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By admin | March 29, 2012
Personal loan is the best way to meet your money requirements in case your personal savings or funds fall short. An amount of money, referred to as the principal is lent to the borrower at a particular interest rate. There is no limitation on how this money would be used by the borrower, it is meant entirely for his personal usage. In order to get a personal loan, you can approach either a bank or any other financial institution.
When you are borrowing from a bank for personal loan, your credit history would play the most important and determining factor as on its basis alone, it would be decided whether or not you will get the loan. A bad credit history lowers your chances and you might either get a smaller amount or be charged a higher rate of interest or you could be refused the loan altogether. This is due to a 3rd party credit commitee which banks and finnancing institutions that actually validates borrowers.?
But there is an alternative available here in Singapore. You can approach different financial institutions or lending institutions that provide bad credit personal loan or personal loan blacklisted. With these options you can get a personal loan even if you have a bad credit record or are blacklisted. The interests charged would be higher in order to compensate the lender for undertaking a high risk of default of payment on part of the borrower.
Topics: finance and money | Comments Off
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Source: http://www.creditalign.com/finance-and-money/personal-loan-the-easier-way-to-borrow-money/
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