Applying for a loan has become relatively easier today. With hundreds of lenders competing in the cyberspace, borrowers will always have different options. Loan packages have become more attractive because lenders know how to craft their marketing efforts in a way that additional rewards are highlighted. If you’re planning to get an unsecured loan, you must prepare for variable interest rates. Some unsecured loans have high rates because there’s no collateral involved. It’s just the way of lenders to manage risk.
Here are the top 3 interesting unsecured loans that you can apply for:
Low-Interest Personal Loan
A personal loan is one of the easiest loans that you’ll encounter. This type of loan has low interest and can be repaid in a period of 3 to 5 months. Online lenders are known for their active efforts in offering this type of loan to many borrowers. If you also have a great credit score, the lender may offer you a higher amount. Since there are hundreds of options, it’s advisable to shop around meticulously. Don’t just focus on banks and big loan players. Smaller lending firms can also offer you a great personal loan package.
Employee loans are considered extensions of personal loans. Some lenders, however, are offering them separately. Typically, employee loans are offered to employees. These loans have quick approval rates and variable amounts. The interest rate is tolerable, unless you have a very small paycheck. Pro tip: do your best to save higher than 10% per month if you’re under an employee loan obligation. This way, you can repay the loan in the quickest time possible.
Sometimes, the stresses of life will push you to have a vacation. Unfortunately, vacation budget is hard to come by and you just can’t find the time. In this case, you should apply for a vacation loan. The best thing about this loan is not the interest. Rather, the amenities and perks will keep you thinking about your dream vacation. Don’t be fooled by marketing though. To get the best deal, you must research about the best vacation loan providers within your area.
While it’s easy to apply for the mentioned loans, repayment is another issue that must be dealt with. To properly repay a loan, you must have a plan. It takes only less than an hour to make this plan, and it must include all the necessary details. If possible, you must double your income so that you can repay for your loan.