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Saturday, August 25, 2007

Know The Facts About Personal Loans

Did you realize that credit cards are really considered personal loans?

When applying for credit cards you should always be aware of the terms and conditions before you agree to open an account.

A loan can fall under two categories:

secured ~meaning money is used to purchase property and a lien in placed against it. If you fail to repay, the bank can ultimately reposes the property.

Unsecured ~ meaning money you borrow does not have a lien against property.

Your credit history determines the interest rate you pay.
Bad credit personal loans are issued if you have a blemish on your credit report. A lower credit score can result. Due to this, you may find you will pay a higher interest rate or the lender may require a down payment.

I would suggest always reviewing your credit report. You can obtain a free report with each reporting agency each year. I do this faithfully. In the past, I had found items reported that were not mine and they actually were working against me. I had no idea those items were there until I reviewed my credit report. I was easily able to remove these inaccuracies by writing to the credit reporting agency to dispute the incorrect information. Doing my own credit repair, has helped me achieve a higher credit rating, lower interest rates on future loans and less stress.

How many of you receive those special offers in the mail stating you have been pre-approved or pre-qualified to open a new credit card?
I receive at least 2 or 3 offers each week!. The offers always sound enticing, but after reading the terms and conditions, I find these cards are not suited for my needs.

It's best to shop for the best rates and terms before deciding on a particular credit card. You should also consider how you will use the card. If you know you will carry a balance from month to month, you may want to have a card that carries a lower interest rate.

If you always pay your bill in full each month, you may want a card that offers no annual fee.

At you will find all the pertinent information needed about credit cards. You want to educate yourself before deciding on that offer you received in the mail. offers information regarding the types of credit cards available to you, how they work, how to prevent fraud and even how to repair your credit.

You may want to check out the information regarding auto loans at as well.

It is to your advantage to know the facts regarding any loan before signing documents. This will save you time and money.

1 comment:

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