What is a Personal Loan?
A personal loan is a type of installment loan, which means that it is repaid over time with a set number of scheduled payments. It is also a form of loan that can be utilized for practically any purpose whatsoever. This can be beneficial in any scenario where additional funds are required.
What Types of Personal Loans are available:
There are three types of personal loans available through our network: peer-to-peer loans, personal installment loans and bank personal loans.
Peer-to-peer lenders connect borrowers directly to investors, rather than offering the loan themselves. A peer-to-peer or P2P loan means that you will be borrowing money directly from a person or company, rather than the bank.
Personal Installment Loans
An installment loan is a loan in which there are a set number of scheduled payments over time. Many different types of loans are installment loans, including mortgages and auto loans. A credit card may require a monthly minimum payment but it is not an installment loan.
Bank Personal Loans:
A bank personal loan provides one-on-one local service to borrowers who would like to request a loan in person at their local bank. This type of loan can be requested on the phone or in person where you will provide your personal information needed for the loan. Some banks even allow you to request a loan online as well. If you request a loan online you will likely be directed to the nearest local branch to complete the loan request process in person. After you are approved, you will either receive the funds at the branch or they will be deposited to your bank account.
Your credit score and report can have a significant impact on your life. With today’s technology, scores can be used day and night to make an instant assessment of your creditworthiness. Knowing and understanding your credit score gives you a financial edge that could put money in your pocket through lower interest rates and lower monthly payments.
Sign up to get all the latest tips to earn, save, and manage your cash!