Personal Loans
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Unlike a home or car loan, there is no security that the lender can seize should the borrower default. Therefore, the lender’s only legal alternative would be to file a lawsuit. While it’s possible that the lender could be awarded some element of personal property or a wage garnishment from the borrower, this is rarely the case. In areas that allow wage garnishment, it is usually reserved for child support payments. Because of this limited recourse, lenders strictly require that borrowers have good credit, a good income, and financial stability before granting this type of loan.
Many banks and credit unions limit the size of the personal loans that they make, perhaps as low as $2,500 to $5,000. Some may loan more, but it must be remembered that all of these loans are very tough to get. Some institutions refuse to make unsecured personal loans of any size. The ones that do grant them require the borrower, as previously stated, to have a very solid financial position. If a borrower has less-than-perfect credit, the chances of obtaining a low-interest personal loan can be somewhat low.
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First Home Loans
Refinance Exisiting Loan
Debt Consolidation
Investment Property Loan
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Personal Loans
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