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Disadvantages of Personal Loans
As good as it sounds, personal loans have its own disadvantages such as:
- Some personal loans have higher interest rates because since it doesn't require collateral and are unsecured, the risk of not paying the lender back is high; and
- It can affect your credit score, either short-term or long-term negative effects. By adding debt to your financial profile, personal loans can and is going to affect your credit score.
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Advantages of Personal Loans
- Personal loans are flexible forms of credit where they can help you reach various financial goals.
- They allow the borrower to use it in every situation imaginable like emergency expenses or debts that you might have.
- Personal loans ca...
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Applying for a Personal Loan
Before applying for a personal loan, ask yourself first:
- What are you borrowing the money for?
- What is your current financial situation?
- Are you in any capacity of paying the loan back?
Make sure you are never borrowing money for a pers...
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"Making money is art and working is art and good business is the best art." ~ Andy Warhol
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Advantages of Personal Loans
- Personal loans are flexible forms of credit where they can help you reach various financial goals.
- They allow the borrower to use it in every situation imaginable like emergency expenses or debts that you might have.
- Personal loans ca...
How to Keep Debt at Bay
- Paying off the little debts can give you confidence to tackle larger ones. It’s recommended to focus on debts with the higher interest rates, but sometimes a moral boost is worth it.
- Don’t cosign loans. If the borrower misses a payment, your credit score plunges and the...
Consolidate Debts
If you have debts with a high-interest rate, a balance transfer might be a good option and even offer perks such as 0% APR and rewards programs. Ensure you consider the balance transfer fees, and pay down the entire transferred balance during the introductory period if possible.
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