Attorney fee – Prosecute Bush Cheney http://prosecutebushcheney.org/ Wed, 18 Aug 2021 14:07:44 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://prosecutebushcheney.org/wp-content/uploads/2021/08/cropped-icon-32x32.png Attorney fee – Prosecute Bush Cheney http://prosecutebushcheney.org/ 32 32 Personal Loans for Debt Repayment https://prosecutebushcheney.org/loans-bad-credit-checking-account/ https://prosecutebushcheney.org/loans-bad-credit-checking-account/#respond Wed, 18 Aug 2021 14:07:10 +0000 https://prosecutebushcheney.org/?p=196 While it is best to avoid debt wherever possible, sometimes life throws off your plans. It could be that you are facing financial emergencies such as a job change or health concern. Maybe you need to cover a major expense so your savings account isn’t enough. Whatever the reason you need to borrow money, it is important […]]]>

While it is best to avoid debt wherever possible, sometimes life throws off your plans.

It could be that you are facing financial emergencies such as a job change or health concern. Maybe you need to cover a major expense so your savings account isn’t enough. Whatever the reason you need to borrow money, it is important that you do not accumulate excessive credit card debt. A personal loan from trusted lenders may be a great option for you if you need to borrow money. You can learn more about personal loans here https://greendayonline.com/small-personal-loans/ or keep reading for more information about whether a personal loan is right for you.

What is the difference between a personal loan and a business loan?

An auto loan is required to purchase a new car. A mortgage can finance the purchase of your new car if you are ready to become a homeowner. A personal loan is for your own personal use.

Personal loans can be used as a way to finance personal and financial expenses. A personal loan can also be used for consolidating high-interest debt (such as credit card and other debt) at a lower rate to help you save money, pay it off more quickly, and

How does a personal loan work?

Personal loans can be secured or unsecure. A secured loan requires collateral. For example, a vehicle or house. In the event you can’t repay the loan to the lender will seize the collateral as payment. Although this can make it easier to get a loan, it’s more difficult to repay.

Unsecured personal loan are common. You are only granted a loan if you have good credit. While it may be more difficult for you to qualify for an unsecure loan if the credit score isn’t in the best shape, it is also safer.

Personal loans have either fixed or adjustable interest rates. Fixed rate loans are the best. They will have a fixed rate that will ensure that your monthly payments do not change. Variable rates of interest, however, are tied directly to the market and may fluctuate. The introductory interest rate is typically very low. But, there are always opportunities for it to increase.

The rate of interest on personal loans is determined by each lender. Your credit score, credit history, and credit score will most likely affect your rate. The rate will drop if your credit is good. So that you pay less over time, it is important to get the best personal loan rate.

Once you receive a personal loan you will get the entire amount in one lump sum. You’ll then repay the loan by making monthly payments until you have repaid the full amount. The terms of each loan will affect the amount you have to repay.

Are there any drawbacks to personal lending?

Personal loans can be difficult to obtain if your personal assets are not available or you have to pay variable interest rates. It’s a good practice to shop around for an affordable, fixed-rate unsecured personal mortgage.

But, your personal loan is still a debt you are responsible to pay back. Failure to pay all of your monthly payments on schedule and in full can have severe consequences for your finances. It is rarely a good idea for someone to take on personal loans unless absolutely necessary. You might consider a personal mortgage if you need to pay for large expenses such as a wedding or long-term vacation.

Is it a good idea to get a personal lender?

Sometimes borrowing money is inevitable. Personal loans typically have lower interest rates compared to credit cards and other costly borrowing instruments. A personal loan may be the best option if your situation requires you to borrow money.

If you are already in financial trouble, personal loans could be an effective tool. For example, a personal lender can help consolidate credit card debt. Consolidating your credit cards into one loan with lower interest rates can help you control the debt and make it payable quickly.

Be sure to consider all your options and pay back the loan on time. A default or missed payment on your loan can put you in a bad financial position that could damage your credit for years.

If you’re looking for a personal loan, we recommend that you compare our recommended online lenders. Consider comparing multiple lenders as your eligibility, interest rate and eligibility can vary from one lender to the next.

