Tuesday, May 6, 2014

Unsecured Loans - A Spending Freedom Regardless of Your Credit

Credit cards rule the society today. Previously used to cover travel expenses, gas, and grocery purchases, they are now utilized for any purchases, from buying furniture to getting a candy bar at the snack machine. Such obsession with them may cost a consumer thousands of dollars per year in interest charges. While using credit card to make everyday purchases is nothing wrongdoing, provided you pay off your balance in full every month, and may have some added benefits, such as collecting airline miles or getting free merchandise from your issuer, financing large purchases with your credit card is a killer to your finances. As they usually feature high interest rates, far exceeding other lending products, you may end up paying twice for your purchase once you finish paying off your credit card balance. This is where unsecured personal loans come into play, as they have more favorable terms and cost less in the long run.

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Unparallel Flexibility Of Unsecured Loans

Unsecured loans are an excellent way to use the money borrowed for any purpose you desire. They let you finance whatever activities you want: home improvement, large purchases, vacation, education, and many other. Banks and other lending institutions never dictate you where the funds should go, as it happens with auto loans, mortgages, and store credit cards. Unsecured loans are also an excellent tool that allows you to buy things that you could not afford otherwise or would have difficulties financing, such as antique cars, timeshares, collectibles, and so forth. Such flexibility is the major reason why unsecured personal loans are getting increasingly popular.

Unsecured Personal Loans vs. Credit Cards

Unsecured loans have numerous advantages over credit cards. Interest rates on unsecured loans are lower than the interest on the credit cards, allowing you to save more money on bank charges. Unlike credit cards, unsecured personal loans are closed-term, ranging from one to five years in duration. Fixed terms allow for lower interest expenses and easy to understand payment structure. Fixed rates that unsecured personal loans have guarantee same monthly payments over the life of the loan whereas credit card rates are almost always valuable and pose the risk of increasing payments due to changing interest rates. Therefore, use of unsecured personal loans is highly recommended when financing costly purchases.

No Need To Wait With Fast Processing and Easy Online Approvals

Almost all lenders have user-friendly websites with integrated application and online processing plug-ins, allowing you to get a lender approval or disapproval decision as fast as in 60 seconds. Consumers with high credit scores or with established history with a particular lender they are applying with have a great advantage of minimal wait time, as the approval, verification, and loan issuance may be completed in less than an hour. People with mediocre and low credit scores may also find decent lender offerings they may get approved for, however, the whole process may take slightly longer, as additional review and verification may be required by lender. Regardless, online application ensures expeditious review and decision when compared to traditional application process at your local bank.

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