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Mitigating the Risks of Personal Loans
As with any type of credit, there are risks involved. However, if you know how to minimize them, you can enjoy a
healthy return on your investment.
Personal loans, because they require no collateral, are less risky. If you are not happy with the rates being
offered, you have additional options. You can get someone to cosign the loan, be it a parent, sibling, or friend.
If they have good credit score, the lender will reduce the interest rate, making installments easier to manage.
For personal loans, it's a little harder to transfer the debt somewhere else. The advantage is you can pay down
everything in one payment, eventually achieving debt freedom.
You can budget your money carefully, and reduce what you spend without impacting your quality of life.
Bottom line, personal loans are a great way to consolidate debt, reduce monthly costs, and
get cash quickly. Make sure you know all your options to get the loan that best for you.
As with any type of credit, there are risks involved. However, if you know how to minimize them, you can enjoy a
healthy return on your investment.
Personal loans, because they require no collateral, are less risky. If you are not happy with the rates being
offered, you have additional options. You can get someone to cosign the loan, be it a parent, sibling, or friend.
If they have good credit score, the lender will reduce the interest rate, making installments easier to manage.
For personal loans, it's a little harder to transfer the debt somewhere else. The advantage is you can pay down
everything in one payment, eventually achieving debt freedom.
You can budget your money carefully, and reduce what you spend without impacting your quality of life.
Bottom line, personal loans are a great way to consolidate debt, reduce monthly costs, and
get cash quickly. Make sure you know all your options to get the loan that best for you.
ReviewMyOptions
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ReviewMyOptions is not a loan provider but only matches you with lenders that may extend a loan to you. All loan approval
decisions and terms are determined by the loan providers at the time of your application with them. There is no guarantee
that you will be approved for a loan or that you will qualify for the rates displayed. The offers and rates presented on this
website are estimates based on information you submit to us. Your actual rates depend on your credit history, income, loan
terms and other factors. Reasonable efforts are made to compile and maintain accurate information. However, all loan rates
and terms, including APRs, are presented without warranty and are subject to change by the loan providers without notice.
The loan products on ReviewMyOptions are from companies from which RMO may receive compensation from.
ReviewMyOptions does not include all personal loan companies or all types of products available in the marketplace. APR on
personal loans is dependent on the specific lender of each loan and can range from 2.99% and up to 36%.
Loan repayment term is dependent on the specific lender of each loan and can range from 12 months to 60 months.
A representative loan example: assuming a loan of $14,000 over 36 months at a fixed rate of 8.49% per annum and fees of
1.6% off the loan amount. This would result in a representative rate of 9.59% APR, with monthly repayments of $441.88,
for a total amount paid of $15,907.68.
decisions and terms are determined by the loan providers at the time of your application with them. There is no guarantee
that you will be approved for a loan or that you will qualify for the rates displayed. The offers and rates presented on this
website are estimates based on information you submit to us. Your actual rates depend on your credit history, income, loan
terms and other factors. Reasonable efforts are made to compile and maintain accurate information. However, all loan rates
and terms, including APRs, are presented without warranty and are subject to change by the loan providers without notice.
The loan products on ReviewMyOptions are from companies from which RMO may receive compensation from.
ReviewMyOptions does not include all personal loan companies or all types of products available in the marketplace. APR on
personal loans is dependent on the specific lender of each loan and can range from 2.99% and up to 36%.
Loan repayment term is dependent on the specific lender of each loan and can range from 12 months to 60 months.
A representative loan example: assuming a loan of $14,000 over 36 months at a fixed rate of 8.49% per annum and fees of
1.6% off the loan amount. This would result in a representative rate of 9.59% APR, with monthly repayments of $441.88,
for a total amount paid of $15,907.68.
