Finance On Low Rates - Personal Loans
- Date: 2007-04-17 - Word Count: 291
Share This!
There are many loans available in the market that provides financial assistance on low rates for fulfilling personal dreams. Among various loan, personal loans are regarded as one of the most popular loans in the market which are known for its low interest rate.
There are two types of personal loans available in the market. They are:
• Secured personal loans
In secured personal loans, the borrower needs to place collateral such as house, car etc. Secured personal loan is the best way to procure large sum of money on low rates. The amount which gets approved depends upon the equity in the collateral. More is the equity in the collateral; more are the chances of getting larger amount being approved. It must be noted that they carry risk on the asset, which arises on the non repayment or missing any repayment of loan. Otherwise, they are absolutely safe.
• Unsecured personal loans
In unsecured personal loans, there is no need to place an asset as collateral. They also carry low and competitive rate of interest. However, the rates being offered in unsecured personal loans are higher than the rates offered in secured personal loans. There is no risk on the asset as there is no collateral. But, still the borrower must make timely repayments of loan.
Personal loans are multipurpose loans. They can be used for any of the following purposes such as:
• Buying a house
• Financing a car
• Wedding
• Higher education
• Home improvements
• Investing in business etc.
Personal loans can be availed by both good credit scorers and bad credit scorers. Usually, it is seen that bad credit scorers are offered with high rates. But by means of thorough research and comparison, even bad credit scorers can avail loan on competitive rate of interest.
There are two types of personal loans available in the market. They are:
• Secured personal loans
In secured personal loans, the borrower needs to place collateral such as house, car etc. Secured personal loan is the best way to procure large sum of money on low rates. The amount which gets approved depends upon the equity in the collateral. More is the equity in the collateral; more are the chances of getting larger amount being approved. It must be noted that they carry risk on the asset, which arises on the non repayment or missing any repayment of loan. Otherwise, they are absolutely safe.
• Unsecured personal loans
In unsecured personal loans, there is no need to place an asset as collateral. They also carry low and competitive rate of interest. However, the rates being offered in unsecured personal loans are higher than the rates offered in secured personal loans. There is no risk on the asset as there is no collateral. But, still the borrower must make timely repayments of loan.
Personal loans are multipurpose loans. They can be used for any of the following purposes such as:
• Buying a house
• Financing a car
• Wedding
• Higher education
• Home improvements
• Investing in business etc.
Personal loans can be availed by both good credit scorers and bad credit scorers. Usually, it is seen that bad credit scorers are offered with high rates. But by means of thorough research and comparison, even bad credit scorers can avail loan on competitive rate of interest.
Related Tags: personal loans, bad credit loans, debt consolidation loans, self employed loans, no equity loans, fast loans, direct loans
Peter Taylor is a senior financial analyst at Loans X with an acumen for finance and insurance.His articles are widely read because of the lucid manner of writing and thoroughly researched datas. To find Personal Loans, Bad Credit Loans, Self Employed Loans, No Equity Loans, Debt Consolidation Loans, Fast Loans, Direct Loans visit www.loansx.co.uk/ Your Article Search Directory : Find in Articles
Recent articles in this category:
- Payday Installment Loans: Ideal Funds That Supports Your Impending Needs
Any impending monetary crisis will be tough to deal with, if you are not having adequate funds. Neve - Educational Loans -helps To Secure Bright Future
Education is said to be the most important thing in ones life. It not only helps to improve the stan - One Hour Payday Loans No Faxing - Fastest Option Of Acquiring Money
Nowadays, loans have become a common thing among the UK people as needs are rising while the salary - Tenant Loans - Instant Monetary Support For Non Homeowners
Are you looking for an unsecured financial help that does not demand security to place against the r - Payday Loans No Faxing - No Verification And Delay
So many times, the approval of the loan gets delayed due to the lengthy paperwork and documentation. - Bad Credit Car Loans -helps You Finance A Car
Are you in need of a new car? Here bad credit car loans can offer you finance as you need. Perhaps y - Logbook Loans - Friendly Deal For Car Owners
Everyone knows that logbook is a paper issued by driver and vehicle licensing agency. This important - Same Day Loans For People On Benefits - Quick Money For Instant Financial Hold
Urgent and unpredictable demands might arise at times when you are not financially prepared. To deal - 3 Month Payday Loans - Feel Free With Longer Repayment Option
Are you looking for the loan that can give you small cash, but for longer duration? Are you worried - Loans For Bankrupt People - Look Forward For Financial Stability
Financial acronym or injury and inability for reimbursement to the concerned are known as insolvency
Most viewed articles in this category:
- Unsecured Personal Loans - Loan for the Common Man
Loans can broadly be divided into two types - unsecured loans and secured loans. Secured personal lo - High Risk Unsecured Personal Loans at Nominal Interest Rate
Today, unsecured loans gave grabbed the market as more and more people are opting for it. The loan m - Personal Loans-Don't Suppress Your Financial Needs
Personal loans can be segregated into a secured and an unsecured loan option. If you are a homeowner - Take the Loan; Show No Reason
If you are in need of a loan and want to utilise it for any purpose without showing the reason to th - No Compromise With Your Pleasure, Have Your Own Car
On a fine morning, you get up to see the sun shining brightly in the sky, leaving the world bathed i - Subsidized And Unsubsidized Student Loans!
These loans carry different loan terms and different requirements. According to the student situatio - Interest Rate: The Key Factor on Car Loans!
There are such wide variations in APR between lenders that you can end up overpaying on your car loa - Fight Against Tight Financial Situation With Personal Loans UK
It is always better to prepare yourself for unforeseen or unexpected expenses. If you are not born w - Advantages And Disadvantages Of Lack Of Security On Loans!
The unsecured nature of these loans attracts tenants but homeowners as well. However, in order to de - Unsecured Personal Loans-A Loan Everybody Is Eligible To Procure
Unsecured personal loans cater to urgent day-to-day financial requirements, and have become very pop