What do you mean by personal loan and it's criterias

 

What is personal loan?

Personal Loans are small unsecured personal loans lent to individuals who need credit to finance big-ticket items like a home, car, or education.

Personal loan is an unsecured loan, meaning you do not put up collateral. You can borrow money to buy a car or house, finance education, pay debt or make other big financial purchases.

In simple words, a personal loan is a short-term loan given to the borrower for use and repayment. The amount of money that you borrow, also called your monthly payment, is based on your FICO® Score. Lenders who offer personal loans have different job roles as well as lending terms and conditions that vary with individual products. Personal loans are secured by collateral, such as your assets, while unsecured personal loans may be backed by credit reports and usually carry less risk of default than secured loans.

Personal loans are loans used to help you with smaller or unexpected expenses. The loan may be used to pay for things like a down payment on a new home, to help you meet your emergency situation needs, or to get your business up and running.

Types of Personal Loan?

Personal loans are designed to assist families, students, homeowners and homebuyers, people who own their own businesses and those who need quick access to cash. There are many types of personal loans available today.

Personal Loans are short-term loans offered to people based on their financial situation. They can be used for a variety of purposes such as home renovations, education, vacations and medical care.

There are two types of personal loans: unsecured and secured. Unsecured personal loans are the most common type of loan, because these loans tend to be less expensive than secured loans. Secured loans require a cosigner to help out with the debt. When cosigning, the cosigner's credit score is impacted in order to protect you from taking on any additional debt.

Types of personal loans include student loans and home loans. Student loans are available for those who have graduated from, or expect to graduate from college. Students that are outside the U.S. can also get a personal loan for their education expenses in Canada. The most common types of student loans are private student loans and government-sponsored student loans.

Personal Loan is a loan given to individuals and the repayment of which is done over the period of time. Personal loan can be taken from different sources such as banks, finance companies, non-banking financial companies and other financial institutions.

Personal loan's are one of the safest tools many lenders offer. You can borrow up to 100% of your home value or $100,000 and often for lower rates than a credit card. Personal loan's are available with low down payments, flexible payment options, and easy eligibility requirements.

Personal loan is an unsecured form of borrowing where you can take money from a bank on short term basis. A personal loan gives you the freedom to borrow against the equity in your property and use the funds for any reason you consider necessary.

Loan applications are evaluated under the following criteria: