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Sep 28, 2017 - 34 minute read

5 disadvantages of personal loans

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5 disadvantages of personal loans

Borrow 200 for 14 days with a 30 to 60 lender fee. Your estimated APR is 391 to 782 Calculation: (lender fee loan amount) x (amount of days in a year duration of the loan) x 100 Low End of Range: (30 200) (365 days 14 days) x 100 391. 07 High End of Range: (60 200) (365 days 14 days) x 100 782. 14 Payday loans are relatively expensive when compared with other loan products.

Payday loans are not recommended as a long term financial solution and they should only be taken for emergency financial needs. The APR on online personal loans can reach 5 disadvantages of personal loans to 1,386 depending on the lenders terms, borrowers residence state, the duration of the loan, loan fees incurred, late payment fees, non-payment fees, loan extension plan, and other factors.

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.

5 disadvantages of personal loans

If you have no credit at all, there is nothing for a lender to check, except for your employment income or any income you receive. No credit does not disqualify you from getting a loan. Bad credit may or may not be a problem. It depends on a lenders decision. Faster Processing. The obvious upside is that you can expect to get the money much faster with no paperwork than what you would otherwise get from other financial institutions.

You can apply for a guaranteed payday loan online sitting at home or at work as long as you have access to a computer. One Hour Money. When you look online for a loan company that offers online personal loans or payday loans, they will always claim that they can process a fast application 5 disadvantages of personal loans. This is usually the case that all of them will approve or reject your application very fast.

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