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Unsecured Personal Loans

If you have an immediate, unexpected expense you might be confused as to what loan options are best for you.  In most cases, unsecured personal loans are a good option.  These loans are ideal when you need a quick loan with a fixed percentage rate and monthly payment and do will not need additional financing in the near future.

You can apply for unsecured personal loans directly online from some companies.  Applying online can save you time and paperwork and travel, though you may still have to go in to the bank to finalize everything.

One of the most important points to know about unsecured personal loans is that you get the entire amount up front, and it is sent directly to you as a check or direct deposit into your bank account.  In most cases, the approval can be made quickly, sometimes even within hours, and funds can be received same day.  Monthly payments of interest and principal are usually fixed, though you can also pay additional principal at any time.  The amount that you can borrow will vary from bank to bank, and rates will vary from bank to bank as well.  Unsecured personal loans are generally short term loans with payoffs within five years, though larger loans may allow for longer payoff times.

To find the loan that is right for you, some research may be required.  The amounts of loans available and the repayment terms will vary from one lender to another, so careful consideration is required.  The interest rate will also vary from lender to lender.  Comparing the annual percentage rates of different loan offers can make a big difference in how much you will ultimately end up paying and deciding which the better offer is.

To compare interest rates, it is important to understand a few things.  One, there are two types of rates:  fixed and variable.  Fixed rates will stay the same throughout the term of the loan, and your monthly payments will stay the same.  A variable interest rate will rise and fall with changes to the bank base rate, causing fluctuations in your monthly payments.

Besides the APR, you will also want to read the fine print of all loan offers.  Some lenders may charge a fee if you decide to pay off the loan early.  If you think you may end up settling the debt before the term is up, you may find it better to take a higher APR with a lender that has no prepayment penalties, than a lower APR at a lender that does.  Others may have processing fees or other chargers that will end up affecting your total payments.

The best advice to getting a good loan is to shop around.  Checking with multiple lenders and getting multiple offers will help you to see what is available out there and find the loan that is right for you.  Take the time to read the fine print on all offers to know exactly what your interest rate, monthly payment terms, and any other fees may be.

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