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Small Personal Loans For Bad Credit – How To Get Approved Fast And https://prosecutebushcheney.org/small-personal-loans-for-bad-credit-how-to-get-approved-fast-and/ https://prosecutebushcheney.org/small-personal-loans-for-bad-credit-how-to-get-approved-fast-and/#respond Sun, 15 Aug 2021 07:01:00 +0000 https://prosecutebushcheney.org/small-personal-loans-for-bad-credit-how-to-get-approved-fast-and/ Getting a small personal loan for bad credit can sometimes be a real challenge. Still, there may be more than one online lender willing to lend to you (sometimes despite your bad credit history). If you are looking for small personal loan alternatives with poor credit, there are two main sources of loans that you […]]]>
Getting a small personal loan for bad credit can sometimes be a real challenge. Still, there may be more than one online lender willing to lend to you (sometimes despite your bad credit history). If you are looking for small personal loan alternatives with poor credit, there are two main sources of loans that you may want to check out. They are both online payday lenders and banks. And while these are two of the easiest and fastest sources of loan to get money, they have some differences that could affect your decision. So what factors should you take into account when deciding which one to use?
Apply for a loan online:
The first factor to consider is whether or not the lender will allow you to apply for a loan online. Most people don’t realize that the internet is a great resource when it comes to applying for a job. to lend. There are many more loan websites than there are brokers or loan officers. And applying via the Internet usually doesn’t require a fax or phone call. You may also find that you can get better terms and conditions online than with a broker or loan officer.

Positive and negative affect:
Now your overall credit score can negatively or positively affect your loan application. A loan for a small personal loan that you secure with your score can end up costing you much more over the life of the loan. Banks will check with their rating agencies to see if you are fair as a borrower before offering you a loan. If your score is bad, they won’t care. They will, however, consider taking into account any other factors that might affect your ability to repay the loan, such as current debt levels and your likelihood of defaulting on the loan. This can cause them to offer you a loan with a high interest rate or a loan that they may not be able to retract if you become unable to repay it.

Interest rate:
If you apply for small personal loans for bad credit and don’t have any collateral, the banks are more likely to give you a chance. However, your interest rates will generally be higher than if you had some form of collateral, such as a house. Additionally, your lender may also request a longer repayment period. The reason is that unsecured loans carry more risk for the bank. They do this on the assumption that you have nothing of value to stop them from getting their money.

When you apply for a loan and you don’t have collateral to prevent the lender from getting their money, it can seem like a very difficult situation to go through. On the surface, your credit score seems to be suffering. But if you look further, you will see that this loan is a way for you to get your financial situation back on track. This gives you a second chance to start all over again. After all, the financial problems could be due to a bad financial decision. By taking out the loan, the lender allows you to repair your score.

Credit score matters:
A lot of people think that if they have a small personal loan, they’ll just have to spend the money on whatever they want. This is a mistake because the majority of lenders only deal with people who have a good credit rating. These are the people who have been responsible for their debts in the past. So, if you want to be approved by any of these lenders, you must have a decent credit score.

Credit unions:
Credit unions are a great source of small unsecured personal loans for bad credit scores. Credit unions often offer loans at lower interest rates and longer repayment periods. Indeed, the higher the amount of the loan, the lower the interest rate and the longer the repayment period, the lower the amount of the monthly payment. However, many borrowers do not want to be tied to any type of extended repayment plan. Therefore, you will probably have to look for the best possible interest rates on these small unsecured personal loans.

Use online lenders:
Another option that you have for small personal loans for bad credit scores is to use online lenders. Online loan companies generally do not require loan approval and hence a small personal loan from the lender is not required. Some online borrowers have reported saving up to 40% of their money for their next purchase just by using the money they saved on their loan payments. Therefore, online loan companies are a great option for borrowers with low credit scores or for those who are struggling to get approval from traditional lenders.

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Check out the 2021 Personal Loan Review – Forbes Advisor https://prosecutebushcheney.org/check-out-the-2021-personal-loan-review-forbes-advisor/ https://prosecutebushcheney.org/check-out-the-2021-personal-loan-review-forbes-advisor/#respond Thu, 12 Aug 2021 18:23:30 +0000 https://prosecutebushcheney.org/check-out-the-2021-personal-loan-review-forbes-advisor/ The best personal loans offer competitive rates, flexible loan amounts, and a wide range of terms. Here’s how Discover personal loans compare to other popular lenders: Discover Vs. SoFi SoFi offers higher loan amounts ($ 5,000 to $ 100,000) than what Discover offers, and APRs start at around 6% with automatic payment, which is lower […]]]>

The best personal loans offer competitive rates, flexible loan amounts, and a wide range of terms. Here’s how Discover personal loans compare to other popular lenders:

Discover Vs. SoFi

SoFi offers higher loan amounts ($ 5,000 to $ 100,000) than what Discover offers, and APRs start at around 6% with automatic payment, which is lower than the lowest rate available through Discover. Having said that, it may take longer to receive funds with a SoFi loan. As with Discover, SoFi doesn’t charge origination fees or prepayment penalties, but SoFi personal loans don’t have late fees.

