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Sep 28, 2017 - 34 minute read

Do i want a secured personal loan or unsecured

Be Realistic. Some financial situations require a more comprehensive and long-term solution. Consider your personal complications prior to requesting a loan. Be upfront with your lender about repayment limitations.

Your goal should be to get caught up, not fall further behind. By clearly stating your needs, lenders can point you in the right direction.

Do i want a secured personal loan or unsecured

They are larger than payday loans but are often as expensive or more so. Over the course of paying back an installment loan, you often pay double the amount you borrowed.

Some of the lenders we looked at, including RISE and LendUp, offer installment loans that have lower rates than standard payday loans. We also looked at the number of states each lender serves. In most of the Northeast and throughout the South, payday loans arent legal. Many lenders offer online loans in addition to having retail locations. An online lender has some advantages over a retail location.

Do i want a secured personal loan or unsecured

Some states cap APR and the amounts of charges for online personal loan. You are encouraged to contact your lender as soon as possible if you are unable to repay your loan on the scheduled repayment date or make regular installment payment on time.

Your lender may set late payment fees in accordance with state regulations, and your lender has several courses of action to deal with late payment.

For more information about your lender's specific procedures as they apply to late payments, please review your loan agreement or contact your lender directly. Origination, documentation and other additional fees may apply to your online personal loan deal. Late payment, non-payment fees and other penalties may apply to both short term and online personal loan deals in case of missed payments.

Please review your loan agreement carefully for information about the financial implications before you provide your electronic signature. The costs associated with loans of up to 500 can range from 15 to 40 of the entire loan amount, and the charges associated with loans of more than 500 can be even more. Your lender may also charge do i want a secured personal loan or unsecured late fees as well as fees for non-sufficient funds.

As an example, your lender may charge you a 20 nonsufficient funds fee as well as 15 of the loan balance as a late fee.

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