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From the consumer’s perspective, there are two types of personal loans: secured and unsecured. However, from the lender’s point of view, things are generally a bit more complex. In their case, accurate categorizations require a large number of variables. Knowing these variables and their influence on the processes of accepting an application and best personal loans transferring funds gives you control over the entire procedure. So, after defining the two types mentioned in the beginning, it is time to present a list of basic financial terms and notions that come in handy for the client. If you need more information on the topic, contact us at www.unitedfinances.com and we will be glad to help you.
Secured personal loans – they refer to cases when collateral is brought in support of the claim. They are mostly limited to long-term loans or to loans involving large amounts of money, and they may come with lower interest rates than their counterparts.
Unsecured personal loans – this type of financial product has become more and more common recently due to the increased flexibility that is associated to them. Traditionally used for short-term loans, today they are the basis of this economic sector.
Issues influencing Terms & Conditions
The best personal loans you can get are a combination between the following elements:
No application fee – in opposition to other types of loans which may have such fees associated, personal loans come with no application fees which is beneficial to the customer.
Low fixed APR – Apart from being low, fixed interest rates are appreciated by customers because they reflect the full amount of money to be returned, without unexpected twists and variations.
No additional fees – depending on the type of loan you’re after, you may face some additional fees. This depends on your loan terms, how much money you need to borrow and how long for. Consider the advantages of knowing how much you have to pay in total (in administration fees, monthly fees, maintenance fees, repayment fees, or just about any other fee you can think of). This very element makes a difference as some financial products of this type have no additional fees associated to them.
Loan insurance – you have the opportunity to get loan insurance, provided that you need it. In exchange for a very reasonable amount of money, you get covered for unexpected situations. This may be relevant for people who apply regularly or for people who try to cover one loan with another. In addition, if you feel you don’t have the means to fully deal with the loan you need, loan insurance can increase safety measures to a significant extent.
Pay back in advance – the best personal loans do allow customers to pay the entire sum back anytime and without additional taxes. The opportunity of paying back in advance is important when you take a loan for a short period of time, but you’re almost certain you’ll be able to return the money sooner than anticipated by the credit lender.
Easy application – most of the short-term loans available today come with easy and comprehensive application forms and paperwork, thus optimizing the entire procedure.
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