Related: 2021 SoFi Personal Loan Review

Discover Vs. LightStream

LightStream personal loans are available from $ 5,000 to $ 100,000 and APRs start from 2.49% with automatic payment, for certain loan purposes. This means that LightStream borrowers with the highest credit scores can access rates much lower than the best offered by Discover.

The loan terms are also more extensive than those available through Discover: borrowers can repay a loan over two to 12 years depending on the loan size, purpose and creditworthiness. Like other major lenders, LightStream does not charge setup fees or prepayment penalties.

Related: 2021 LightStream Personal Loan Review

Discover Vs. Marcus

Marcus offers smaller personal loans than some competitors, with options ranging from $ 3,500 to $ 40,000. Rates start in a range similar to Discover’s, but peak at around 20%, which is still lower than Discover’s higher APRs. Additionally, Marcus offers a 0.25% discount for borrowers who sign up for automatic payment, a perk Discover does not offer. Marcus also offers direct payment to credit card companies and does not charge setup, prepayment or late fees.

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Upstart Personal Loan Review 2021 – Forbes Advisor https://prosecutebushcheney.org/upstart-personal-loan-review-2021-forbes-advisor/ https://prosecutebushcheney.org/upstart-personal-loan-review-2021-forbes-advisor/#respond Thu, 12 Aug 2021 17:01:25 +0000 https://prosecutebushcheney.org/upstart-personal-loan-review-2021-forbes-advisor/ The best personal loans offer competitive rates, flexible loan amounts, and a wide range of terms. Here’s how Upgrade Personal Loans stack up against other popular lenders: pushy vs. To improve Upstart and Upgrade are designed to be able to lend to borrowers with less than good credit. While Upstart’s recommended minimum credit score requirement […]]]>

The best personal loans offer competitive rates, flexible loan amounts, and a wide range of terms. Here’s how Upgrade Personal Loans stack up against other popular lenders:

pushy vs. To improve

Upstart and Upgrade are designed to be able to lend to borrowers with less than good credit. While Upstart’s recommended minimum credit score requirement is 600, Upgrade’s is 580. If you qualify for Upstart, you may be able to receive larger loan limits, up to 50,000. $. However, Upstart only offers two terms, three and five years, while Upgrade offers terms between two and seven years. The best provider for you depends on how much you need to borrow and how quickly you want to pay it back.

pushy vs. Before

Similar to Upgrade, Avant’s recommended minimum credit score is 580, 20 points lower than Upstart. Again, this makes it a solid option for borrowers who don’t have great credit but still need access to finance. In addition, Avant offers more reimbursement options compared to Upstart. If you are approved for a loan with Avant, you will have access to terms between two and five years, depending on your credit score and other factors.

pushy vs. Wells fargo

Unlike Upstart, which is an online lender, Wells Fargo is a traditional bank. Applying for a personal loan from a bank like Wells Fargo is usually a good idea if you already have a relationship with them. Wells Fargo offers personal loans between $ 3,000 and $ 100,000 with terms of one to seven years. Wells Fargo does not have a minimum credit score recommendation, it may put more weight on other factors like your existing relationship with the bank, debt-to-income ratio (DTI), and monthly income.

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LightStream Personal Loans 2021 Review – Forbes Advisor https://prosecutebushcheney.org/lightstream-personal-loans-2021-review-forbes-advisor/ https://prosecutebushcheney.org/lightstream-personal-loans-2021-review-forbes-advisor/#respond Wed, 11 Aug 2021 16:52:43 +0000 https://prosecutebushcheney.org/lightstream-personal-loans-2021-review-forbes-advisor/ Personal loan applications are approved or denied based on a number of factors. All lenders have their own underwriting requirements, but these usually include information from the applicant’s credit profile and other factors demonstrating the ability to repay the loan, such as income. Meeting the requirements below does not guarantee approval, but they can help […]]]>

Personal loan applications are approved or denied based on a number of factors. All lenders have their own underwriting requirements, but these usually include information from the applicant’s credit profile and other factors demonstrating the ability to repay the loan, such as income. Meeting the requirements below does not guarantee approval, but they can help you decide if a personal loan is right for you.

