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| Unsecured Personal Loans - Signature Loans - Personal Loans
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| Loans of $2,500 to $20,000 - Term 1 to 5 Years - Some Established Credit Preferred |
A Personal Loan is a loan that is given for personal use - most generally for the purpose of debt consolidation, taking a vacation, paying for education or to purchase things like TVs, JetSki or other short term purchases. Personal loan - meaning that the person can basically do what ever they want with the money.
When you are considering a personal loan, you should look at all of your options to see which type of loan is best for you and your unique situation. Just about everyone is knows what a personal loan is. It is a loan that is basically given to you to do what ever you want when you get approved. Just because you can do anything you want with the personal loan, people are usually trying to find a loan to buy something small or to consolidate debt. Depending on your financial situation there may be alternatives that may be as good or even better for you than a personal loan. If you are a homeowner, other types of personal loan alternatives include:
Mortgage Refinancing: With interest rates at an all time low, if you are trying to consolidate your debt into a lower interest rate, refinancing may be a good option. By refinancing you can simplify your finances by combining your debts and using the equity in your home to secure the debt to get a low interest rate. The downside is you would be taken unsecured debt and securing it with your home. If you would default you could lose your home. The upside would be, if you use your equity and use your home as collateral, the interest rate would be a lot lower. Your lowering the lenders risk by using your home as collateral. You would still be able to use your loan to do what you want with it, like make home repairs and you would just make one affordable monthly payment. The interest you pay maybe tax deductible.
Home Equity Loan: Home equity loan is a lot like refinancing, however with a home equity loan you are only using the equity in your home. A home equity loan is basically a second mortgage that allows you to access the equity in your home to consolidate your other debt into one lower monthly paymeny, make home improvements or just to get your finances back on track. You can choose between a closed end loan with fixed payments (meaning borrowing a set amount and paying it back in fixed monthly payments) or a revolving line of credit. (meaning if you have $20,000 line of credit. Your equity line changes as you use and pay back the loan.) The interest you pay maybe tax deductible.
These types of loans have their own upside and downside. Since everyones financial situation is different, either one of these types of loans may be good for you or they may not. Everyones end goal should be, if you borrow the money - you should want to pay it back as fast as you can. By tapping into your homes equity and using your home as collateral, you may be able to get a very low interest rate to consolidate and pay down your debt sooner than you think. You have to be responsible....
Unsecured Personal Loan Payment Calculator
(This calculator is considered reliable, but not guaranteed.)
Personal Loan Terms Glossary
Loan Amount The loan amount is the total amount of money that you plan on borrowing. For example if you applied for a $20,000 personal loan - you would enter 20000 in the 'Loan Amount' field.
Quoted Interest Rate The quoted interest rate is the cost of financing the personal loan. The lender will provide this rate to you based on the information within your credit history. For example if you were quoted a interest rate of 10.5% - you would enter 10.5 in the 'Quoted Interest Rate' field.
Term The loan term is the total amount of time that plan on financing your personal loan. In most cases personal loans are financed between 1-5 years but can be longer depending on your credit history and the lender financing the loan. Please select the number of months that you plan on financing the loan from the drop down menu.
Estimated Monthly Payment The estimated monthly payment would be the amount of money that you would be required to pay back to the lender on your personal loan on a monthly basis. This field will be calculated based on the loan amount, quoted interest rate and loan term that you provide.
Total Cost The total cost is the amount of money that you will pay on the personal loan. This amount is the total of the loan amount plus interest charges. This field will be calculated based on the initial loan amount plus the total amount of interest charges.
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