A Personal loan is a loan a borrower can use to satisfy his/her personal needs and it is the foremost preferred loan by many borrowers all over the world. We, at Loan Solutions Online, offer the best personal loans with low interest rate and a flexible tenure of 12 to 60 months. All our personal loan consists of less paperwork with our assistance either through online or manually as per the people interests. Amongst many other loans, personal loan offers low interest with good credit and the loan amount is easy to repay and may not pressurize the borrower to pay off when compared to other loans.
Key aspects of a personal loan:
- How do personal loans function?
- Classification of personal loan
- How to find a personal loan lender?
- Personal loan and the credit score
- Interest rates and additional fee
1. How Do Personal Loans Function?
A personal loan is taken upon an individual’s interest to address his/her personal wish. Based on the individual’s source of income, Annual income, and his/her capacity to repay the individual is granted with the personal loan. As per the levied interest on the loan amount taken it is repaid with the interest amount within a stipulated and a flexible plan ranging from 36 to 60 months. Once the total amount is paid the account will be closed.
2. Classification of loans
It is classified into unsecured and secured loans. When providing unsecured loans, the loan is not secured against any asset and if the borrower doesn’t meet the eligibility criteria, still the loan is approved but it would be at a higher interest rate. While providing secured personal loan, you are giving loan against your savings account or CD as a security deposit in case of failure to repay
3. How to find a personal lender?
You are at the right place to get the personal, loan from your trusted partner. At Loan Solutions Online, we can understand your needs and bring personal loan option at low interest at a flexible tenor of repayment i.e. 12 to 60months.
4. Personal loan and the credit score
A good credit score is one of considering factors for lenders to determine the borrower’s credibility. If you have a good score you will be eligible to get a Balance Transfer Credit Card with 0% interest. It is the easiest way to handle all your old debts by restarting debt payments with new better terms & flexible tenure.
5. Additional fee and interest rates
Interest rates and additional fees have a vast difference and those are based on the tenure period of a loan.
Interest rate begins from the range of 5% and they also differ from lender to lender and the credit score of the borrower.
The Additional fees include organizational fees that are from 1% to 5% of the loan amount and another one is payment penalties, which are mostly not considered at Loan Solutions Online to ease our borrowers.
When you think or need to apply for a personal loan for any emergency financial situation, or if you’re having any queries about the personal loan process, feel free to contact us now!