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  Most personal loans are unsecured with fixed payments. But there are other types of personal loans, including secured and variable-rate loans. The type of loan that works best for you depends on factors including your credit score and how much time you need to repay the loan. 1. Unsecured personal loans- This common type of personal loan isn't backed by collateral, such as your home or car, making them riskier for lenders, which may charge a slightly higher annual percentage rate or APR. The APR is your total cost of borrowing and includes the interest rate and any fees. 2. Secured personal loans - These loans are backed by collateral, which can be seized by the lender if you default on the loan. Examples of other secured loans include mortgages (secured by your house) and car loans (secured by your car title). Some banks, credit unions, and online lenders offer secured personal loans , where you can borrow against your car, personal savings, or another a...

  A lot of people think just like you can avail of a loan on your credit card, a loan on Aadhaar means that you can borrow money using your Aadhaar card. However, in reality, it is not yet possible to avail of a loan using just your Aadhaar card or UIDAI-issued identity card. Therefore, phrases like “Aadhaar card loan”, “loan on Aadhaar card” or “personal loan on Aadhaar card” are somewhat misleading. No such product exists as of yet, however, you can get a loan using your Aadhaar card provided you have submitted other supporting documents as required by your prospective lender. How Can Aadhaar Card Help you Get a Personal Loan? While the Aadhaar card is not a mandatory requirement to apply for a personal loan, it can act as a valid photo identity and address proof when you apply for a loan. Since Aadhaar stores the biometric data of individuals, it helps make the verification process simpler and faster. However, you can also use another photo identity/address proof documents Voter...

  Millions of Indians have lost their jobs in the wake of the coronavirus pandemic, and while living on  unemployment benefits  is stressful enough in its own right, it's even more problematic when unplanned expenses pop up, like your car breaking down or something going wrong with your home. If you're jobless and are facing a bill you can't put off, here are a few options for tackling it . 1.Tap your emergency fund- Unfortunately, not everyone has an emergency loan, or if you've been out of work for quite some time, you may have exhausted yours already. But if you do have some money in savings now's the time to use it. Though you may be inclined to hang onto that money for something else, there's no sense in borrowing when you have cash that's already yours.   2. Negotiate- You never know when the person or entity you suddenly owe money to might be willing to work with you due to your jobless status. If you're suddenly facing a surprise bill, try to n...

  Before you opt for a personal loan, you'll want to consider whether there may be less expensive ways you could borrow. Some acceptable reasons for choosing a personal loan are: You don't have and couldn't qualify for a low-interest credit card. The credit limits on your credit cards aren't adequate to meet your current borrowing needs. A personal loan is your least expensive borrowing option. You don't have any collateral to offer. You might also consider a personal loan if you need to borrow for a fairly short and well-defined period of time. Personal loans typically run from 12 to 60 months. So, for example, if you have a lump sum of money due you in two years, but not enough cash flow in the meantime, a two-year personal loan could be a way to bridge that gap . 1. Consolidating Credit Card Debt-  If you owe a substantial balance on one or more credit cards with high interest rates, taking out a personal loan to pay them off could save you money. 2. Paying Off...

  People have different requirements for which they apply for a personal loan. Different requirements need different loan amounts and it’s always a question for the applicant -that how much loan amount they can get through a personal loan? The answer is simple, the loan amount which you can get through a personal loan always depends on your income, and this is because your income is one of the major factors which decides your repayment capacity. The approved loan amount for a  personal loan  always depends on your income. A higher income increases your scope of getting approved for a higher personal loan amount. A good credit score also helps you to get a better deal at better rates. Personal loans are unsecured in nature which means you don’t need to pledge any asset as security for the loan. Hence before approving your personal loan application lenders make sure you have the capacity to repay it back and thus, the loan amount which they lend to you depends on your incom...

  A personal loan can be used for just about anything. Some lenders may ask what you plan to do with the money, but others will just want to be sure that you have the ability to pay it back. While personal loans aren't inexpensive, they can be a viable option in a variety of circumstances. Here's how to decide if one is right for you. When to Consider a Personal Loan Before you opt for a personal loan, you'll want to consider whether there may be less expensive ways you could borrow. Some acceptable reasons for choosing a personal loan are: You don't have and couldn't qualify for a low-interest credit card. The credit limits on your credit cards aren't adequate to meet your current borrowing needs. A personal loan is your least expensive borrowing option. You don't have any collateral to offer. You might also consider a personal loan if you need to borrow for a fairly short and well-defined period of time. Personal loans typically run from 12 to 60 months. 1...

  The growth in the expenses of education has been unstoppable and continuous in today's time. In India, it can be discerned that the rise in the educational charge is more than that of the per capita income. If seen rationally the rise in the price is visible for the coming years as well. A common example is the fee of any reputed school/college, which can raise to Rs. 1 Lakh as well. Although it's obvious that the budgets are planned earlier, yet the chances of a shortage in accounts can prevail. Hence, there is a structure for a personal loan   meant specifically for the students. Since students do not tend to have any job or income to show to borrow a loan, their parents can get a Personal Loan that will be issued in their name for the sake of the student's educational cost. On the other hand, the educational loan can be received only after the culmination of higher academic studies and has a lot of terms and conditions to be followed. With a Student, Personal Loan life...