About Blog

Bad Credit Blog is a useful guide to anyone who has low credit rating. At Bad Credit Blog you will learn to get credit loan with low credit

Bad Credit Glossary

Bad Credit Blog is a useful guide to anyone who has low credit rating. At Bad Credit Blog you will learn to get credit loan with low credit

Quick Debt Tips

Bad Credit Blog is a useful guide to anyone who has low credit rating. At Bad Credit Blog you will learn to get credit loan with low credit

Mortgage Refinance

Bad Credit Blog is a useful guide to anyone who has low credit rating. At Bad Credit Blog you will learn to get credit loan with low credit

« »

Applying for a Personal Loan – Top 10 tips you should always remember

February 19, 2009

Author: William M. Davis


Planning for Personal Loan

This is the first time ever that I am planning to take a Personal Loan. I am seriously in need of someone who can educate me on the intricacies and issues involved in taking a personal loan. The person whom I could immediately think of was my Father. The way he managed his finances was amazing. He always had the presence of mind to deal a particular financial condition. I called him two days ago and this is what he had to say.

He believes in knowing about an issue before dealing with it. He gave me the following tips or rather hints which I should know before applying for one.

Points to ponder

  • Loans are of two types namely secured and unsecured loans. Charge on your property is created in favor of the lender as a security for the loan granted to you under a secured loan scheme. An unsecured loan is a personal loan with no collateral security and granted entirely based on credit record of the borrower.
  • A Personal Loan granted can be used for home improvement or debt consolidation and certainly not for business purposes.
  • Be prepared with your credit score, the cost of your loan is highly dependent on your credit worthiness.
  • A number of debt consolidation loan schemes are available which enables you to get rid of the hassles in maintaining more than one loan account. The consolidation should not aim at reducing your liability by extending the period of your loan, which only results in paying more.
  • Search for secured loan brokers who offer exclusive deals on the secured loans.
  • Loans come with an insurance scheme to secure your repayment in case you end up losing your job or any other contingency. They are expensive hence be careful.
  • It is important to opt for a loan which can be easily repaid. Do not accept for a loan which is out of budget, for any failure in making a payment will only result in a negative credit score or put your house under risk in case of secured payments.
  • It is important to consider the annual percentage rate (APR) while comparing loan options. This rate not only reflects the interest on loan but also any other underlying fees.
  • When you are unable to pay your loan, inform your lender immediately. Any default will surely affect your credit score. Get into an arrangement for easy repayment.
  • Consumer Credit Act regulates loans under $25,000. Know the regulations for better management.

I hope these heart to heart loan tips by my father also help you in better Loan Management :) too. Do you have an experience to share? Then do post your article in this forum.
Tags Tags: , , , ,
Categories: Categories Bad Credit , Personal Loan

14 Responses to “Applying for a Personal Loan – Top 10 tips you should always remember”

  1. 10 Simple Tips to apply for a Personal Loan | Bad bCredit/b Blog | ozsv.com says:
    February 19, 2009 at 4:08 am

    [...] 10 Simple Tips to apply for a Personal Loan | Bad bCredit/b Blog [...]

  2. pligg.com says:
    February 19, 2009 at 4:25 am

    10 Simple Tips to apply for a Personal Loan | Bad Credit Blog…

    A personal loan granted can be used for home improvement or debt consolidation and certainly not for business purposes….

  3. » 10 Simple Tips to apply for a Personal Loan | Bad Credit Blog » Bad Credit Mortgage says:
    February 19, 2009 at 4:52 am

    [...] news by William M. Davis « Refinancing Home Mortgage Is Possible Even With Bad Credit Mortgage Refinancing [...]

  4. 10 Simple Tips to apply for a Personal Loan | Bad Credit Blog says:
    February 19, 2009 at 6:25 am

    William you wrote an interesting post today. A personal loan granted can be used for home improvement or debt consolidation and certainly not for business purposes.

  5. » 10 Simple Tips to apply for a Personal Loan | Bad Credit Blog » Credit Loan Calculator says:
    February 19, 2009 at 6:44 am

    [...] news by William M. Davis « Loans For People With Bad Credit Unsecured Loans And Without A Job [...]

  6. 10 Simple Tips to apply for a Personal Loan | Bad… | Creditaholic says:
    February 19, 2009 at 7:54 am

    [...] here: 10 Simple Tips to apply for a Personal Loan | Bad… Categories : [...]

  7. 10 Simple Tips to apply for a Personal Loan | Bad Credit Blog | Credit Facts says:
    February 19, 2009 at 10:39 pm

    Good post. your 10 tips on personal loan are realistic and that is what I like.

  8. » 10 Simple Tips to apply for a Personal Loan | Bad Credit Blog » Bad Credit Loan Rates says:
    February 20, 2009 at 10:46 am

    Cash loans for self employed people with bad credit. Learn more

  9. loan personal credit says:
    February 21, 2009 at 6:13 am

    I have been reading your blog. I thought it’s nice blog.

    loan personal credit

    [Reply]

  10. William M. Davis says:
    February 22, 2009 at 11:11 pm

    @ loan personal credit, thanks for appreciating the efforts. Keep on giving me your valuable comments/suggestions to make Bad Credit Blog more useful for coming visitors.

    [Reply]

  11. fix bad credit says:
    May 25, 2009 at 7:01 am

    You need to fix your credit report if you are among the thousands of consumers turned down each year for credit cards, mortgages, student loans, other important loans and employment and housing opportunities, due to inaccurate information in their credit reports.

  12. how to fix your credit says:
    June 4, 2009 at 2:02 am

    how to fix your credit…

    In the smaller side of the middle market, it may be less difficult to obtain financing, says one specialty finance lender. There are pockets of money out there to be put to work, but the problem is that deals do not hold together, he adds. Financing te…

  13. how to fix your credit says:
    June 4, 2009 at 5:39 pm

    how to fix your credit…

    According to a recent report by Meredith Whitney, an analyst with Oppenheimer & Co., the Americas biggest credit- card lenders— Bank of America, Citigroup, JPMorgan Chase, American Express and Capital One— could cut as much as 2 trillion in consume…

  14. 10 Simple Tips to apply for a Personal Loan says:
    August 18, 2010 at 12:54 pm

    [...] any responses to this entry through the RSS 2.0 feed. you can leave a response, or trackback from [...]

Leave a Reply