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Loan Products Available to Most Borrowers




Obtaining a loan can make it easier to handle the cost of replacing a broken appliance or getting emergency dental work done. Loans can also be useful for paying for your education or starting a business. As there are many loan products available, it is important to know which ones may best fit your needs as well as which ones you may qualify for based on your credit score.
Most Borrowers Qualify for Personal Loans
A personal loan is one that isn't earmarked for a specific purpose. It can also be made by either a private individual or a financial institution such as a bank or credit union. Those who have good credit scores can generally get a personal loan at a low interest rate and without the need to secure it with collateral. Those with poor credit will like need collateral or a cosigner to qualify or lower their interest rate. You can apply for easy installment loans online or by visiting your preferred lender during business hours.
Credit Cards Can Be Used for Business or Personal Reasons
Credit cards are an effective tool for those looking to further their career by going back to school or starting their own business. They can also be an effective tool for making a down payment on a vehicle or for maintaining a car used to get to work or school. Many credit card companies offer an introductory period during which you pay no interest. However, the typical credit card charges an interest rate of 15 percent after this period ends. Rates and credit limits are based on your debt-to-income ratio, yearly income, and credit score.
Student Loans Make Paying for School Easier
Almost anyone who is 18 or older will qualify for a student loan. They have low interest rates and relatively flexible repayment terms. The one downside to student loans is that you generally cannot get them discharged in bankruptcy unless paying them would present an extreme hardship. However, there are income-based repayment programs available for those who borrow money from the federal government to go to school.
Home Equity Loans or Lines of Credit Offer Inexpensive Cash
If you have sufficient equity in your home, it may be possible to tap into that equity with a home equity loan or line of credit. In most cases, you make interest payments each month for several years before making a balloon payment at the end. The interest rate on home equity loans is roughly the same as your original mortgage. Generally speaking, you need at least 50 percent equity before it makes sense to take out such a loan. While repaying the balance, you get to remain in the home and use it for any purpose that you see fit.
Payday Loans Don't Require a Credit Check
Payday lenders generally offer hundreds of dollars in a matter of minutes to anyone who asks for it. It is important to know that these loans have high interest rates and can be difficult to repay if you are unemployed. However, if you are in serious financial jeopardy, it can help keep to keep the lights on or to prevent your car from being repossessed.
Title Loans Are Similar to Payday Loans
Title loans use the title to your vehicle as collateral for a loan. The amount that you can borrow is generally equal to the market value of your car or truck minus lender fees. As with a home equity loan, you keep possession of your car or truck while the loan is being repaid. Typically, the repayment period is 30 days, but it can be extended at the discretion of the lender. State law may also limit the amount that you can borrow or how long that you have to repay it.
Whether you are looking to avoid repossession, start a business or pay off tax debt, a loan can help you obtain the financial flexibility that you want or need. Most lenders allow you to contact them online or start the application process through a secure online form.

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