Wednesday, October 13, 2010

Apply for personal loan

Today, many people take a personal loan to get extra cash for emergency purposes. When you take a personal loan, there is no collateral, so the loan is “unsecured.” So an unsecured loan is a loan where the lender has no entitlement to any of the borrower's assets in the event of the borrower failing to make the loan repayments. Sometimes unsecured loans are called signature loans because they are backed up by only the borrower's signature. These loans are generally smaller, in the amount granted, and have higher interest rates, generally because the financial institution has only your signed promise to repay loan.

If your credit history is good you can get get personal loan in almost any place including online. Applying personal loans online is easy and quick. Some lenders also allow people with bad credit to apply these loans. Monthly payments are based on the term of the loan and the interest rate applied to the principal.

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