Personal loans are loans that are not secured against anything of monetary value. This means that the lender has nothing to take from you if you do not make payments. A mortgage is not considered a personal loan because the money is borrowed against your house. They are often also called unsecured loans and have many pros and cons. However, when you have bad credit, the cons can stack up quickly.
There are two types of personal loans one is secured and the other is unsecured. Unsecured personal loans are very popular and can be easily applied for with an online application. The loan amount ranges from $5000 - $75,000. The rate of interest on this loan for the year is 8.99% and the application fee is $199. The loan can be repaid in 7 years and the money can be used for a variety of purposes such as house renovations, wedding, buying a car and other ... Read more
