Past 2017 top best forum
Today's Date
Nigeria free 2018 Gallery
9ja NOTICE: You are currently viewing this website as a Guest and are restricted from viewing some vital information. For more permissions on Earlyface.com.ng? Like posting Comments, Topics and Uploading contents without Verification And Moderator's approval. Fast loading and quick accessibility. Registration is required. Please Login or Register now to gain full access. It is fast and free!!

CLICK HERE NOW TO BECOME EARLYFACE MEMBER...


Author Topic: 4 Things to Consider Before and After Getting a Personal Loan  (Read 76 times)

0 Members and 0 Guests are viewing this topic.

Offline JEFFREY96

  • Global Moderator
  • Earlyface VIP
  • Posts: 13558
  • Vote for me: +1197/-136
  • Location: ISLAND
4 Things to Consider Before and After Getting a Personal Loan.

Getting a Personal Loan Ė A personal loan is a kind of installment loan, in which you will get money from a particular bank or other lender and pay it back at a stipulated period of months or as agreed.

Most at times, the period required to pay off the debt may take up to two or five years while the interest rate is usually fixed over the entire life of the loan.



Maybe you are running into a financial problem and you think that acquiring a personal loan is the best way for you to borrow money, then I will advise you to consider the following things that we will discuss on this page below taking a step forward.

Types of Personal Loans
As for me, I donít think that personal loans should be categorized into any type but howbeit, personal loans have been classified into two different types which are;

Secured Personal Loans
Unsecured Personal Loans
Letís take a look at what the two terms stand for before making a choice.

1. Secured Personal Loans

This is a type of loan that you will offer the bank something of value as collateral, such as your house, car, or the cash in a CD or savings account.

However, secured personal loans is rarely practiced.

NOTE: Failure to make your payments will lead to the bank seizing your collateral to pay off the loan.

2. Unsecured Personal Loans

This type of loan does not require any form of collateral, rather, the bank or lender will check how much you have make in the last months to know if you are qualified for the loan or not.

This is the most practice type of personal loan but it riskier for the bank, they tend to come with higher interest rates.

4 Things to Do Before and After Getting a Personal Loan

1. Make Sure the Lender Is Legit
There are a few simple ways to sort out a real personal loan offer from a scam. First, make sure the lender is registered in your state. You can find this information on the lenderís website or by contacting your state attorney generalís office.

Also, watch out for obvious red flags. If the lenderís website isnít secure or doesnít provide a street address, thatís a sign the business is fake.

Other warning signs include a lender who doesnít check your credit history, asks you to pay the origination fee with a prepaid debit card, or pressures you to apply today because itís a limited-time offer.

2. Compare Multiple Offers
Before taking out a personal loan, compare offers from multiple lenders. Most lenders will let you check out their estimated rates and fees before you actually apply.

Donít just look for the lowest APR; compare the total cost of the loan, including fees. To save time, consider visiting an online loan marketplace, such as NerdWalletís, where you can compare loan offers from different lenders at a glance.

3. Make Sure You Can Afford It
Remember, when you take out a personal loan, youíre committing to pay it back on time. If you fail to meet the payments, you could lose your collateral or end up in court. So, before you sign on the dotted line, check your personal budget and make sure you can afford to make the monthly payments.

4. Keep It Short
Longer-term loans sometimes look more affordable than short-term ones. The monthly payments are lower because youíre spreading them out over a longer period, and the interest rates are usually lower as well.

However, in most cases, the longer you spend making payments on your loan, the more youíll pay in interest altogether. In the long run, youíre better off taking out the shortest-term loan you can manage the payments on.

5. Pay It Off Promptly
If your loan does not have a prepayment penalty, you can save on interest by paying it off faster. You can make extra payments whenever you have some spare cash, or just tack a little extra on to every monthly payment.

Also, check to see whether the lender is willing to offer you a small discount on the interest for enrolling in paperless billing or autopay.

Please leave a comment and share!!! Thanks
   
To be getting all EarlyFace confirmed Updates (latest news in town, free browsing cheats, hottest FREEBIES, post-UTME tips, school matter and Exam stuff) for free through your Facebook and Twitter profile;
 
  • CLICK HERE to Like EARLYFACE on Facebook
  •  
  • CLICK HERE to Follow EARLYFACE on Twitter

  •    
    How To Create A Topic On Earlyface
     
    How To Create A Topic or Post On Earlyface as a Novice.

     

    Related Topics

      Subject / Started by Replies Last post
    0 Replies
    65 Views
    Last post November 23, 2012, 07:04:18 am
    by Mr.BRAIN
    0 Replies
    87 Views
    Last post August 30, 2013, 02:14:33 pm
    by NewWorld
    2 Replies
    341 Views
    Last post November 21, 2013, 05:19:10 am
    by Mr Success
    0 Replies
    66 Views
    Last post December 07, 2013, 09:00:08 pm
    by smartoo
    0 Replies
    53 Views
    Last post December 21, 2013, 05:02:02 pm
    by smartoo
    0 Replies
    284 Views
    Last post July 25, 2016, 07:05:25 am
    by Ejidike
    0 Replies
    108 Views
    Last post December 04, 2017, 01:07:53 am
    by Wiz.gee

    Updated Topics

    How To Get 1GB Free Data On Vodafone In Ghana by Naijcrackgist
    Today at 04:49:03 am

    How To Get Vodafone Free 1GB Data by Adexbkw
    Yesterday at 08:42:32 am

    How to make $100 every month on Microworkers by justin249
    Yesterday at 06:47:18 am

    Video Tutorial Settings For MTN Ghana Free Browsing Cheat Using 24Clan VPN Lite App by Naijcrackgist
    Yesterday at 04:53:48 am

    DOWNLOAD MP3: Wizkid Ft Rihanna - Galaxy by Naijabuz
    Yesterday at 03:33:54 am

    Latest Mtn Ghana Free Browsing Cheat Via 24clan Vpn Lite by Naijcrackgist
    Yesterday at 03:15:56 am

    HOW TO MAKE 10K + DAILY BY WINNING EVERY DAY (SEE LIVE PROOF) by segiade
    April 06, 2020, 07:09:35 pm


    FBLike US on Facebook.. TWFollow US on Twitter..

    Portal
    Forum
    RSS Feeds
    FAQ
    Members Intro
    Announcements
    Privacy Policy
    Terms Of Use
    Partners
    About Us

    Problem Solutions
    Global News
    Sports
    Celebs
    Politics
    Gists In Town
    General
    Song Lyrics
    Dating
    Religion

    Examination
    Post-UTME/Admission
    School News
    Online Reading
    Scholarship
    Education
    Entertainment
    Download Links
    Stories
    Fashion

    MTN NG
    9Mobile NG
    Airtel NG
    Glo NG
    World Networks
    Pc Tweaks
    Mobile Phone
    Computer Tips
    WebMaster
    Programming

    Browsing Cheats
    Net Tricks
    Health n Welfare
    Latest Jobs
    EarlyFace Group Of Nigeria © 2019