Credit score requirements

To be eligible for a LightStream loan, applicants must have a minimum FICO credit score of at least 660. Additionally, a strong applicant will have several years of credit history, including several types of accounts: credit cards, auto loans and mortgage debt, for example. —As evidenced by their credit profile. While a good credit score may be enough to get approved, lower rates require great credit.

Unlike many other online lenders, LightStream does not have a prequalification process. Therefore, potential borrowers should submit a formal application and go through a credit check to find out if they qualify and, if so, at what rate.

Income requirements

To be approved, LightStream requires loan applicants to have a sufficiently stable and sufficient income to repay both current debts and a new LightStream loan. In addition to income requirements, LightStream assesses applicants based on their cash flow, real estate down payments, retirement savings, and revolving credit card debt. Keep in mind, however, that LightStream does not factor in revenue from the marijuana industry.

Together with the purpose of the loan, these factors help determine an applicant’s debt-to-income ratio (DTI) and likelihood of approval.

Co-signatories and co-applicants

LightStream does not allow co-signers, but potential borrowers can submit a joint application. Unlike some lenders, co-applicants do not need to live at the same address as the principal applicant.

Prospective borrowers should indicate at the start of the application process that they will be filing a joint application and provide details of both applicants in the online application. LightStream will then rate each applicant’s credit, income, and other details equally when evaluating the application.

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Best personal loans for emergencies in August 2021 – Forbes Advisor https://prosecutebushcheney.org/best-personal-loans-for-emergencies-in-august-2021-forbes-advisor/ https://prosecutebushcheney.org/best-personal-loans-for-emergencies-in-august-2021-forbes-advisor/#respond Tue, 10 Aug 2021 16:53:00 +0000 https://prosecutebushcheney.org/best-personal-loans-for-emergencies-in-august-2021-forbes-advisor/ Founded in 2012 and based in Chicago, Avant is a consumer lending platform that offers secured and unsecured personal loans through a third-party bank (WebBank). Unsecured loans are available in Washington, DC and all states except Hawaii, Louisiana, Nevada, and South Carolina. The platform specializes in middle-income borrowers with fair to good credit and only […]]]>

Founded in 2012 and based in Chicago, Avant is a consumer lending platform that offers secured and unsecured personal loans through a third-party bank (WebBank). Unsecured loans are available in Washington, DC and all states except Hawaii, Louisiana, Nevada, and South Carolina. The platform specializes in middle-income borrowers with fair to good credit and only requires a minimum score of 580 to qualify.

Avant applicants who are approved for an unsecured loan by 4:30 p.m. Central Time, Monday through Friday, may receive their funds the next business day. This period may vary, however, depending on the borrower’s bank. It may also take longer for borrowers who take out secured loans.

Avant’s low minimum loan amounts ($ 2,000 to $ 35,000) and flexible repayment terms (two to five years) should suit those who need access to emergency funds, but don’t want to borrow more than they need. These loans come at a price, however. In addition to an administrative fee of up to 4.75% of the loan amount, Avant’s APR range (9.95% to 35.99%) is high for applicants with good credit scores. excellent, and there is no automatic payment discount. Still, the platform scores top marks for borrowers with less than stellar credit who need quick access to funds.

Note: Before accepted a $ 3.85 million settlementwith the Federal Trade Commission (FTC) in April 2019. According to FTC documents, the lawsuit was filed in response to allegations that, among other things, Avant charged consumers late fees and interest they did not owe and collected payments from customers without authorization. or in quantities greater than those authorized. We contacted Avant to find out what they have done to adjust practices since the settlement, but we have not received a response. Despite this, Avant has a high rating of 4.7 stars on Trustpilot.

Eligibility: Avant specializes in lending to a range of clients, including those with fair credit. The platform has a minimum credit score requirement of only 580 (the average is 600 to 700) and a minimum income requirement of only $ 20,000 (the average is $ 40,000 to $ 100,000).

Avant does not allow co-signers or co-applicants, but it will take into account non-employment income and the income of other members of your household. If you need a personal loan quickly but don’t have good credit, you may still qualify.

