Personal Loans with Republic First Funding
Everyone has plans for their life..
Have you ever had the desire to do or buy something but lacked the cash to do it? Maybe you wanted to pay for your dream wedding, open a business, or build an addition onto your house. Whatever your reason was for wanting the money, a personal loan is sure to help you achieve your goals.
Let’s take a look at personal loans in more detail. What are they
A personal loan is defined as money that you borrow and pay back with interest over multiple years. This loan can be used for almost any purpose. A few examples of common uses for personal loans are:
Debt consolidation loans
Home improvement loans
Small business expenses
There is not much restraint on what you can use a personal loan for.
Unsecured Vs. Secured
Two different ways that personal loans are compared is whether they are secured or not secured.
Secured - These types of loans require collateral (something of value to put up against the loan). Examples of collateral are cash in a savings account, a house, an expensive car, or expensive artwork or jewelry.
Unsecured - These types of loans do not require collateral. To be approved for an unsecured loan you generally need to have a higher credit score and income. These types of loans are generally harder to get because the lender will probably have a hard time getting their money back if you don’t pay them.
Fixed Vs. Variable
Fixed and variable refers to the rate of interest that you pay on the loan.
Fixed-Rate - Fixed rates of interest cannot change. These types of loans are much more common.
Variable Rate - Variable rates of interest can fluctuate throughout the length of the lease. These fluctuations are usually tied to the interest rate at which banks and other institutions are able to borrow money.
How to compare loans
There are three main ways that you can compare different types of personal loans: the interest rate, loan term, and fees. Each of these will most likely be relatively similar at different institutions. However, when it comes to personal loans, the devil is in the details.
- Interest rate - This is the rate of interest that you will pay over the course of the loan. Take these with a lot of scrutiny. Even a 1% change can save or cost you a significant amount of money.
- Loan term - The length of time that you have to repay the loan. Generally, the longer the term the lower the payment and vice versa.
- Fees - Be sure to inquire about any other fees that you may be charged for before signing the loan papers.
Be sure to do thorough research before entering into an agreement for a personal loan. Additionally, it is usually a good idea to get a few different offers before making a decision.
Should you apply for one?
This is a personal question and depends on what exactly you need the money for and what your current financial situation is. However, if any of the following apply to you then we’d recommend looking into applying for a personal loan:
- You’ve done a significant amount of research and are positive you have the resources to repay the loan.
- You’re comfortable taking on the responsibility of repaying.
- You absolutely need the money and don’t have any other way of getting it.
We hope that you found this article valuable in understanding what a personal loan is. If you’re interested in speaking with a professional regarding personal loans feel free to reach out to us!
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