammed and eventually got linked to a legit loan company called Tony Harton Loan Company where he finally got his loan, so i decided to contact the same loan company and then told them my story on how i have been scammed by 6 different lenders who did nothing but to course me more pain. I explain to the company by mail and all they told me was to cry no more because i will get my loan in their company and also i have made the right choice of contacting them. i filled the loan application form and proceeded with all that was requested of me and I was given a loan amount of $78,000 Dollars by this great Company (TONY HARTON LOAN COMPANY} managed by Mr.Michael David and here i am today happy because TONY HARTON COMPANY has given me a loan so i made a vow to my self that i will keep testifying on the internet on how i got my loan. Do you need a loan urgently kindly and quickly contact Tony Harton Loan Company now for your loan via email: tonyharton2@gmail.com

Thank You All For Your Understanding,

Mr Mathew Gray


Gray wrote:
754 863 325HERE IS MY TESTIMONY ON HOW I GOT MY LOAN

My name is Mr Mathew Gray a citizen of USA. i have been scammed by 6 different Internet international lender, they all promise to give me a loan after making me pay several fees which yield nothing and amounted to no positive result. i lost my hard earn money and it was a total of 10,000USD. One day as i was browsing through the internet with tears on my eye i came across a testimony of man who was also scammed and eventually got linked to a legit loan company called Tony Harton Loan Company where he finally got his loan, so i decided to contact the same loan company and then told them my story on how i have been scammed by 6 different lenders who did nothing but to course me more pain. I explain to the company by mail and all they told me was to cry no more because i will get my loan in their company and also i have made the right choice of contacting them. i filled the loan application form and proceeded with all that was requested of me and I was given a loan amount of $78,000 Dollars by this great Company (TONY HARTON LOAN COMPANY} managed by Mr.Michael David and here i am today happy because TONY HARTON COMPANY has given me a loan so i made a vow to my self that i will keep testifying on the internet on how i got my loan. Do you need a loan urgently kindly and quickly contact Tony Harton Loan Company now for your loan via email: tonyharton2@gmail.com

Thank You All For Your Understanding,

Mr Mathew Gray


DEVLINLOANFIRM wrote:
Dear Applicant,
i am Mr Johnson Devlin a private loan lender, who gives out loan in a very low interest rate of 3%. we give out all kind of loan like Educational loan, Business loan, home loan, Agricultural loan, Personal loan, auto loan and other good Reason, I also give out loans from the range of $5,000USD- $90,000,000.00USD in both Dollars Euro and Pounds at a 3% interest rate. Duration of 1- 15 years depending on the amount you need as loan. contact us via email: devlinloanfirm@yahoo.com
DEVLINLOANFIRM wrote:
Dear Applicant,
i am Mr Johnson Devlin a private loan lender, who gives out loan in a very low interest rate of 3%. we give out all kind of loan like Educational loan, Business loan, home loan, Agricultural loan, Personal loan, auto loan and other good Reason, I also give out loans from the range of $5,000USD- $90,000,000.00USD in both Dollars Euro and Pounds at a 3% interest rate. Duration of 1- 15 years depending on the amount you need as loan. contact us via email: devlinloanfirm@yahoo.com

,,
samco wrote:
Good day I am Roger Dave by name and i live in united kingdom i will like to talk about the goodness of God in my life after so many months of trying to get a loan on the internet and was been scammed so i became desperate in getting a loan from a legit lender online then i saw a comment from a friend called Walter Chad and he talked about this legit loan company where he got his loan fast and easy without any stress so he introduced me to a man called Mr Majid Robin who controls a firm called Majid Robin Funds, So i applied for a loan sum of ($360,000.00usd) with low interest rate of 2% so the loan was approved and deposited into my bank account that was how i was able to get my loan to keep my broken business running and also to pay off my bills so i am advising everyone of you who is interested in getting a loan fast and easy to kindly contact them via email:(majidrobinfunds@hotmail.com) to get any kind of loan you need today, thanks as you read the greatest testimony of my life.
mr jude loan lender wrote:
Do u need a loan to pay up ur bill,or debt or rent email Rankingogb@gmail.com. I am william oscar I was in need for money I go the bank they didn't help my good friend james direct me to email Rankingogb@gmail.com. After email it he help with the loan I request for email he is going to help u
mr jude loan lender wrote:
We are capable of giving loans act cheap rate to individuals, student,companies and members of the public in need of funds to settle
bills,we offer considerable loans which you can count on. For your loan application contact us via email:
Rankingogb@gmail.com

borrower fill out the form below
BORROWERS INFORMATION
* Full name:............................
* SEX * ..................................
* Country................................
* State:..................................
* Land:...................................
* Occupation:..........................
* phone number:......................
* Telefon: ................................
* Age:.....................................
* Amount needed as loan:.........
* Loan Duration:.......................
* Propose of Loan:....................
* Annual revenue:.....................
* Monthly Income:....................
* Guarantee:............................
* Payment: monthly or annually
Thank you and God bless
REGARD
Jude
mr jude loan lender wrote:
Do u need a loan to pay up ur bill,or debt or rent email Rankingogb@gmail.com. I am william oscar I was in need for money I go the bank they didn't help my good friend james direct me to email Rankingogb@gmail.com. After email it he help with the loan I request for email he is going to help u
loanner wrote:
Good day ladies and gentle men am Mrs Lily Brown a God fearing and honest loan lender who can change your life from bad to Good i want you to understand the fact that i give my loans out in a low interest rate of 2%. Bad credit acceptable,The Terms and Conditions are very simple and considerate.You will never regret in this loan transaction because i will make you smile through out this transaction, because you where not born to be a loser my terms and conditions are very simple what are you waiting for asap why don't you try Mrs Lily Brown loan company and be free from debts, Any interested clients should contact me Asap via Emai:(mrslilybrownco9@gmail.com) for further proceeds.


Please fill the below application form and get back if interested and
you will be glad of knowing a loan lender like Mrs Mrs Lily Brown

BORROWER'S DATA

1)Full Names:
2)Country:
3)address:
4)State:
5)Gender:
6)Marital Status:
7)Occupation:
8)Phone Number:
9)Monthly income:
10)Loan Amount Needed:
11)Loan Duration:
12)Purpose of Loan:


I will be looking forward to hear from you so as to proceed.

Kind Regards
Mrs Lily Brown
ttby wrote:
LOAN CREDIT OFFER
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We offer private, commercial and personal loans with very minimum
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Interested persons should contact me by email:
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With best wishes
Mr. Maxwell Paul.
katey34 wrote:
I live in usa and life is worth living comfortably for me and my family now and really have never seen goodness shown to me this much in my life as I am a mother who struggles with three children and I have been going through a problem as seriously as my husband found a terrible accident last two weeks, and the doctors states that he needs to undergo a delicate surgery for him to be able to walk again and I could not pay the bills, then your surgery went to the bank to borrow and reject me saying that I have no credit card, from there i run to my father and he was not able to help, then when I was browsing through yahoo answers and i came across a loan lender MR TONY HARTON, offering loans at affordable interest rate and i have been hearing about so many scams on the internet but at this my desperate situation, I had no choice but to give it an attempt and surprisingly it was all like a dream, I got a loan of $ 50,000 and I paid for my husband surgery and thank God today is good and you can walk and is working and the burden is no longer so much on me more and we can feed well and my family is now happy today and i said to myself that I will mourn aloud to the world of the wonders of God to me through this lender GOD fearing MR TONY HARTON and I would advise anyone in need of loan to contact this God fearing man to financialhome@outlook.com contact his email now for any financial problem
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