Uses of the loan: Like other major lenders, Avant loans can be used to consolidate debt and pay for expenses such as medical bills, auto repairs, home renovations, and other emergency expenses. That being said, Avant borrowers cannot use personal loan funds to cover business expenses. So if you need emergency cash flow for your business, Avant is not the lender for you.

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2021-2027 Personal Loan Market Study with FreedomPlus, OneMain Financial, Payoff, Payoff – The Manomet Current https://prosecutebushcheney.org/2021-2027-personal-loan-market-study-with-freedomplus-onemain-financial-payoff-payoff-the-manomet-current/ https://prosecutebushcheney.org/2021-2027-personal-loan-market-study-with-freedomplus-onemain-financial-payoff-payoff-the-manomet-current/#respond Tue, 10 Aug 2021 05:31:47 +0000 https://prosecutebushcheney.org/2021-2027-personal-loan-market-study-with-freedomplus-onemain-financial-payoff-payoff-the-manomet-current/ The growing need for short-term financing due to limited income levels, instant loan and approval systems, and developed unsecured personal loan programs are some of the factors driving the growth of the market. Conversely, the willingness of low- and middle-income groups to avail themselves of personal credit and the increasing volumes of credit, especially in […]]]>

The growing need for short-term financing due to limited income levels, instant loan and approval systems, and developed unsecured personal loan programs are some of the factors driving the growth of the market. Conversely, the willingness of low- and middle-income groups to avail themselves of personal credit and the increasing volumes of credit, especially in emerging markets, are expected to provide lucrative opportunities for the market.

The updated report on Personal loan market gives an accurate analysis of the value chain assessment for the review period 2021 to 2027. The research includes a comprehensive assessment of the administration of leading companies in the market and their income-generating business strategies adopted by them to conduct sustainable business. the Financial sector The report further identifies the market gaps, stability, growth drivers, restraining factors and opportunities for the anticipated period.

Get a sample report with the latest analysis of industry trends: www.a2zmarketresearch.com/sample?reportId=476312

Key companies in this report include:

FreedomPlus, OneMain Financial, Payoff, Payoff, Marcus, LightStream, Prosper, Best Egg, SoFi, Avant, Earnest, Earnin, Citizens Bank, Lending Club

The global personal loans market is expected to register a notable expansion of the constant% during the review period due to the higher market value in 2019. The market research provides a measure of the effectiveness of the product, real-time personal loans market scenario, as well as the personalized ease. The study further offers market analysis, strategies and planning, R&D landscape, target audience management, market potential, due diligence and competitive landscape.

Market segmentation

Segment by type

Under 1 years old, 1-3 years old, Over 3 years old

Segment by application

Below $ 5,000, $ 5,000 to $ 50,000, Above $ 50,000

Scope of the report

An in-depth analysis of statistics on current and emerging trends offers insight into the dynamics of the personal loans market. The report includes Porter’s five forces to analyze the importance of various characteristics such as understanding of suppliers and customers, risks posed by various agents, competitive strength, and promising emerging businessmen to understand a resource. precious. Further, the report covers the personal loans research data of various companies, benefits, gross margin, strategic decisions of the global market, etc. through tables, charts and infographics.

The Personal Loans report highlights an overall assessment of the revenue generated by the different segments in different regions for the forecast period, 2021 to 2027. To leverage business owners, gain an in-depth understanding of the current dynamics, Personal loan research leverages heavily to find data on aspects including, but not limited to, demand and supply, distribution channel, and technology upgrades. Primarily, determining strict government policies and regulations and government initiatives promoting the growth of the personal loan market provides knowledge of what lies ahead for business owners in the years to come.

Custom report request: www.a2zmarketresearch.com/enquiry?reportId=476312

Geographic analysis

The global personal loan market is spread across North America, Europe, Asia-Pacific, Middle East and Africa as well as the rest of the world.

COVID-19 impact assessment

The COVID-19 pandemic has emerged in containment across regions, line limitations and the breakdown of transport organizations. In addition, the financial vulnerability of the personal loan market is much higher than past outbreaks like Extreme Intense Respiratory Illness (SARS), Avian Flu, Swine Flu, Bird Flu and Ebola, inferred from the growing number of infected people. and vulnerability at the end of the crisis. With the rapid increase in cases, the global personal loan refreshment market is influenced from several points of view.

Accessibility of workforce is obviously disrupting the global personal loan drink market inventory network as lockdown and the spread of infection cause individuals to stay indoors. The presentation of Personal Lenders and the transport of products are associated.

