Category Archives: Personal Loan

Do personal loans affect mortgage applications? This is a smart question and the simple answer is yes. Even though one is unsecured and the other is secured, any existing loan affects your second loan. Your existing personal loan can have a significant impact on everything from eligibility to interest rates. Read on to get an …

Continue reading “How Personal Loans Can Affect Your Mortgage Application Process”

Before you plan on getting credit, you must ask the question, ‘Are personal loan rates going up or down?’. This is because interest rates significantly affect your overall borrowing cost. With an increase in the rates, your repayment amount will also go up and vice versa.  These interest rates depend on several factors, from your …

Continue reading “Rising Personal Loan Interest Rates: What It Means for Borrowers”

Understanding the benefits, features and function of a personal loan vs a line of credit is crucial. Although these borrowing options sound quite similar to each other, they have some major differences. By knowing what they offer and how they differ, you can choose the best option to meet your needs. Read on to learn …

Continue reading “How a Personal Loan Differs from a Line of Credit: What to Know”

While financial planning and discipline can help you stay on track to repay your debt, unwarranted expenses can derail any plan. Here, personal loan insurance serves as a safeguard from the risks arising due to such circumstances.   A loan insurance policy covers the monthly repayment and protects you from default. You can make the right …

Continue reading “Should You Buy Personal Loan Insurance? What You Need to Know”

Getting a personal loan and a home loan at the same time is possible to manage your requirements. Whether you want to purchase your dream home or renovate your existing one, you can do it easily. All you have to do is get a personal loan after a home loan to extend your budget.  Now …

Continue reading “How to Apply for a Personal Loan and Home Loan Simultaneously”

Having an answer to the question, “What are emergency funds?”, is important for anyone looking to plan their finances effectively. Simply put, these are a source of funds that you dip into during emergencies and unexpected situations. Irrespective of how well you budget and save, these situations can cause financial instability.  So, building such cash …

Continue reading “What Are Emergency Funds? Know its meaning, how to build & when to use”

The personal loan interest rate average varies depending on the lenders. However, generally, these rates are higher than secured and other credit options. There are several reasons for this disparity and understanding the reason for it will help you make informed decisions. So, read on to learn why a personal loan interest rate is high …

Continue reading “Reasons Personal Loan Rates Are High & What You Can Do About It”

Knowing the difference between pre-qualified and pre-approved loans is crucial, as both give you quick access to funds. Lenders provide these offers based on your creditworthiness and your previous relationship with them, if any.  These offers expedite the approval process as lenders already have the required details, thus enabling quicker access to money. Read on …

Continue reading “How Is a Pre-Approved Loan Different from a Pre-Qualified Loan?”

Is a personal loan a good or bad option to opt for? The simple answer is that it depends on your requirements. For instance, while it gives you the flexibility to use the funds without any restrictions, it can also come with higher interest rates.  So, you must know all its pros and cons before …

Continue reading “Personal Loan – Good or Bad? Important Points Every Borrower Should Know”