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02-May-2020 10:39

Here is a simple guide to understanding loan jargon: Easily one of the most important factors when discussing a personal loan, the APR will determine how much money you are actually paying for your loan.

It stands for annual percentage rate and it is a tally of all interest costs and additional fees that you’ll be paying to give you a round sum of how much it will cost you to borrow money under these terms for a single year. In fact, the interest rate is one of the factors that the APR aggregates to give you the total.

This means you can use your loan for whatever you want, unlike a mortgage which has to be used to buy a house, for example.

Additionally, most personal loans do not require the borrower to put down any collateral to secure the loan, in which case they’re called “unsecured loans”.

Look for lenders with no or low fees to save yourself this expense.

As mentioned, a personal loan is a cash advance given to the borrower without any requirements dictating how to use the money.Each aspect weighs in a little differently, with payment history being the most prominent determinant.While there are several credit score agencies, one of the most widely relied upon is FICO.Common uses include: Because this type of loan is easier to get than most, many people take advantage of the flexible terms and easy access to finance these expenditures.If you’ve been delving into personal loans, then you have no doubt heard the term credit score non-stop.

As mentioned, a personal loan is a cash advance given to the borrower without any requirements dictating how to use the money.

Each aspect weighs in a little differently, with payment history being the most prominent determinant.

While there are several credit score agencies, one of the most widely relied upon is FICO.

Common uses include: Because this type of loan is easier to get than most, many people take advantage of the flexible terms and easy access to finance these expenditures.

If you’ve been delving into personal loans, then you have no doubt heard the term credit score non-stop.

Whether or not you will be approved for a loan based on your current credit score is dependent on the terms that the individual lender set out.