If the assembly movement is stopped, the transport as well as the warehouse network also stop. Stacking and dumping of items i.e. raw materials and results (fasteners), which requires a ton of labor, is also heavily affected due to the pandemic. From the entrance of the assembly plant to the warehouse or distribution center to end customers, i.e. application companies, the entire personal loan inventory network is severely compromised because of the episode.

The research provides answers to the following key questions:

  • What is the projected size of the personal loans market by 2027?
  • What will the normal share of the industry as a whole be for the years to come?
  • What is the major development of the components and restraints of the global personal loan market in different geographies?
  • Who are the major sellers expected to dominate the market for the 2021 to 2027 evaluation period?
  • What are the moving and upcoming advancements that are expected to influence the advancement of the global personal loans market?
  • What are the development techniques received by major market sellers to stay ahead of the curve?

Buy an exclusive report: www.a2zmarketresearch.com/buy?reportId=476312

Contact us:

Roger smith

1887 WHITNEY MESA DR HENDERSON, NV 89014

sales@a2zmarketresearch.com

+1 775 237 4147

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What to know about personal loans in Malaysia https://prosecutebushcheney.org/what-to-know-about-personal-loans-in-malaysia/ https://prosecutebushcheney.org/what-to-know-about-personal-loans-in-malaysia/#respond Mon, 09 Aug 2021 03:53:09 +0000 https://prosecutebushcheney.org/what-to-know-about-personal-loans-in-malaysia/ [This is a sponsored article with Citibank.] Let’s face it, personal loans don’t always have the best representative. Seeing how easy it is to access them, it’s no surprise that some may jump into this pledge for quick cash due to misconceptions about how they work. At the same time, in the current economic climate, […]]]>

[This is a sponsored article with Citibank.]

Let’s face it, personal loans don’t always have the best representative.

Seeing how easy it is to access them, it’s no surprise that some may jump into this pledge for quick cash due to misconceptions about how they work.

At the same time, in the current economic climate, personal loans can be a viable option to consider under the right circumstances. Here’s a breakdown of the key information you should know about them.

What is a personal loan?

In short, personal loans are amounts of money that you can borrow for a variety of reasons, and they are offered by banks, credit unions, or online lenders.

There are two types of personal loans: secured and unsecured. A collateral is required for secured loans while unsecured loans do not require collateral.

Dictionary time: The guarantees are assets that lenders accept as collateral for the loan, and it can be a car, house, stocks, jewelry, collectibles, future paychecks, etc.

Some common reasons why people take out personal loans are for medical issues, debt consolidation, home renovation or renovation costs, marriages and education.

According to the team of Citibank, the majority of their clients apply for personal loans due to emergencies and the need for cash. Apart from this, there are borrowers who have taken out personal loans for home improvement, education, etc.

Benefits personal loans

1. Help structure and plan your budget and finances

Personal loans have a flexible term that comes with fixed installments, which is helpful for the borrower to plan their payment schedule.

For Citi personal loans, you can choose from 24, 36, 48 or 60 months as the repayment term, but note that the longer the term, the more interest will have to be paid over the life of the loan.

There is a common misconception that a personal loan can negatively impact your credit score. However, if you are able to follow a consistent payment plan, this won’t be a problem.

2. Can be used for almost anything

Of all the types of loans, personal loans are arguably the most soft in terms of what you can use it for. It’s not tied to any type of commitment you’re paying for, unlike auto loans, mortgages, student loans, etc.

The general rule is to never take out a personal loan if you don’t have a solid repayment plan, and think about how your expected income would match your payment schedule.

3. Allow debt consolidation and save on interest

Because you can use personal loans for almost anything, some people consolidate all their debts and use a personal loan to pay off all of their collective debts at once. This way you only have one monthly payment to track instead of multiple payments to different creditors.

In addition, personal loans could save you moneyy if its interest rate is lower than that of other debts to which you were linked, in particular credit cards. This means that you can also reduce the amount you pay for the monthly installments.

Citi personal loans have competitive rates ranging from 5.33% to 9.80% per annum. A quick search for other options revealed rates ranging from 3.99% to over 18%. To begin with, you need to be clear about the terms and conditions, whether the rate is applicable to a certain amount of occupancy or loan, and also take note of the applicable fees.

4. Access to fast cash with no collateral involved

As mentioned, personal loans are useful in times of emergency where one may not have emergency funds or insurance to cover unforeseen expenses like medical bills.

