Much like payday loans, a micro loan or “mini loan” is for a small sum of money for a short period of time. Also known as “emergency loans”, they will also come with relatively higher interest rates.
In this case your pension acts as an asset much like a house or car. The loan is taken out according to the value of your pension. The downside is that this often involves a long-term payment plan against many more of your pension payments to come. Some companies require that the borrower must buy a life insurance policy that names the company as the beneficiary.
We already brought out the advantages of personal loans in our previous posts. When you want to get one, keep in mind that the credit score will impact the interest rates. How to improve your credit score to get approved for a loan with lower interest? Pay your utility bills […]
Unlike other types of loans, a personal loan doesn’t require you to justify and explain the purpose. You take your money and spend it on whatever you like. However, this can result in overspending and accumulating debt. In which cases is it better to get a personal loan? Situations in […]
A personal loan is usually unsecured and based on your income. Since they come with low-interest rates, you might feel tempted to get one. Here are a few things that you should know! Credit score matters The personal loan doesn’t include collateral, so this means that the credit score is […]
When presented with lots of financing options, you might feel overwhelmed. Each one comes with its pros and cons, so you should make a final decision that matches your needs. When comparing personal loans and credit cards, which one is better? Personal loan vs. credit card The difference between these […]
Some creditors will accept a co-signer with good credit to serve as a guarantor for a person who has a low credit score. The co-signer is essentially agreeing to reimburse the amount owed if the loan applicant fails to pay their debt.
A credit union is a financial cooperative that is run by its own members. There are different types of credit unions to suit a borrower’s needs, whether it be corporate or personal. The public tend to trust credit unions more than they trust the banks, and in many instances, interest rates aren’t as high.
Similar to the home equity loan, you can use your car to secure your loan and use the vehicle title as collateral. The amount you can borrow will depend on your equity in the car, as well as the market value of the property.