INVESTING: Personal Loans checklist
(printable)Personal loans have grown in popularity in the last decade as an alternate source of credit. Consider the following facts about personal loans when deciding if they are right for you:
- Personal loans are unsecured, they are not backed by an asset
- The funds received can be used for any purpose
- The interest paid is not tax deductible
- They are normally fixed term with a specific due date and repayment schedule
- Repayment time varies from 1 to 5 years
- Interest rates are typically higher than a secured loan
- Interest rates are typically lower than credit cards
- Most banks offer personal loans
- Loans can also be applied for at online lending sites and credit unions
- The application process and approval are easy and quick
- Usually the customer can pick the monthly due date up front
- Often people will use a lower interest rate personal loan to pay off higher interest rate credit cards
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