Friday, May 23, 2014

Unsecured Loans For All Your Needs

Consumers today are so accustomed to using credit cards when it comes to making purchases, both big and small. While using a credit card to fill up your car at a gas pump is perfectly fine, making large purchases with it is not always a wise choice. This is especially true with store credit cards that charge skyrocket interest rates. The perfect choice for funding large purchases, such as furniture, home renovation, appliances, and so forth is a home equity loan. While it provides the lowest borrowing cost to consumers, not everybody is able to get a line of credit due to lack of equity in their house. That is where unsecured personal loans come in handy.

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Unsecured Loans Give Freedom of Choice

Unlike a mortgage or a car loan, where your purchase serves as a collateral, and funds lent may not be used for any other purpose, unsecured personal loans truly provide a freedom of spending. While a bank may inquire what the loan proceeds are going to be used for, there are no limitations as to where the borrowed money may go. They are perfect for people who have several small, but important activities to finance: refresh a house, fix a car, update home electronics, to name a few. They may also let you buy things that you may not finance otherwise: buying an antique car, expanding your art collection, funding a wedding. In other words, they give you a great shopping flexibility, no matter what your purchasing needs are.

Why Not Use Credit Cards?

Unsecured loans are advantageous of credit cards in several ways. First of all, they typically offer lower interest rates than credit cards, where the latter may charge you as high as 30% interest annually, and even more. Secondly, they are closed-term loans of one to five years in length. Such loan structure gives a borrower clear control over the loan, since every payment covers accrued interest charges and reduces the principal loan amount, which is not always true with credit cards, which may take 10-15 years to pay off with minimum payments. Last, but not least, the interest on unsecured personal loans is fixed, so you do not have to worry about payments being raised every time the Feds increase reserve rates. So why spend more with credit card purchases?!

Fast Processing and Online Approval Takes the Wait Out of the Way

It will take you longer to find a lender that does not offer online application processing than to get an unsecured loan online. For some, with prime credit rating, it is as easy as spending 3 minutes online and telling the customer service representative where to send the paperwork and the check.

For others, with less-than-perfect credit, besides submitting an online application, additional procedures may be required, such as income and employment verification, obtainment of bank and personal references. This way or another, online application process is extremely easy and straightforward. Should there be any unanswered questions one may have, there is a live representative to help, either through online live chat or over the phone.

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