A secured loan requires some type of collateral in order for your bank or lending company to provide you with a loan. This type of loan reduces the lender's risk when providing you with a loan if you have poor credit history. If for some reason you default on your loan then the lending company will be able to use the collateral you used to guarantee the loan to pay off your debt. You can normally get a good interest rate on a secured loan since you have placed collateral to obtain the loan.
If you are getting an unsecured loan the bank or lending company will not require collateral before offering you the loan. However, unsecured loans normally have higher interest rates than secured loans. Even if you have a very good credit rating the bank or lending company is at a higher risk if you default on your loan than they would be with a secured loan. So to compensate for that higher risk factor they usually raise the interest rate.
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For someone with a good credit history, getting a personal loan can be a good option if you need money for events such as vacations or emergencies. Even though personal loans have higher interest rates than longer term loans they usually have lower interest rates than credit cards and come with better payment options than credit cards. If your credit rating is high, your bank will normally provide a personal loan to you very quickly without a lot of paperwork.
The amount most banks or lending companies will provide for a personal loan can vary from a few thousand rand to hundreds of thousands. It really will depend on your personal financial situation, whether you have collateral, own a home, have a job and many other circumstances that could affect your financial situation.
Usually the payoff terms on a personal loan range from 12 to 60 months and can vary depending on the interest rate, the loan amount and your ability to repay the bank or lending company the full balance. Before a bank or lending company will approve your personal loan they will normally require information about your employment history, credit ratings and existing debt. If everything is approved by the bank, your request for a personal loan should take place fairly quickly.
Before making your final decision when requesting a personal loan, make sure you have done some research to find the best rates and terms available for several different banks or lending companies to ensure you are getting the best option.
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