Personal Loans
A personal loan is money lent to an individual by a financial institution for a specific purpose other than buying a house. These loans tend to be unsecured, unlike home loans. When deciding to grant a personal loan, a lender looks at three things: consumer's income, debt and credit history.
Personal loans come in either a lump sum or a revolving line of credit. Lump sums, also known as closed-end loans, usually carry a fixed interest rate, while lines of credit usually carry an adjustable interest rate. A line of credit may cost more than a closed-end loan because it moves with fluctuating interest rates.
The terms of a closed-end loan depend on your credit standing — the better your credit, the longer the bank will give you to pay it back. But remember: the shorter the loan is in length of time, the less the loan is going to cost you in the end.
People who take out personal loans usually do so because of the quick approval turnaround, which is usually within one or two banking days.
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