The world of finance can be a complicated one, with many hundreds of different kinds of product to choose from. Even within the smaller fied of credit, there are dozens of different options and thousands of providers. If you find yourself in need of some extra cash, you may be tempted into applying for a loan. But what kind? If you're a homeowner looking for long term credit then a secured loan is the generally preferred option, but if you haven't got any collateral to put up, you may be limited to choosing between a personal loan or a payday loan. Which one should you go for?
The answer largely boils down to what you need the money for, and how you want to pay it back. With a personal loan, you can borrow thousands of dollars depending on your circumstances, and take many years to pay it back at what is usually a pretty reasonable interest rate. This kid of loan is therefore good for financing large purchases such as a car, or for reorganising your finances through a debt consolidation program. They are perhaps less suited to borrowing smaller amounts over shorter terms, as they take a while to be approved and paid out, and there will be lower limits on both the amount you can borrow and the repayment term.
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