Personal loans are unsecured loans that have a fixed amount, interest rate, and repayment
period. What are these terms, how are they calculated, and what should you look for when
shopping for a personal loan are important issues addressed in the following financial articles.
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Before you take out a personal loan make sure you know the best way to compare interest rates and how they can affect your credit score.Read More
Before you consider taking on a no credit check loan explore all it involves, why it's generally not recommended, as well as some of the other alternatives out there.Read More
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Before you decide to pay off your personal loan early, check out all the advantages and disadvantages to make sure you do what's right for you.Read More
The APR calculation on personal loans will vary depending on your lender, but it will typically be lower than what you would receive from a payday or short-term loan – usually starting at 10% and capping at 35.99%. It is not ideal to owe any money, but if you require a loan, then a personal loan could certainly be a viable option.
APR rates mentioned include associated fees.
Full repayment for the loans displayed range between 61 days to 180 months.
Representative example: assuming a loan of $10,000 over 60 months at a fixed rate of 3.1% per annum and fees of $60.00. This would result in a representative rate of 3.3% APR, with monthly repayments of $180.80, for a total amount paid of $10,848.00.