A Brief Guide to Personal Loans

2215 - A Brief Guide To Personal Loans

A personal loan is a consumer loan granted for personal (medical), family (education, vacation) or household (extension, repairs or purchase of appliances) use. The types of personal loans include signature loans, personal loan for bad credit, personal loans for good credit, vacation loans, medical loans, wedding loans, and home improvement loans.

Prime lenders offers conventional loan products to customers who meet certain lending criteria that include requirements for income levels, assets and credit rating. Sub-prime lenders are for consumers with low credit scores, low incomes, history of late bill payments, past bankruptcies, and other factors that make them fall short of prime lender’s criteria.

Credit Score Rating is an assessment of a borrower’s credit worthiness. It determines whether a borrower will be approved of a loan. To have a good credit score rating, always pay your bills on time. Avoid credit card debt and avoid maxing out the credit card. Start establishing a credit history as soon as you can by getting a credit card early and using it responsibly. Do not apply for too much credit at once. And check credit reports at least once per year. If there is a mistake, have it corrected as soon as you can.

Source : Personal Loans

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