Low Cost Personal Loans
Ever find yourself in need of some quick cash due to an emergency, but with nobody to turn to? Your buddies are as broke as you are, or just stingy, and you’re certainly not going to ask your parents for money! You could take out a cash advance on your credit card, but the you have those ridiculously high fees and interest rates, not to mention that you don’t really have all that much credit available on your card anyway. And there’s always donating plasma..
Cheer up! There’s another option available: low cost personal loans from your local bank! Sometimes called signature loans (because you sign for the loan), these are (somewhat) easily available loans based on your personal credit history with the bank (and, of course, your credit rating). Because you already have a history with them, they’re more willing to work with you than some random creditor, and will often offer a quick decision and low rates (within reason – they still want to make money off of you). In many cases you won’t even need collateral, although offering some may help you get better terms.
For example, suppose you do business with Barclays Bank. A personal loan from Barclays Bank is available with interest rates as low as 10.9% for up to £25,000 (for us Americans, that’s currently about $38,500). What do you need to do to qualify for those rates? Just have a good credit history (presumably, one showing the ability to repay the loan) and have had an account with them for at least a year, to which you’ve deposited at least £1,000 each month. (Amounts in pounds because it’s a British bank, but they operate worldwide; in the US, they mostly provide credit card services since taking over Lehmen Brothers).
A quick hint: try joining your local credit union. Credit unions are like banks, but they’re often nonprofit and thus tend to offer better terms. Additionally, since they’re smaller you’re more likely to receive personalized attention.
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