How to Get a
It is never a good idea to take out a personal
loan just for the sake of it, and always better Personal Bank Loans………………….2
to pay with cash as you go along. That said, Making a Balance Sheet….…...…...2
borrowing money to pay for something of
Writing a Letter…...……..……….…...2
permanent value like training is a completely
different thing. As is also arranging bridging Choosing the Best Loan……..….…..3
finance, for times when you might find your
mortgage or home equity payments difficult
Personal Bank Loans
There are two kinds of personal bank loans. Some are
unsecured and charge a higher interest rate. Others are
cheaper with softer repayment terms provided, that is, you
have collateral to back them up.
Making a Balance Sheet
Make up a personal balance sheet. List the things that you owe
on the left, and the realistic net value of your assets on the
right. If your assets are greater than your liabilities by at least
the amount you want to borrow, then you might be good for a
loan, with collateral.
Writing a Letter
What’s does that mean?
Ask your employer to provide a letter confirming your monthly
income, and your terms of employment (permanent staff
For more terms and definitions,
check out ForeclosureDeals.com’s
versus length of contract) too. Be prepared to back this letter
up with pay stubs or invoice statements.
Choosing the Best Loan
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Shop around for the best loan, comparing loan periods
Miami, FL 33181
with total loan coast including interest. See how things
change with and without collateral, and make your choice.
If it’s not a deal, we won’t list it here!
As a general rule of thumb, go for the cheapest loan, with
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the shortest loan period that you can afford.
Take time out to complete the application form as neatly
and as comprehensively as possible, and remember to
attach all the documents the lender requires. A well-
prepared application goes a long way towards securing the
personal loan you need.