Freedom Cash Lenders

Personal loans are great to obtain for many different reasons.  You may be short on cash and have an emergency that you need to take care of.  You may also need the cash to pay for many other expenses.  There are many reputable companies both online and offline that you can obtain a personal loan through.  Make sure you do some research and weigh your options prior to applying for a personal loan since they will have an impact on your credit.

What are Unsecured Personal Loans

Unsecured personal loans are loans that can be obtained depending on your creditworthiness.  You will not be able to obtain an unsecured personal loan using collateral unfortunately.  If you have good credit history along with a higher than average credit score, obtaining a personal loan won’t be an issue for you.  For example, unsecured personal loans can be in the form of credit cards, personal loans, and even business loans.  One thing you should keep in mind is that the interest rates are much higher on unsecured personal loans.

You will end up paying back way more than you initially borrowed. This may or may not be a good idea.

Bad Credit Personal Loans

If you have bad credit, you may still be able to get approved for a personal loan.  The only downfall is if they don’t approve you, you may need to find a co-signer to help you out.  A co-signer can be either a family or friend.  However, you must make sure that the co-signer you choose has excellent credit.  A co-signer becomes responsible for the loan if you become unable to repay the loan. Interest rates are typically much higher on bad credit personal loans.  If you are in need of a loan and you have bad credit, focus on shorter term loans that can be paid back a lot quicker.

You can also try to improve your credit before applying for a loan.  You may even want to consider debt consolidation if you have a lot of debt that needs to be paid off and you have bad credit.  All of your debts will be consolidated into one easy monthly payment that will make it easier for you to pay back.

Personal Loans With Collateral

Personal loans using collateral are often referred to as secured personal loans.  This is because collateral is used to secure the loan that you apply for.  This may be a good option for those who have bad credit.  These are easy to obtain then unsecured personal loans.  Once you have taken out a secured personal loan you become responsible for making payments.  If you can no longer make payments, the bank will take possession of the collateral.

Process of Obtaining a Personal Loan

You can take out a personal loan by either applying through a bank or credit union.  Most of the time, credit unions are more lenient, making it easier for you to get an approval.  Once you apply for a personal loan you will need to submit proof of income. This can either be in the form of a pay stub, or your bank statement.  Usually a bank will request at least the last 30 days of bank activity.  Your credit will be checked and if approved you will need to sign some forms.  The approval process can take anywhere between 24-72 hours.

The lender will supply you with your loan terms, etc. if you are approved.  You can either accept the terms or decline them.  If you applied online, your funds will be directly deposited into your account.  If you applied in person, they will usually give you a check.

There are many options for receiving a personal loan.  Depending on your credit worthiness, your options may vary.  Personal loans do come in handy for expenses that you need to pay.  Whether you need it to pay off debt or take a vacation, a personal loan may be a good choice for you.  If you don’t have good credit, and it is not an emergency, you can always re-build your credit and apply after your credit is in a better place.  Make sure to do some research to weigh your options.

Learn how to stop living paycheck to paycheck.



In 2009 I quit driving a truck to take care of my kids full time. I went from driving across America to building one of the largest web design companies to building affiliate sites.

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