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Can A Signature Loan Be Your Ticket To Your Financial Goals?

Aug 17, 2007
Sometimes you know that you need to get something you either want or need, but you do not have the money at that moment. You know that you do not have anything to offer for collateral, so that rules out a secured loan. You do still have a chance, though, to get the money you need. A signature loan, which requires no collateral, can still be obtained, and you can get your answer quickly.

Signature loans are sometimes tailored to specific purposes. This means that you can get a specific type for education, another kind for business, or business start-ups, one for debt consolidation, a boat, a PC, etc. To help you consolidate, one company will even give you $100 if you trade in your old credit cards. Even if you do not have a specific purpose in mind, or if you want cash for several things, you can still get them for general purposes, too.

The easiest kind to get is called the payday loans. This type of loan will typically allow you to get up to $1,000, and sometimes more. Although easy to get, they must be paid back within two weeks (usually), and have a high interest rate. The interest will cost you about $30 for every one hundred dollars that you borrow (30%). If you need the money overnight - that may be the best way to go.

Other types, though, will give you better rates and larger amounts. Getting the money you need does not have to be obtained at such high rates as a payday loan. Other signature loans will come up to a much higher value, up to around $75,000, depending on your income and ability to pay. This larger loan will often give you up to five years to pay it back. In many cases it will be paid monthly straight out of your checking account.

When you go to find just the right signature loan for yourself, be sure to look and see if it has a clause about a prepayment penalty. There should not be any - at least you don't want way. This actually penalizes you if you pay it off early. You want to be able to get savings by being diligent; not having this option will save you more by paying it off before the final payment is due. Another option to look for is the length of time for repayment. Both the amounts that you can get and the time frame involved vary quite a bit from one company to another.

Compare different loan possibilities carefully in order to ensure that you are getting a really good deal. Be sure to look at the overall cost, and not just the interest rate. If you are not familiar with the company, check it out online and see if there are any reported problems with it. This way your signature loan will not only help you meet your financial goals, but it will also let you sleep peaceably.
About the Author
Joe Kenny writes for Rebuild.org, offering payday loans, or apply for an unsecured auto loan with some great interest rates.
Visit today: http://www.rebuild.org
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