Personal Loans – All You Wanted to Know

Sometimes we need extra money to finance a special project, like a trip, an anniversary gift or just to go shopping. Other times the need of extra money comes from an emergency like a broken car or an almost due bill that must be paid. Whatever the situation is, a personal loan can be a good and fast solution.

What Kinds Of Personal Loans Are Offered?

We can start by separating personal loans into two categories: long term loans and short term loans. Within long term loans, you have secured and unsecured loans.

Repayment terms vary according to the requested amount, you can have one or two months terms or up to ten years. It may vary, and will also depend on the chosen loan and the lender's conditions.  Get personal loans online via http://coreloans.co.za/.

Short term loans, in the other hand, are meant to solve urgent needs, these loans' repayment terms are no longer than a few years.

Long Term Personal Loans

The most common of these loans are secured and unsecured personal loans; secured loans are based on a collateral that works as a security measure for the lender. Collateral may be, depending on the requested amount, a house, a car, or any other item that may cover the amount of the loan is something happens and you are not able to repay it.

These loans are also based upon your credit records. If you have a good credit score you will be able to request a higher amount of money than if your credit is not so good. The good thing if your credit is not good enough, is that even when you cannot borrow a huge amount of money you will still be eligible.