10 questions to ask before you take out a personal loan.
offers 10 questions you should ask yourself to make sure you're well prepared for a new personal loan.The first step in choosing a personal loan is knowing how much you need. The smallest personal loan sizes begin at around $500, but most lenders offer a minimum of $1,000 to $2,000. If you need less than $500, it might be easier to2.
If you prefer a hands-on approach or are using the money for something other than paying off existing debt, have the funds wired to yourYou'll have to begin paying the loan company back in monthly installments within 30 days. Most lenders provide repayment terms between six months and seven years. Both your interest rate and monthly payment will be impacted by the length of the loan you choose.Your interest rate depends on a number of factors, including your, loan amount and your term .
Some people prefer to make their monthly payments as low as possible, so they choose to pay back their loan over several months or years. Others prefer to pay their loan off as quickly as possible, so they choose the highest monthly payment. Mortgage lenders in particular are known for denying loans to people with debt-to-income ratios higher than 43%, but personal loan lenders tend to be a bit more forgiving — especially if you have a good credit score and proof of income. If you think you can temporarily handle higher payments in order to save a lot on interest, you may be able to stretch this ratio a bit to take on a higher monthly payment.
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