When you find yourself in a position where you need money, you may find that getting a loan is the simplest option. The tough question is where to borrow and what type of loan should you get. There are a ton of avenues for consumers these days when you're looking to borrow money, but not every loan offered is beneficial to you as a consumer, so it pays to do some research upfront to find out your options, qualifications and rates you might qualify for.
A personal loan is a debt taken on by a consumer; they can range in size, terms and conditions. A personal loan can be a mortgage, home equity loan or mortgage refinance. Basically it's an arrangement by which an individual borrows money from a bank.
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There are other personal loans that are smaller such as a signature loan or an unsecured personal loan. These smaller loans will require repayment much faster then let's say a 30 year mortgage loan. The way banks and businesses make money is they charge interest, which is basically a percentage of the balance of the loan.
So if you're in the market to borrow money you'll also see a lot of quick cash advance business, such payday loans and car title loans etc. Everyone is eager to earn your business by lending you money.
Don't be fooled by these flashy and fancy fly by night quick cash centers, they make a living off of predatory lending. Let's take a car title loan company, if you own your car and you have the title to it nine times out of ten they will loan you money. Here is the catch, you have to not only give them the title to your vehicle but also leave it there until you pay back the loan. Heaven forbid if you're just a little late on a payment they will own your car!
Personal loans come in all shapes and sizes; you can secure a low-interest personal loan in a variety of places including your local bank. Now getting approved usually follows some criteria, the loan will be repaid without a hitch and generally there has to be some good reasoning involved in the application.
The certainty that the lender will get their money back is generally very high. Which means the profit margin will generally be much lower because of the fact that they will most certainly get their money back. That means lower interest and fees for you.
Now let's compare that to a quick cash advance center, we'll use a payday loan business as an example. Firstly, you must have a checking account and give them full access to debit your account. The interest is generally 15 to 30 dollars per every hundred borrowed, which makes the interest rate up to 391%. (No that wasn't a typo, you will be paying up to 391% interest.) That's why it's known as predatory lending and to put it frankly it's just highway robbery.
So when you go to get your next loan don't be fooled by those quick cash advance centers they only exist to take advantage of people who are not wise to the potential for high fees and loan rates and their ability to obtain similar financing with better user terms elsewhere.
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