Personal Loan Requirements
You are at least 18 years old.
You meet one of the following requirements:
- You are a United States citizen.
- You are a permanent resident alien.
- You have one of these Visa types: TN, E, O, H1B.
- You have a F1-OPT Visa with a 17-month extension for a major in the 2014 STEM List.
The lender you will be working with must be able to lend in the state in which you are a resident of.Get Your Personal Loan
What are Personal Loans?
Personal loans as the term implies, are simply loans for any personal use. A Personal loan can be used for any purpose the borrower chooses and often used for things link, buying a car or home improvements. Lenders normally do not stipulate what the loan can be spent on and allowing the loan to be used for any personal purpose.
In todays finanical market, online personal loans are giving many borrows the best options when they are in need of quick loan with a fast approval process and workable loan terms, it could be days, months or even a few years depending on the loan amount. If a consumer is looking to borrowing money for between one and five years and is particularly ideal if you have other debts that youre looking to consolidate into one loan to reduce your overall monthly payments.
A Personal Loan is a method of borrowing a lump sum of money from a bank, building society or other financial institution to finance the buying of a new car, make home improvements or go on a luxury holiday.
Personal loans have become a popular way of raising much-needed funds for personal use Personal loan amounts vary from between 500 to 25,000. Normally, youll receive a lump sum.
In return, you agree to make regular repayments, usually monthly. Assuming youve taken out a repayment loan, which will usually be the case, some of the money you repay will go towards servicing the loan and the rest of your payment will be used to pay off capital and reduce the outstanding debt.
Personal loans are repayable on a monthly basis at a fixed rate of interest. Generally personal loans are offered by banks, financial institutions or building societies and are available in a variety of formats with variations in size, term and purpose of the loan. It is important to know the APR (Annual Percentage Rate) of the lenders so that you can do a comparison search to get the best rate of interest.
Interest rates will vary. It is also worth bearing in mind that some lenders are only interested in lending to people whom they regard as a safe risk and they will be offered lower interest rates.
There are two basic types of personal loan, the secured and the unsecured.
With an unsecured personal loan you will normally make payments on a regular basis to the lender who, if you should default on the payments, would have to take legal action to obtain the outstanding money.
With a secured personal loan, the lender will ask for the amount that you borrow to be secured against a piece of your property, very often your home, which would become the property of the lender in the case of default.
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