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A Guide To Small Personal Loans

By Areelitaha Joahlanski

When you are faced with that car insurance or urgent motor vehicle repair, small personal loans can be a valued option. These loans are generally quite easy to get. You could have the money available in your bank within a day.

Home equity loans are available as an option. To qualify for this loan you could use your home as collateral. These loans normally carry a lower interest rate and the qualification criteria are marginal. Your repayment time can be extended if you so wish and this will imply a lower regular repayment amount. There is one potential problem associated with this type of loan. It may well cost you more than other small loans due to the longer repayment period.

Signature loans do not require any collateral. However due to this fact, the interest charged on these loans will normally be quite high. The qualification criteria for this type of loan will also be higher because of the risk to the lender. Your credit rating will have to be impeccable for you to qualify for this unsecured loan. These loans work best for people who have no assets, but have a good credit rating.

Pay day loans are also available. These are short term loans and they are based on exactly when your salary is paid. The loan will be repayable on your next pay day. The interest rate payable on these loans is normally much higher than other loans. Consider these loans only if your back is against the wall. If you do take one, make sure to pay it back as soon as you can.

Installment loans are an alternative to the high interest payday loans. They are very similar, but you have the option to pay these loans back in installments. The installments will be payable each pay day rather than having the full amount taken from your next pay check. People with bad credit can apply for these loans. You would normally have to sign a debit order to enable the repayments to be made directly.

The first thing you have to consider before making any loan is the state of your credit rating. If you have a good credit rating, you will not have a problem. However, if you have a bad credit rating, you will more than likely be charged a higher interest rate on most personal loans.

Check the terms and conditions of the loan. Do this in detail before you sign anything. One of the main terms you have to look for is a prepayment penalty clause. Make sure that you are allowed to pay extra or to pay off the small personal loans earlier than its final repayment date.

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Article Citation
MLA Style Citation:
Joahlanski, Areelitaha "A Guide To Small Personal Loans." A Guide To Small Personal Loans. 26 Aug. 2010. 22 Jan 2015 <>.

APA Style Citation:
Joahlanski, A (2010, August 26). A Guide To Small Personal Loans. Retrieved January 22, 2015, from

Chicago Style Citation:
Joahlanski, Areelitaha "A Guide To Small Personal Loans"

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