Personal Loan

 


Visitors: 293

Personal loans are loans that can be availed for any reason unlike other loans that you take out for specific purposes, such as home loan to buy a house, car loan to buy a car, debt consolidation loan to consolidate your debt, and so on. Personal loans are multipurpose loans that you may avail to fulfill your needs. You may use a personal loan to buy a car, for home improvement, to buy a holiday package, to pay for college fees, and much more.

A large number of lenders offer personal loans. You can compare personal loan deals offered by various lenders and choose the best deal for yourself. The most convenient way to search for a personal loan is to surf the Internet. Many lenders offer personal loans over the Internet. Many brokers and introducers also use the Internet to help you access the lenders who offer personal loans.

Based on the rate of interest, personal loans are of two types – fixed rate and adjustable rate personal loans. In case of fixed rate personal loans, the rate of interest and the amount of monthly installments remain the same throughout the loan period. In case of adjustable rate personal loans, the rate of interest fluctuates with the changes in the interest rates prevalent in the market.

Based on the mode of repayment, personal loans are of three types – installment loan, balloon loan and single payment loan. In case of an installment loan, the loan amount along with interest is repaid in the form of monthly installments until the expiry of the loan period. In case of a balloon loan, only interest is paid at regular intervals and the entire principal amount is repaid at the end of the loan period. In case of a single payment loan, the principal amount as well as the interest is paid at the end of the loan period.

Depending upon the loan period, personal loans are of two types – payday loans and bank signature loans. The loan period of a bank signature personal loan is usually one year while the loan period of a payday personal loan is less than one year. Payday loan is usually taken out when there is an urgent requirement of money. It is repaid as soon as the borrower receives his/her salary.

For More Information Visit www.easy-loans-shop.co.uk .

(404)

Article Source:


 
Rate this Article: 
 
Pay Minimum Price for Your Loan by Taking Low Rate Personal Loan
Rated 4 / 5
based on 5 votes
ArticleSlash

Related Articles:

Find The Best Personal Loan Rates With Personal Loan Calculator

by: Kunnawat Saengmanee (June 04, 2011) 
(Finance/Personal Finance)

Secured Home Loans, Quick Unsecured Loans, Personal Debt Loan UK, Personal Bad ..

by: Simon Peyton (June 20, 2007) 
(Finance/Loans)

Personal Loan For Bad Credit - Helps Fulfill Your Personal Demands

by: Renita Vaughan (February 10, 2008) 
(Finance/Loans)

Online Secured Personal Loan Secure Your Personal Demands

by: Johns Tiel (July 30, 2008) 
(Finance/Loans)

Secured Personal Loan Finance - For Multiple Personal Demands

by: Johns Tiel (March 12, 2008) 
(Finance/Personal Loans)

Personal Financing Loan Tips - Useful Manuscripts About Personal Loans

by: John B Mayall (December 17, 2008) 
(Finance/Personal Loans)

Personal Loan Can Render You Valuable Help To Meet Your Personal Needs

by: Philip Mould (July 19, 2006) 
(Finance/Loans)

Bad Credit Personal Loan - Meet Your Personal Needs

by: Turk Malloy (August 01, 2008) 
(Finance/Personal Loans)

Online Secured Personal Loan - Suitable Loan Scheme For Asset Owners

by: Johns Tiel (May 15, 2008) 
(Finance/Personal Loans)

Pay Minimum Price for Your Loan by Taking Low Rate Personal Loan

by: Amanda Pane (September 25, 2006) 
(Finance)