All you need to know about easy personal loans
A personal loan is truly the loan for any reason. From consolidating your debt to redecorating your home, taking a vacation, there are many reasons for which one might apply for a personal loan. A personal loan allows the borrower to borrow a certain amount of money without requiring any collateral, and pay it back through monthly installments.
The lender’s requirement for offering a personal loan is very simple. Most financial institutions ask for:
Social security number
Current employer information
Previous employer information
Gross income
Purpose of the loan
Co-applicant information, if applicable
Apart from traditional lenders, major credit card companies also offer personal loans.
It is imperative to have a good FICO score for being eligible for a personal loan from a traditional bank. Some borrowers perceive applying for a loan from a big nationalized bank as a hassle because of their many rules and paperwork.
Availing a personal line of credit can be another option to securing a personal loan. A personal line of credit gives you a maximum amount of money that you can use over a period of time, and you can borrow against that amount as and when a financial need arises. The repayments are made only for the amount of money borrowed, not the entire amount of line of credit. Good credit is a prerequisite. Lines of credit tend to have higher interest rates and smaller minimum payment amounts. They have an immediate and larger impact on the borrower’s credit score. An easy personal loan helps you lead your life to the fullest.