However, with great power comes great responsibility, and borrowers are discouraged to use personal loans for luxury or non-essential purchases, even if you are in dire need of a vacation (once we can travel safely).

Personal loans generally have quick approvals, and in the case of Citibank, instant conditional approval as well. Citibank personal loans are also unsecured so there is no collateral involved. Since there is no collateral or guarantor, you don’t have to risk losing valuable property like your car or house. However, the late payment penalty would be 1% pa on the overdue amount.

Example: Alif took out a loan of RM 10,000 and has a monthly repayment of RM 1,000. If he is 11 days late on his first scheduled payment, he has to pay an additional RM 0.30 which is his late fee. This is calculated by taking 1% of his payment due, dividing it by 365, and multiplying it by 11, which is the number of days overdue.

To apply, your loan will need to be a minimum of RM5K, and “new to the bank” customers can get up to RM120K while existing customers can borrow up to RM150K.

Citibank requires a minimum income 4,000 RM per month or 48,000 RM per year to qualify as an applicant, employee or self-employed person. If you are self-employed, your business must be established for at least 2 years and applicants must be between the ages of 21 and 60 at the time of loan maturity, and be citizens or PRs working in Malaysia.

Disadvantages personal loans

1. Can lead to potential damage to credit score

In terms of credit score, personal loans could be a double-edged sword. If you’re not good at making regular payments, taking out a personal loan could damage your credit score.

Therefore, it is important to determine whether your past payment history has been characterized by late payments or regular non-payments.

It’s also important to remember that if you take out a personal loan and make multiple late payments, your damaged credit score could. reduce your borrowing power other lines of credit in the future or even request another financial product.

2. Increase in debt due to insufficient financial discipline and literacy

Another double-edged sword in personal loans is that it requires that you have good financial discipline with monthly payments; if you are a bad debtor, this type of loan could lead to unnecessary debt.

Additionally, while consolidating all of your debts into one is a more efficient way to manage your finances, it is essential that you check if interest rates are actually lower only if you have paid to several creditors. Otherwise, you will end up paying more interest in the long run.

That being said, you should keep in mind not to take out personal loans for luxury goods that you cannot afford with what you already have. At the end of the day, it’s no fun getting into debt just for the fun of it.

3. Has potentially heavy financial penalties or legal ramifications

Now the downside of not having any collateral involved is that you cannot trade in your car or house with the lender if you are having difficulty making your payments.

First, your interest rates will be continue to compose. Some banks in Malaysia may also increase your interest rates to make you take your repayments more seriously.

Worse yet, your creditors can file for bankruptcy against you and you could lose your assets as well as your right to leave the country. Additionally, you could be sued in which the bank can garnish your wages, place a lien on your property, and freeze all or part of your money in the bank.

4. Includes early settlement fee

Because you will be billed if you pay off your debts early, you will need to exercise financial discipline and properly plan your budget for at least the next two years (if you choose the shorter tenure period).

If you want to repay the entire unpaid amount in advance, you must be prepared to cover the cost of the prepayment charge. These details and many more will be part of the terms and conditions, which you should know before signing up for a loan plan.

On closing: Comes with fixed payments

We cannot classify this as a direct advantage or disadvantage as it depends on your circumstances and spending habits.

Essentially, personal loans are suitable for clients who want to get a lump sum and have a clear view of how much they can afford to pay off monthly. If you don’t fall into this category, personal loans might not be the best option for you.

Looking for Alternatives: If you’re looking for credit cards to make payments on your purchases, Citibank currently offers a Citi Cash Back Card, where users can earn up to 10% cash back on Grab, groceries, meals, and gas when you hit minimum monthly spend.

In addition to this, there are also Citi Rewards points at Taobao, Lazada, Amazon, large supermarkets and department stores under their Citi Rewards Cards.

New Citi credit card holders who wish to enroll are also eligible for an RM500 Touch ‘n Go eWallet credit. The campaign is valid until August 31, ’21.

Final advice

The main thing to remember is to make sure that you are applying for a personal loan with a solid payment plan, and that you are not to take out this loan for non-essential or non-urgent reasons like luxury or vacation. Being careful with your money and debt is something everyone should take more seriously now than ever before.

  • You can read more about Citi personal loans here.
  • Disclaimer: The above content is based on the opinion and research of the author. Before making any major financial decisions, be sure to do your due diligence.
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