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Personal Loans – For Personal Needs
By Joanne Clive
Man has always been into borrowing and lending. What has changed over the years is the purpose of borrowing and the type of loan options available in the credit market. However, personal loans remain the all time favourite of most loan takers. To target maximum number of people, lenders are providing significant solutions and diverse loan options under – secured, unsecured, debt consolidation and bad credit loans categories.
A secured personal loan is the best choice for big monetary requirements. To avail its benefits - low interest rates, flexible repayment terms and loan clauses - one needs to pledge something valuable as collateral. The average APR of a secured personal loan varies from 7.9% to 19.9%, depending on the value of the pledged collateral.

An unsecured personal loan is the best choice for small and urgent requirements. To avail its benefits - no collateral and limited risks – one does not need to offer his valuables. Hence, these loans are very popular among people who are reluctant or incapable to pledge collateral. The average APR of an unsecured personal loan varies from 7.4% to 41%, depending on the borrower’s requirement, credit history and pay back capacity.

A debt consolidation personal loan - available in both secured and unsecured form - is the most prudent way to manage multiple debts. It is a kind of a barter system where one trades multiple loans or payments with a single loan or payment. When chosen wisely, this loan reduces the overall monthly


payments and interest rates. One can get out of debts faster and avoid bankruptcy without dealing with multiple lenders.

A bad credit or high-risk personal loan is the only way out for someone trapped in a financial crisis or bad credit situation – a chance to recover and improve the credit record for the future. This loan, too, can be of secured and unsecured nature. As it is the most insecure pact, the interest rates are highest and repayment terms strict.

Personal loans are the oldest and still the most fundamental loans in the finance market. Their flexibility and consistency have made them the most reasonable loan types in the world of credit. So, avail them judiciously for major financial requirements or routine needs and convenience too. Do credit shopping and find out whether risk factors are involved or not; never rush or borrow in excess.


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This page was updated on Nov 2009 and is Copyright © 2003 by Global Com Consulting Inc.