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A loan, in the financial world, is a sum of the amount that one party borrows from another party in exchange for the same amount plus interest on that amount after a period of time. There may be a time when we urgently need money or when we want to fulfill one of our goals and we are short of funds. This is where a loan comes into the picture as financial aid. Sometimes, loans are a means to help you maintain your standard of living.
We have many avenues when it comes to taking loans to fulfill our needs. Credit unions, banks, online/offline money lenders, payday lenders, pawnshops, cash advance from credit cards, and lastly family and friends. While credit unions are considered a better loan provider over banks when it comes to personal loans, the other options aren’t very sought after. Nowadays, it is very rare for people to opt for moneylenders unless it is urgent and even in those conditions friends and family members are preferred over lenders.
While the most common avenue for a loan is a bank, we now have other financial service organizations independent of banks slowly taking over the loan market. These organizations specialize in loan processes and have dedicated services to just deal with the entire loan cycle.
Anyone can take a loan. Rather, you should be asking who is eligible to avail of loan services from banks and other financial organizations.
Every bank or organization has different eligibility criteria for providing loans. The most common criteria being employment type and age. Other aspects such as dependents, assets owned, marital status, and your credit score also form an important part of the process. However, it should also be noted that different types of loans ask for different eligibility. For example, at an advanced age, you might not be eligible for a house loan, but you can take personal loans of small amounts against your fixed assets.
You might want to know about the different loan types that one can avail of.
As pointed earlier, all loans and their terms are not the same. In fact, the first thing that one should note before taking the plunge is the situation they are in and the loan specific to their needs in that particular situation.
Personal loans: Loans for weddings or to pay off a credit card debt come under this category. It can be both secured (with collateral) and unsecured (without collateral). Other needs may include a medical emergency or moving expenses.
Payday Loans: Short-term high-interest loans that are usually to be paid off on the day of your salary.
Auto loans: These are availed when one wants to buy a car or a bike or any other form of vehicle.
Home Loans: Want to buy a house but cannot pay in whole? This is where home loans come into the picture. There are different subtypes under house loans, the most important being home improvement loans.
Student Loans: With an increase in the need for higher education and increasing college fees for major professional courses, students often run short of finances. Student loans or education loans come into the picture then.
Again, there may be other loan types but these are the most availed loan types among the masses.
Before getting started with the process, make sure to understand these types, compare interest rates, and get all the important documents in place that one would need to fill a loan application form. Nowadays, all you have to do is fill an online loan application form with your correct information and your loan would be delivered to your bank account without any hassles. It’s that easy!
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