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November 08, 2021 Personal Finance

What You Need to Know About Personal Loans

Personal loans are an easy and convenient way to quickly get a lump sum of cash or to consolidate several credit cards balances and/or loans into one easy to manage payment. Personal loans are just that – personalized loans to fit your financial and budgetary needs.

Pros of Using a Personal Loan

There are many advantages to borrowing money through a personal loan.

  1. Personal loans provide the borrower with the unique freedom to spend the funds in any way they choose. Most lenders won’t need to see receipts of how the money was spent. The borrower has complete discretion over the money.
  2. Most personal loans are unsecured. This means no collateral or valuable asset is backing up the loan. Other loans may put the borrower’s assets at risk of being repossessed if they default on the loan. In fact, a personal loan may be a better solution to funding a significant expense or life event than dipping into your emergency savings.
  3. Applying for a personal loan tends to be a lot faster than applying for most other loans. If the borrower has a decent credit score and provides the required documentation, approval can happen quickly. Many applications can be quickly completed online.

Cons of Personal Loans

There are some disadvantages to personal loans that borrowers should know before going ahead with an application.

  1. Personal loans may have a higher interest rate than loans borrowed against an asset, like a home or a car. Run the numbers or meet with a financial advisor to be sure you can comfortably meet the monthly payments before finalizing a personal loan.
  2. If a personal loan goes into default, a lender may be required to place a lien on the borrower’s assets. While this only occurs in extreme cases, it’s essential to be aware of this possibility. On top of paying back the loan, the borrower could be stuck paying attorney fees, court costs, and delinquency fees.
  3. The amount of money approved to borrow may be less than the sum you can borrow through other types of loans. The exact amount you can borrow will depend on your credit score and other financial qualifiers. As a general rule, determine how much you need to borrow before you decide to apply for a personal loan. Your financial institution may have a better option for you that you may not have considered.

This article is for educational purposes only. WeStreet Credit Union makes no representations as to the accuracy, completeness, or specific suitability of any information presented. Information provided should not be relied on or interpreted as legal, tax or financial advice. Nor does the information directly relate to our products and/or services terms and conditions.