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Members of the Ninety-Nine Percent are struggling under worse income inequality than we had in The Gilded Age. One way to ease the pain some is to look for ways to save on expenses, such as finding low-interest personal loans.
When it comes to personal loans, you are able to borrow more money for a longer period of time. These low-interest-rate loans are available for those with good credit and larger incomes; they do not require you to be employed. However, there is no such thing as a perfect loan, and the rates will vary from one company to the next. You will want to make sure that you know all of your options before choosing which lending institution is best for your needs.
A low-interest rate loan may be ideal for those who can afford higher payments but can’t put together an instant lump-sum payment at application time (such as if you need home repairs made).
What Are Low Interest Personal Loans?
If you are familiar with the reputation of payday loans, you may think low-interest personal loans don’t exist. Secured loans almost always charge less interest, but that doesn’t mean you can’t find relatively cheap signature loans.
Reputable payday loans charge a flat fee for a set loan amount. This means that if you get monthly, that flat fee will translate to a lower annual percentage rate than if you get paid weekly and can only borrow the money for a few days.
Personal loans for students are also increasingly popular. They can make more financial sense than a student loan because student loans have deferred payments and accrue interest the entire time. They are also designed in a way that encourages people to borrow huge sums. So if you just need to cover some extra expenses at the start of the semester and can pay it back shortly, that may make more sense.
Personal loans for debt consolidation can also ease cash flow and potentially save on interest. Plus, having to make only a single payment makes it less likely that it will get lost in the shuffle of your busy life and paid late. Late fees get very expensive, very fast.
Types Of Low-Interest Personal Loans
The most popular type of low-interest personal loan will be the unsecured personal loan. These loans require that you have a perfect credit score; this lowers your interest rate if you meet the qualifications. If you do not, expect to pay a higher interest rate since these companies can’t risk someone defaulting on them and losing their money.
You may also be able to take out a secured loan against your home. A home security deposit typically will secure the loan and reduce the amount of money you can borrow. These secured loans do not have as long a time frame as an unsecured personal loan and do not require perfect credit; they simply mean that your house is collateral for your loan. This can be a great way to make some minor updates and upgrades to your home without the hassle of a large sum of money.
Getting A Low-Interest Personal Loan
When applying for a low-interest loan, you must be able to prove that you can repay the loan (which is why such loans typically require such large lump sums, since you will need enough funds to pay off the entire loan at once if necessary). You should also expect that there will be strict laws against using this type of money on anything but the stated purpose; you cannot use it for gambling or other ventures.
After you have all of the required information, you will need to go through an underwriting process. This can take anywhere from a few minutes to several days, so do not expect it to be done overnight. This is why you should expect to wait sometime after the application before receiving your money since companies will conduct thorough underwriting processes.
Where Can I Find Low Interest Personal Loans?
You can find them online with our help. TheGuaranteedLoans is a loan matching service. We help borrowers like you find the loan products they need.
You fill out a single form and we check it against many loan products from a variety of lenders. When we find a match, we contact the lender and forward your information to them. They contact you and complete the process.
What Are The Requirements For A Personal Loan?
The requirements for a personal loan are similar to that of any other loan. You will need proof of income, residence, and legal age (18 years old in most cases), not to mention proof of identity. If you are applying for a larger loan, the lender may require assets of their own.
It can be difficult to borrow money without collateral, however, this is why these loans are ideal for those with good credit scores and who have been in their homes for several years already. There are options available when it comes to borrowing money when you do not have something tangible that can be used as collateral, but they will have higher interest rates attached to them.
The low-interest personal loans that you obtain will need that your credit is fairly good. These loans are also a great way for people with perfect credit to obtain a large sum of money.
These loans are not going to be the best if you need the money now and do not have perfect credit. If you can wait, choose an alternative method to obtain the funds that you need instead.
Some places where you might find low-interest personal loans include banks, pawnshops, and credit unions. However, these places might have extremely high-interest rates on their personal loan programs as well as very few funds available for customers in this economy.
How Much Can You Borrow With A Personal Loan?
Personal loans are available in all amounts, with low-interest rates attached. The goals of personal loans are to help customers with specific reasons to borrow money, so they can afford their goals. Low-interest personal loan providers are geared towards customers with good credit histories so these alternative lenders put together excellent programs specifically for their customers. However, there is no maximum amount that you can borrow; you simply need to be able to repay the loan when it comes due again.
What Kind Of Paperwork Do I Need?
Low-interest personal loans are usually easy to apply for. You will need to prove you are a legal adult (18+ years old) and a citizen of the US or a legal resident. In most cases, all you need to show is your valid photo ID, such as:
- Driver’s license.
- State issued ID card.
- Military ID card.
- College ID card.
- Tribal ID card.
You will also be asked to provide something showing your income, such as a recent pay stub or a recent bank account. A PDF of a bank statement is usually easy to get and super convenient when applying for a loan online.
Apply Now For A Low-Interest Personal Loan at TheGuaranteedLoans
If you have gathered up the necessary papers, you may already be ready to apply. If not, take a few minutes to find what you need.
FAQ
Although most banks charge different interest rates, the most common personal loan is the unsecured personal loan. This is because these are the lowest-interest loans available, with relatively similar terms to each other. Be sure to shop around, though, since most lenders charge different rates depending on past actions and credit scores.
There are many ways that you can get a personal loan, but the best ones are generally from credit unions. These places have been around for a long time and have established reputations, which means that their loans are going to be better in most cases.
The size of the loan will also depend on your circumstances and what you need to use it for. The more specific reason behind your need for money, the better chance you have at being awarded a lower-interest personal loan instead of something else. If you need to buy a house or pay off an existing home loan, then banks maybe your best option for this purpose.
Although a personal loan won’t necessarily hurt your credit score, it is considered to be a “hard inquiry” by lenders. These inquiries can lower your credit score, so it is best to obtain the loan in the early stages of credit building. Once you have enough on your credit report without having to borrow money, you will be better able to manage these inquiries.
Keep in mind that if you are willing to wait for larger loans or pay higher interest rates, then certain companies might offer special promotions that will not hurt your credit score at all.
This is the question that everyone should be asking if they need to take out a personal loan. The first thing that will happen if you cannot pay off your personal loans is that you will be charged with penalties and late fees. These late fees will continue to accumulate, along with larger penalties for late payments, until you are able to pay off the money. However, it is important to know that the lender may take legal action against you as well; this can result in wage garnishment or a lien being put on your property if necessary.