What Are Personal Loans and How Do They Work
Borrowers can use personal loans for numerous financial purposes, including debt consolidation, home improvements, medical expenses, or even major purchases. Although these loans may be considered unsecured, at Loan Cheetah we offer the option to use collateral to support your request. Typically, these loans have fixed interest rates and repayment terms, allowing you to make the same monthly payments over a set period.
The duration for personal loans usually ranges from one to five years. When you apply at Loan Cheetah, our specialized agents will evaluate your application to determine if you are eligible for the loan based on your collateral value and income to obtain the financial support you are quoting for.
When you have a personal loan approved at Loan Cheetah you will receive all the information related to repayment, duration, and all details on the signed contract. These loans offer interest rates lower than other types of loans. The interest will be based on the duration and the amount you requested, usually swinging between 6% and 18%. Personal loans offer flexibility in usage and can be a useful financial tool to meet your financial goals.
Personal Loans Requirements – What You Need to Qualify
If you are considering applying for one of the best personal loans on the market at Loan Cheetah, we want to ensure you know and understand the requirements to secure a personal loan. Some of our requirements are the following:
- Name
- Age
- Valid government-issued ID
- Tax returns
- House or car title(s)
- References
- Employment verification or proof of steady income
- Checking and/or savings account information
- Social security card
Personal Loan Benefits – Fast Access to Funds
If you are looking for “Personal loans near me” you will find the best ones at Loan Cheetah. Our loans won’t need you to submit a lot of paperwork typically involved with other loans and traditional financial institutions. We offer low interest rates, much lower than other loans or even credit cards.
Personal loans are an excellent choice for many people because you can request small or big amounts depending on your financial needs. This option gives enough flexibility for borrowers who want to pursue different options to spend the funds such as home renovations or debt big purchases.
Low interest personal loans have fixed monthly payments, fixed interest rates, and fixed length of repayment; all of these are for the benefit of the borrower. In comparison to traditional loans, our personal loan response time is much quicker, perfect for financial situations that require quick funding and flash approval.
Types of Personal Loans
There are a plethora of loans available on the market today. Still, the most popular personal loans include the following (be advised that the responsibility of every loan lies in the hands of the borrower and not the lender):
- Home Equity Personal Loan: This offers a finite amount secured by the equity in your home. This means you can request personal loans using the amount your mortgage paid.
- Home Equity Line of Credit (HELOC): This revolving loan amount is used on a taken-as-need basis and, like the Home Equity Personal Loan, is secured by the equity of your home.
- Short-Term Personal Loan: Used by borrowers when funds are needed urgently and sometimes without warning, the repayment time is shorter.
- Fast Cash-Advance (or Payday) Loan: You can request this personal loan when you need funds immediately, but the government does not recommend this type of loan.
- Military Payday Loan: These are specific to men and women in the military and are known to have high risks.
- No Credit/Bad Credit Personal Loan: This loan is strictly for consumers with a bad or limited credit history and, as with Payday or Military Payday Loans, comes with some risks.
- Second-Chance Personal Loan: This type of personal loan provides funds in a financial crisis or personal tragedy.
Why Choose LoanCheetah for Your Personal Loans?
At Loan Cheetah, we prioritize you by offering a simple and easy quoting process you can do on the go or almost anywhere nationwide. Our personal loans will be the perfect balance between the interest rates, flexible monthly payments, and the opportunity to obtain quick funding and fast approval. Apply today and receive a free estimate for your vehicle before applying for any of our loans.
