A personal loan is a set amount of money that you borrow for personal expenses and pay back in installments for a set amount of time. A personal loan is an unsecured loan because you don’t need to put up collateral, such as your home or car, in order to get the loan.
Since there is no collateral required, personal loans are an attractive option for those who don’t own a home or assets with substantial value. Taking out a secured loan, backed by collateral, can mean a lower interest rate. However, you risk losing the property you use as collateral if you default. Creditors base personal loan approvals and interest rates on factors such as credit score and debt-to-income ratio.
Personal loans allow borrowers to buy something they may otherwise be unable to afford, and pay for it in smaller payments, with a fixed interest rate, over a period of time. The benefit of taking out a personal loan over using a credit card is that the limit is usually higher, and the interest rate is typically lower. Some of the common reasons people take out a personal loan include:
If you are living in Texas and need a personal loan, Western Shamrock has over 50 years of experience in the financial industry, and we are here to help. Reach out to our knowledgeable team with any questions, and we will be happy to help meet your financial needs. If you are ready to get your application process started, fill out our convenient application today.
Western Shamrock Corporation is an industry leader in the consumer installment loan business
Western Shamrock Corporation is an industry leader in the consumer installment loan business
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