We know applying for a personal loan online can be daunting; Which is why we’re 100% transparent with our loans and our loan process.
What is a Personal Loan
A personal loan is an unsecured, general purpose loan, that is usually paid back in fixed monthly payments.
Since they do not have to be backed by collateral, they’re much less risky. If you unfortunately default, you won’t lose whatever asset you backed the loan with, such as a house or car.
Generally, personal loans can also be used for whatever you please, that’s why they are a great option for unexpected financial emergencies. Maybe you got in an accident and need your car repaired, or got injured and need to pay for the medical expenses. No matter what the cost is for, a personal loan will usually be able cover it. In addition, the application and approval process should be quick and easy, meaning the money will be yours in no time.
Personal loans also have the potential to be repaid over time, instead of one lump-sum. Usually repayment can be made in fixed, monthly payments agreed upon with the lender. There’s no need to worry about quickly coming up with the cash, but it is important to make your payments on time, to ensure you save yourself from late fees or hurting your credit.
Not all Loan Companies’ Values are the Same
While applying for loans online can be convenient, it can be risky. Not all loan companies have the interest of the bower in mind, and there can be many signs to look out for. If the lender approves your application without asking any questions, there’s a good chance they’re not offering a responsible loan. This could also be a sign of an online scam. Avoid any lender that guarantees approval without first checking your credit or that asks you to send money—especially via wire transfer or prepaid card—to secure the loan. A lender concerned with your ability to repay the loan is concerned with your future financial stability.
You should also avoid payday loans. These are short-term, high-interest rate, for generally $500 or less, and repayment must be made by the next time you receive a paycheck. While it may be nice getting the cash quickly, it can be easy to get trapped in the dangerous cycle of payday loans. The cost of the loan (finance charge) may range from $10 to $30 for every $100 borrowed. A typical two-week payday loan with a $15 per $100 fee equates to an annual percentage rate (APR) of between 400 percent and five THOUSAND percent! Payday lenders are generally unconcerned with whether or not you have the ability to pay other expenses while trying to make your payments, meaning you could end up paying many additional fees in the long run. Learn more about why payday loans are not the best route to take here.
At Total Loan Company, LLC the loans we make are as individual as the people who apply for them. If you need a personal loan, we can help. Application is quick and painless, and no need to worry about secret or hidden costs. With TLC you know exactly what you pay with fixed rates and absolutely no extra fees. You are with a reliable company that has 24/7 customer support and data protection.