We live in a world where we are bombarded by choice; there are so many different lenders each offering their own financial products and services and each claiming to be the best.
So, the question is, how do you know which loan is the right type for your personal situation? The best place to start is by exploring your options.
A loan for every situation
A common misconception is that loans are made only for those in a financial pinch when this is definitely not the case. Loans can be used to finance the good and bad times that you come across in your life. Whether you would like to go on a well-deserved family vacation with the help of a personal loan or need to pay off some emergency vehicle repairs with the help of a short-term loan, there are options available for you. Every loan option comes with its own specific advantages; the type of loan that you decide on will depend greatly on your personal preferences and circumstances.
Secured and unsecured loans explained
Whilst exploring your loan options you will come across terminology such as “secured” and “unsecured” quite often. Some lenders will offer only secured loans while others offer only unsecured options and, in some cases, they will offer both. A secured loan refers to a loan agreement that is secured against an asset. In other words, the loan requires a form of collateral, e.g.: property or a vehicle.
When taking out a secured loan the borrower has access to higher borrowing amounts and lower interest rates due to the reduced risk of borrowing. An unsecured loan does not require any form of collateral but the borrower has access to lower borrowing amounts at a higher interest rate due to the increased risk of lending without any collateral. The option you choose will depend on your ability to provide collateral.
Good or bad credit; there’s a loan for you
Whether you have good credit or bad credit, want to plan for some fun or better control your finances there is a loan option for you.
The great part about the loans available to you is that they can be as flexible as you need them to be. You can just as easily apply for a loan with bad credit as you can with a good credit rating.
Personal loans to suit your personality
Personal loans are a very versatile loan option making them highly attractive to borrowers. A personal loan can be used to finance anything that your heart desires from home renovations to a family vacation. Some lenders offer both secured and unsecured personal loans meaning that collateral is not always needed for a personal loan.
The amount borrowed on a personal loan will depend on the lender and whether you obtain a secured or unsecured loan. Personal loans are also available to those who have a less-than-perfect credit record with the assistance of a guarantor. Apply for a personal loan and get the money for the things that you love in life.
Getting a loan with bad credit
While on your financial journey you are likely to encounter a few speed bumps or potholes. But that does not mean that you cannot get the finance that you need. Many lenders specialise in providing loans to those with less-than-perfect credit by assessing their affordability instead of focusing on their credit record only.
The best part about bad credit loans is that the borrower stands the chance of improving their credit record if they are able to meet all their repayments. Do not let bad debt stand in your way, apply for a bad credit loan and move forward with your life.
Debt consolidation – get a handle on your finance
If you find yourself being sucked into a whirlpool of credit card and store card debt then perhaps it is time to use a debt consolidation loan to get a handle on your debt. A debt consolidation loan is a nifty loan because it allows you to repay all your current debt and simply repay a single loan. This saves you money on both fees and interest while allowing you to better manage your money and plan your budget. Do not hesitate to consolidate.
Little loans with a big impact
With the current economic market, it is unlikely that many people have the savings to pay for unexpected financial surprises. This is why short-term loans are a popular option – particularly payday loans.
A payday loan allows you to borrow a small amount of money to relieve the financial pressure until your next payday when the loan is paid back in full. Whether you have experienced a car breakdown or you need to visit the dentist, a short-term loan can be the long-term solution to your problems.
Loans that lend a helping hand
Applying for a loan has never been easier than now – most lenders allow you to apply for a loan online which means that you can complete the application whenever and wherever you want.
Getting a loan will provide you with the financial freedom you need to get back on track with your finances. No matter the reason for your loan, you deserve the chance to finance your dreams. Take control of your finances today with the help of a loan.
