subject: What Private Lender Personal Loan Entails [print this page] Author: Mary Mukami Gachonde Author: Mary Mukami Gachonde
Private lenders personal loan is ideal for people with good credit history and also a good steady income source. However, it does not matter whether you own a home or not since there is no collateral required. The amount of loan depends with each individuals credit history. The amount of loan given ranges from 1000-3000 dollars which is payable on monthly basis. The application and the approval process is also fast since it requires less paper work. However, some creditors will demand a bank statement for a certain period of time. With this type of loan, low income earners can hardly qualify since their salary can not meet the monthly payments even if they are offered the lowest amount of loan.
Many home owners are attracted to this type of loan since there is no risk of loosing their homes as in the case of home equity loan. However, the interest charges are relatively high compared to secured loan because lenders are at high risk in case the borrower default to complete the payments. People with bad credit history are charged higher interest charges compared to persons with good credit report. The payment period ranges from three to five years depending with the borrowers wish. However, even if there is no property required for the loan, creditors can still sue you in court if you default payments and if found guilty, your salary could be cut to pay off the remaining balance.
However, you can easily compare different private lenders online and decide which one to go for. If you are a church leader or pastor who want funds for church development or start a christian school, church lenders are the best to apply since they charge low interest rate compared to other institutions. With christian lenders, you are free to extend or shorten your payment period depending with your situation. You will also benefit from a fixed rate until you complete paying the loan. Private church lenders also offer free counseling services to their consultants in various fields such as budgeting and choosing debt solutions depending on each individuals financial situation.
It,s however good to compare up-front charges, interest rate and also the penalties from various lenders before you decide which organization to go for. There are many such institutions online and if in any case you incur difficulties in choosing the right lender, visit your local attorney general or the better business bureau for advice. There are many companies out there who make their living through cheating. They are very trick and can consume all your money and later disappear without trace. However, you can use the loan on investment to increase your monthly income. You can also use the money to purchase a house and enjoy the benefits of becoming a home owner. For instance, you will not worry again on house rent.About the Author:
Mary Mukami Gachonde Researches and Reports on Finance. For More Information On How To Get Out Of Debt, Visit Her Site At OUT OF DEBTYou Can Also Post Your Views About How To Get Out Of Debt Here PRIVATE LENDERS PERSONAL LOAN
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