www.AssociationForInstallmentLending.org The Foundation for Safe and Responsible Lending Consumer installment loans, long considered the foundation for safe and responsible lending, are in vogue again. This proven money management practice for personal debt is based on sound financial principles and good insight into human nature. Personal installment loans are a transparent, affordable and disciplined form of credit which helps consumers meet important economic needs. In critical circumstances, these loans also help smooth out income fluctuations and disruptions from unexpected events like car repairs or medical expenses. An installment loan provides a properly structured and timely repayment schedule based on an individual's actual ability to pay. It also inherently creates the satisfaction associated with achieving important financial goals through the practice of personal responsibility. Protecting Consumer Access to Responsible Credit Consumers Making Good Decisions for the Right Reasons The Same As It Was Over 100 Years Ago With traditional installment loans, the process today is the same as it was over 100 years ago. The industry provides high quality loans in a strongly regulated marketplace with all appropriate consumer protections�?"without having to rely on taxpayer subsidies. Clearly, it is imperative to keep a healthy, diversified private enterprise consumer loan industry available in this country. When lending is available through private enterprise, we ...
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Most lenders who offer personal loans usually have loan repayment calculators and these are meant to help borrowers make the best decisions before signing for their loans. There are also other websites where you can find a personal loan calculator and most of these do not charge any fee for their services. A quick online search will give many links where you can find these calculators and you can follow one to get the service. � Some benefits of using a personal loan calculator include: Calculating repayment amount- you can use a loan calculator to calculate the overall repayment amount that you are likely to repay on a particular personal loan depending on the allowed interest rate, repayment period and the amount you are applying for. From the figure you get, you can come up with a rough estimate of the monthly repayments you are supposed to make and you can then make proper decisions from this. � Avoiding financial constraints- there are many people who find themselves in financial constraints trying to repay some amount that they borrowed. By using a personal loan calculator, you will come up with an estimate of the amount you are supposed to settle each month and comparing this with your monthly income will help you to sign for a loan amount that you can comfortably repay. � Avoiding penalties- most personal loans especially those open even to people with poor credit have very strict terms and violating any one of them attracts very high penalties. As stated above, using a personal loan calculator will ensure that you sign for an amount that you can settle with ease. This will help to avoid things like late repayments or skipping repayments as these can really increase your cost of borrowing. � Keeping clean credit- by signing for some amount that you can repay with ease, you will maintain a high credit score. This will greatly help in future loan applications where: � �?� You will easily qualify for most loans �?� You will get the funds at lower rates and better terms �?� You are likely to be allowed very convenient repayment periods � A personal loan calculator will also help you to avoid being ripped off by lenders as there are some lenders who can allow longer repayment periods but the overall repayment amount will have a very huge difference from the amount that was initially borrowed. � Find More Personal Loan Calculator to Easily Know How Much Amount I need to Borrow IssuesQuestion by sb0983: Personal loans from the bank? I have some questions about personal loans from the bank? 1. What kinds of things can I use a personal loan from the bank for? 2. How much money can a person borrow from a personal loan? 3. Does a person need collectral to get a personal loan? 4. How much money does a person need to make in a year to get a personal loan? Best answer for Personal loans from the bank?:
Answer by likepepsi
1. They don't know what you do with the money. But they will probably ask why you want the loan, just in case you say you are going to Las Vegas to gamble with it. If you say you want to fix your kitchen, or take a vacation, or anything else that sounds logical, that would be good. 2-4. It depends on the bank and your credit history. There is no specific answer. If you are a member of a credit union, try there because they are usually more flexible with personal loans.
Answer by B .
1. You can use it for anything 2. Depends on debt to income ratio, cash, credit score, etc. 3. If it is a secured loan yes, if it is an unsecured loan, no. But an unsecured will have a much higher interest rate. 4. Depends on your debt to income ratio.
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