Personal Loan
About Personal Loan
The market right now for personal loans is hot and, believe it or not, this trend in borrowing is actually a good thing and reflects the healthy standing of the economy. Consumers are feeling the economic growth and want to take out loans for those big expenses.
What is a Personal Loan and How do they Work?
A Personal loan is a type of loan that can be used for all kinds of purposes, whether it’s to fund tuition, used for a vacation or for personal use. You should have qualifications when applying
Credit Score and History. This is a big one and provides the most insight on your financial behavior as well as how likely you are to pay back your loan.
Fixed Interest Rate
While it’s not 100% the case, personal loans typically have fixed interest rates, which means the interest rate is set for the life of the loan and won’t ever change. on the other hand, will have an interest rate that can change, but these aren’t quite as common since the fluctuation of the rate can make it difficult for borrowers to budget for their monthly payments
Fixed Amount
Most banks and lenders have a minimum and maximum personal loan amount you can apply for, but with some shopping, you’ll find loan amounts ranging anywhere from $1,000 to $100,000 or more, depending on your credit score, history, and income. Either way, the personal loan amount is established and fixed up front.
Features of Personal Loan
Easy loan Repayment
100% Transparency
Quick approval
Eligibility Criteria
- You must be a Salaried Employee
- Age: 20-50 years old
- Net Monthly Income must be more than $1000.
- No defaults in the last 24 months.