ReviewIntelligence.com, Leading Shopping Review Site, Discusses Personal Loans

LOS ANGELES - March 26, 2017 - PRLog -- Review Intelligence  a leading review and comparison web site for personal loans, debt consolidation, and other products, discusses personal loans.

Personal loans can be a great way to solve cash flow problems. They can help you consolidate your debt, pay bills or help you out of an unexpected financial bind. You can even use a personal loan to fund a new business venture. Personal loans are great for many purposes as long as you do not use the money for frivolous things you really cannot afford. Additionally, any time you take on new debt, you should understand what you are getting into. Here are ten important things you should know that will help you find a great deal on a personal loan.

Know your FICO Scores

A large part of what determines whether or not you are approved for a loan and how high the interest rate is depends on your credit report. A lender will typically pull credit reports from Experian, Equifax and TransUnion and compare your credit score from all three. If you know your scores before you apply for the loan, then you can get a ballpark idea of what interest rate percentage you should be eligible for.

Check Your Reports

Review Intelligence's website, https://reviewintelligence.com, advises consumers while you are looking at your FICO scores, check your credit report for errors. All too often people end up with lower scores than they should because of errors on their credit report. If you can find and correct these errors before you apply for a loan, then you will greatly improve your chances of getting favorable loan terms. It can take up to 30 days for the bureaus to resolve these errors, so you should pull your reports as early as you can.

Shop Around

Different lenders have underwriting guidelines, so not all their offers will be the same. Fill out an application at a website like creditloan.com personal loans or even prosper.com and they will submit your application to different vendors. Applying online is faster than going to multiple banks and online lenders tend to have higher approval levels and better loan terms. You are not obligated to accept any offers once you fill out the application, but is a nice, quick way to make comparisons.

Figure Out What You Can Afford

The longer you have a loan out, the more interest you pay. Before you even apply for a loan, you should know how much of a monthly payment you can reasonably afford. If you do not already have one, set-up a budget to figure out how much you can pay each month. Once you have determined your monthly amount, try to get a loan agreement that allows you to pay back the loan as fast as you can without going over your budget.

Type of Interest Rate

There are two types of interest rates, variable and fixed. Fixed interest rates tend to be higher, by comparison, when you take the loan out, but your monthly loan payment will always remain the same. Variable interest rates may be low when you take out the loan, but as the interest rates changes so do your loan payments. On the surface, a variable interest rate may seem attractive, but a fixed interest rate is your safest bet.

Unsecured vs. Secured Personal Loans

Unsecured personal loans tend to come with a higher interest rate because the lender is taking a bigger risk. If you have any assets that you can use as collateral to secure the loan, you will most likely get a better interest rate. The downside to this is that if you default on the loan, you are putting your personal assets at risk. This is another reason it is important to be certain you can afford the loan payments.

Applying for a personal loan can be a little bit stressful, but getting a loan can be a huge help when you need it. Even though you may feel like you are at the lender's mercy, you really are not. You are the consumer and if a lender wants your business bad enough then that lender will work with you to come up with a good loan deal. Just be wary of lenders who use high-pressure sales techniques. Be certain to base your borrowing decision on facts that make good financial sense and not on a sales pitch.

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