Personal Loans Articles


The Benefits of Signature Personal Loans

Selecting the right type of loan to get in order to access some well-deserved funds is almost as important as checking out the interest rates across a number of lenders. However, knowing what type of loan is the best option to meet your needs takes a bit of practice. From home loans to student loans to car loans to personal loans, the choices are many. Often, the variety of available loans only adds to the confusion. After all, knowing the ins and outs of each one takes a bit of research. It should be much simpler than that.



However, selecting the right type of loan to get in order to access some funds is almost as important as checking out the interest rates across a number of lenders. Also known as personal loans, good faith loans, character loans, or unsecured loans, signature loans are designed to provide money to those who don't own a home or who don't want to use their home as collateral.

Your promise to pay and your signature is all that you need to get a signature loan. Plus, they can be used for any purpose so you can use the money for anything you want from bills to purchases to vacations to bill payments.

No collateral is required to obtain signature loans since these are unsecured loans for specific purposes. Therefore, signature loans are excellent sources for those who need money for something other than buying a home. Plus, the approval that you want is usually sent within minutes or in hours at the most along with a few offers of loans and the terms associated with them.

Offered by banks, finance companies and small lenders, signature loans are easy to obtain, especially online. A quick application, often taking less than ten minutes to complete, is all it takes to determine your eligibility for a signature loan. That does not mean to determine if you are eligible, but rather to determine how much money you are eligible to get.

The interest rate is going to be slightly higher than that offered with a secured loan since there isn't any collateral to back up the loan. That's okay though because you can get as long as 60 months to make your repayment of the debt. In general, the interest rate is determined by the applicant's credit score. Even consumers with fair or poor credit can obtain a signature loan if they want.