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I Need a Loan
Loans have become an integral part of the life of a common man. They provide you with the facility of having decent money instantly. You can use this money to pay a large sum upfront to buy any necessary equipment and then pay off the loan through monthly installments. Many people know that they need a loan. Are you one of the people who think that ‘I need a loan’? If yes, then this article can help you find the right deal.
There are many reasons why you may think that ‘I need a loan’. One of the basic reasons why people require loans is to buy very expensive accessories. You may require a loan if you intend to buy a car, a motorbike, your own home or home furniture.
You can also wonder that ‘I need a loan’ if you need a large fee to pay your college fees. You can use the loan amount to pay the college fees which is mostly for a year and then pay back the loan amount through monthly installments. You should also look to procure a loan if your house needs renovation or you need to go on holidays.
For people who wonder that ‘I need a loan’, it’s better that they know the different kinds of loans. In simple terms, there are two types of loans. One is secured loans and the other type is unsecured loans.
Secured loans are called ‘secured’ because the lender asks for guarantees before releasing the loan amount. The guarantee may include a cosigner or collateral. A cosigner is simply your well wisher who is ready to take the responsibility if you fail in paying the loan amount. Collateral is basically any valuable whose value corresponds to the value of the loan amount. If for any reason, you fail in paying the loan amount then the lender owns the collateral.
Unsecured loans are diametrically opposite to secured loans. They are offered by private lenders as opposed to secured loans which are provided by banks. If you apply for unsecured loans then you won’t have a cosigner or collateral, you would just have to repay the loan at a higher interest rate. People with a bad credit history mostly opt for unsecured loans.
Thus, analyzing your needs is important while wondering that ‘I need a loan’. If you require a large amount of money and have either a cosigner or collateral to convince banks, then opting for bank loans is the best option.
However, if you have a bad credit history and have no guarantees to convince bank lenders then you can look out for unsecured loans. You must be however; ready to repay the loan at higher interest rates than normal if you apply for unsecured loans.
Thus, by proper evaluations of your need while thinking that ‘I need a loan’ can help you in choosing the right type of loan. It is important that you show integrity after securing a loan by repaying it within the given deadline.