Personal Loan For Bad Credit
If you want to know more about a Personal Loan For Bad Credit you found the right place! Most people mistake a personal loan for the common payday loans you see today. The reality is personal loans are not the same. Payday Loans are usually limited to $500 or a $1000 and are short term loans. Personal loans can be for much greater amounts and the repayment terms can be over a much greater period of time!
The truth of the matter is Personal Loans and a Personal Loan for Bad Credit are Unsecured Loans that come is two different forms. The first is a Lump Sum and the Second is a Revolving Line of Credit. The Lump Sum loan is one where you receive all the money up front and you pay off the loan over time given your terms. It would be similar to making a car payment. The second type "A Revolving Line of Credit" is different. Actually, it is a lot like a credit card. If your line of Credit was $10,000 you could borrow $4,000 and still have $6000 you could borrow or not borrow at any future time. These loans often come with checks to access the loan. Because Personal Loans are Unsecured they are often known as Signature Loans. This refers to the fact that the only guarantee the lender has you will repay the loan is your Signature!
Now with all that said about Personal Loans and a Personal Loan for Bad Credit you need to understand that many people and lenders blur the true definition of these loans. The biggest misunderstanding is the difference between secured and unsecured loans. You will often see a Home Equity Line of Credit referred to as a Personal Loan. This as you now know is not true but nonetheless it happens. A Home Equity Line of Credit (aka HELOC) is very similar to a Revolving Line of Credit Personal Loan. You have access to borrow up to your credit limit as needs dictate for any purpose you choose using checks that correlate to your loan. However, there is a very large difference between these two loans. A HELOC is a secured loan and uses your Home for collateral! Remember the only guarantee with the Personal Loan was your signature.
Now that you are an Expert on Personal Loans we have searched out and found the best lenders for these loans. Personal Loans are good because you can use the money however you choose. Please visit these lenders and see if they can help you achieve your goals. Also, remember we have included true unsecured personal loan lenders and secured personal loan lenders. We have done this because many people visiting this page are looking for a secured personal loan like a HELOC. Remember because the industry has blurred the true definition of Personal Loans most of us previously thought these loans were one and the same!
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