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Signature Loans – What Are Signature Loans and Should You Get One?
Nowadays, your signature can show your approval, demonstrate your intent, and even express your personality. In the world of commerce, however, your signature on a document seals the deal if and when the other person in the transaction also affixes their signature.
Did you know, however, that your signature can open up a world of loans and credit? Yes, just your simple signature on the loan agreement can provide the money needed to finance your activities, whatever they may be.
Signature loans come in many aliases such as character loans, personal loans, unsecured loans and even payday loans. All these types of signature loans point to one very important feature: you can secure the loan based on your promise to pay only, without the need for a security deposit.
When to use one
Signature loans can be secured with many end goals in mind. You can use them to finance your studies, start and expand your business, spend on medical expenses, pay for and renovate your home, and even pay off your outstanding bills.
However, you should be very careful when taking advantage of and then spending your signature loans. Since these are unsecured loans where your lenders take on a higher risk of non-repayment, you will often have to bear higher interest rates, not to mention higher fines and fees. You have to carefully plan your decision to take out such loans so that you don’t find yourself with more legal and financial problems than you can handle.
Where to protect
You can benefit from signature loans from many sources. First, you can apply for a personal loan from your local bank. Your application will usually be approved when your records show that you have an active bank account and when your credit report reflects a good rating.
Second, you can approach credit facilities that offer unsecured short-term loans against your subsequent salary, which are also called payday cash advances. Even with bad credit, you can still qualify for a loan when you meet the minimum requirements, such as employment with your current employer for 3 months and an active bank account.
Thirdly, you can approach your employer for personal loans. Again, the loan amount can be credited to your successive paychecks for little or no interest. This is often the best alternative to payday loans, especially when you consider that payday advances impose very usurious rates over the long term.
In fact, you will have an easier time getting signature loans than secured loans. After all, your character is usually enough in the eyes of some creditor, with just a piece of paper proving that the transaction happened.
Well, of course, you will be able to benefit from signature loans in many circumstances. You may have a good credit rating and a good relationship with the bank, so no collateral is required. You may have no collateral to speak of, just your reputation. You may have bad credit, hence the signature loan.
Whatever your reason for using signature loans, you just have to remember one very important thing: it is still a debt that needs to be paid or you should be prepared to face the consequences.
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