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Personal loans are one of the most common loans borrowed simply because of its flexibility. Unlike other types of loan, it’s not limited to buying a car or a house. In case you’re wondering what you can use a personal loan for, this guide will help you find out if this loan will be useful for whatever purpose you have in mind or not.
How Can I Use Personal Loans?
When you borrow a loan, lenders normally ask your purpose but not with personal loans. There are no restrictions with this advance and you can use it to cover almost any expenses you have. The challenging part, however, is how to use it practically. After all, loans are not offered for free. It comes with interest and charges so it’s just fair to use it only when extremely needed.
Here are some practical uses of a personal loan:
Most personal loans are cheaper compared to other types of loan, therefore, it’s one of the most feasible options you have when you want to combine your debts into a single account. Just make sure that you compare your options first to find a personal loan with the lowest interest rate.
Whether you want to improve your home’s appearance or you just want to renovate it according to your family’s growing needs, using a personal loan for home improvement can be a huge help. You may also rely on your home equity if you want a higher approval rate and cheaper credit.
Some medical facilities or hospitals may offer their own financing but if you want to pay your medical bills easier, you can use a low-interest loan to cover it.
Although some lenders may have a different term about this, you may still consider looking for a personal loan provider who can lend you money when you want to start your business or you just want to expand it.
About the Borrowing Amount
Do you want to know if how much you can borrow for a personal loan? Well, the only way to know if how much you can loan is to inquire to the lender if your requirements match any of their products or services offered. It actually depends on your financial status and debt-to-income ration (DTI). Also, lenders set their own standards and limits for their borrowers in order to balance things if you can repay it or they might offer you a lower amount of loan if they see that you can’t afford to repay the amount of loan you want.
Some lenders require a minimum credit score of 670 wherein you can get a minimum of $1,000 and a maximum of $100,000. Lenders often depend on several factors such as your credit score, your income, and your current debts. You can also make some advance calculations or make some financial plans. For example, if you’re earning $10,000 in a month and you have a credit card debt amounting to $1,000, and your monthly expenses including bills amounting to $3,000, then your total expenses for the month including your debt is $4,000 and $6,000 will be left to your total monthly income. In that way if you breakdown your expenses and less it to your monthly income you”ll be able to estimate if how much loan you can borrow based on your income.
Now, if you’re aiming for the maximum amount of personal loan you should build an excellent credit score and established a stable source of income such as employment. If lenders will see that you’ve been working for years then maybe they’ll be comfortable to approve your loan application because you have the ability to repay them. If you have assets like car or lot then you can offer it as collateral if you want to apply for a secure loan. So the bottom line, find the right lender who will offer you the best rate and will fit your budget.
What Happens if You Don't Pay Back the Loan?
It depends. Debtor’s prison is a now outdated institution that has since been outlawed by the United States Supreme Court. Unfortunately, there is no hard and fast rule on whether you can or can’t be jailed for an unpaid loan. This is because some state and local courts create loopholes that they can take advantage of to force you to pay civil fines or ‘criminal justice debts’ or risk jail-time.
The fear of going to jail puts unnecessary stress on people who are already struggling to pay back debts with exorbitant interest rates. According to the law, the only time that you can be jailed for an unpaid debt is if you don’t pay taxes or child support. Any other threat of jail-time for an unpaid loan is considered illegal according to the Fair Debt Collection Practice Act (FDCPA). Some states like Ohio, Minnesota, Illinois, Missouri, and Pennsylvania may have caveats that may cause you to be jailed for failing to pay ‘civil debts’.
If you live in any of the abovementioned states, a debt collector can pull some strings and file a lawsuit against you. Because they cannot technically jail you for your debt, they will try to use the loophole of getting you jailed in the event that you fail to show up for hearings. This can be viewed by courts of law as perjury and you can be issued a warrant of arrest and jailed until you post a bond. In most cases, this bond will often equal to the amount that you owe your creditor.
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