What Personal Loans Are Used For and Why They Can Help

How do personal loans actually work? 

Personal loans are a type of installment loan, which means you borrow a fixed amount of money, that you prequalify for, and pay it back with interest. Payback methods vary in length but typically ranges from 6 months to 2 years. Often times people may want to refinance their loan if they are having trouble keeping up with their loans. Refinancing is available if necessary and our customer service representatives can help you with refinancing if you’d like to refinance or consolidate your debt. 

What are some of the common reasons people take out personal loans? There are a variety of reasons why people take out loans, some examples are moving expenses, vehicle expenses, bills or other general unexpected expenses. 

According to Finder.com, “Accounting for 31% of borrowers, vehicle related expenses... [are] the top reason Americans are taking out personal loans. In the number two slot, 26% of people take out a personal loan in order to stay on top of bills… 21% of people… [need] extra cash for an emergency.”

What type of Loans do we offer?

Installment Loans: An installment loan is a type of loan where you borrow a set amount of money all at one time. With a fixed number of payments, called installments, you start to pay off the loan. Many installment loans have fixed payment amounts, meaning the amount doesn’t change over the life of the loan.

To see how much you are pre-approved for, apply here:

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