| BadCreditPersonalLoans.ws |
| 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.
Most generally a personal loan is unsecured, but some lenders may require some sort of collateral if the applicants credit history is to new or not quite strong enough. Personal loans are also known as unsecured loans or signature loans. Since there is no collateral required, applicants usually have to pay higher interest rates and are given shorter time periods to pay them back.
Since almost all personal loans are based solely on the applicants integrity and the ability to pay, the terms for personal loans can vary quite a bit. The stronger your credit history, the better chance you will have of getting the best personal loan terms. Interest rates on personal loans fall into 3 different categories. There at fixed rate, floating rate and flat rate. The most expensive of the 3 types is the flat rate option, as the other 2 are calculated on a reducing balance basis.
Most personal loans have a term of 1-5 years with interest rates of 9.9% thru 26% or higher. The better and stronger your credit history is, the better chance you will get the best turns. A lot of the best rate and term personal loans are offered by invitation only. (meaning you can't even apply without an invitation from the lender.)
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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