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The Various Personal Loan Options Offered to Consumers
Loans come in all shapes and sizes, to coin a phrase. Much like many other consumer based industries, lending agencies and traditional banks tend to lend money to consumers in the form of personal loans. These types of loans can range from small amounts to large sums of money, depending on the type of loan and the duration of the loan itself.
When it comes to personal loans, there are plenty of options out there. Banks and lending agencies offer consumers a wide variety of choices when it comes to borrowing money. With so many options available, savvy consumers will weigh both the pros and cons of working with a lender to get the type of loan that best suits them.
Some of these personal loans are offered as secured personal loans, those requiring some form of collateral, while other loans are offered as unsecured personal loans, not requiring any security or collateral.
Small Personal Loans: The New Niche of Lending Options
One of the more recent niche elements of the lending industry is the realm of small personal loans. These personal loans are unique in nature and in comparison to other loans offered by most lending agencies and banks.
Our small personal loans are unique because:
- They offer borrowers a definitive time period for repaying the loan, up to 18 months
- They provide borrowers with competitive and fixed interest rates for the loan’s repayment
- They allow for monthly repayment installments on the loan
The small personal loan is a great alternative to other types of loans that require security deposits or a post-dated personal check in the form of collateral. These loans are perfect vehicle for those who might not have the best credit history. In fact, specialized small personal loans can offer people a chance to get things in order so that they pay off some long term, high interest debt or make some much needed home repairs.
Different Ways Small Personal Loans Help Borrowers
The most obvious feature of small personal loans from lenders like us is the fact that the money comes directly to you and you are free to do with it whatever you please. In addition, you can use the money for a wide range of things but you should be sure that you take full advantage of the immediate access to cash that such a loan provides you as opposed to a personal or a home equity line of credit.
The different ways that you can use one of these small personal loans include but are not limited to:
- Home repairs and/ or remodeling
- Family vacation or extended solo trip
- Educational costs such as degree completion or additional college courses
- Automobile purchase (new or used)
- Debt repayment (credit cards, medical bills, etc.)
In comparison to other loans and lending agency offerings, small personal loans provide consumers with a distinct vehicle for taking charge of one’s own personal finances. Those with less than stellar credit scores can benefit from the boost that one of these types of loans can make with their immediate financial goals in the short term.
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Credit Score Loan Size/Amount Loan Term APR Origination Fee All can apply $100 - $15,000 1 - 60 4.99% - 1.386% Varies by lenderCredit ScoreAll can applyLoan Size/Amount$100 - $15,000Loan Term1 - 60APR4.99% - 1.386%Origination FeeVaries by lender
How Small Personal Loans Make a Big Difference
When the last recession hit Wall Street and the rest of America, the ripple effect struck the banking industry with a vengeance. The real estate crash left a lot of people high and dry when the bottom fell out. In particular, banking’s lending practices changed for both commercial and personal customers. Much of what had been in place for those with spotty credit history before that recession hit was removed.
The massive changes to the lending industry left many people feeling high and dry. Balloon payments on home mortgages forced some to abandon their homes. Banks and savings & loan agencies pulled back and closed out many people’s home equity lines of credit without as much as a warning. There were many people who were victims of short sales, foreclosures and all of the worst that a major recession has to offer.
The whirlwind of changes that transpired during this period led to many people suffering undue amounts of debt and stress. Many people found little if any relief from the mounting pressure of trying to escape bankruptcy in the midst of bailouts and fainting in the time of financial fallout.
Loans like this provide people who survived these kinds of struggles with an opportunity to get back on track financially. These types of loans made the American dream realistic once again as a starting place for recovery.
For those who have experienced a financial hardship, one of the little known remedies to such a situation is access to quick cash. This quick cash solution can come in many forms, but few forms truly compare to small personal loans available online.
If you find yourself in need of cash due to a wide variety of circumstances, certain types of personal loans can surely serve as a means for getting out of short term financial trouble.
Small Personal Loans as a Resource to Personal Financial Troubles
One of the surefire ways to get out of financial trouble is to have ample financial resources available at such a time. However, if you do not have the cash reserves to solve a major financial uproar or even a small cash-strapped hiccup, then you are forced to look elsewhere. In such a case, small personal loans offer a way to get access to cash and get out of the financial trouble that you find yourself dealing with on your own. With the ability to access one of these types of personal loans, you can actually get back on your feet and see your way to managing your personal finances squarely.
Discovering the Beauty of How a Small Personal Loan Works
Small personal loans can come in the form of secured or unsecured personal loans. Secured loans include loans offered by a lender to a borrower with some form of security held as collateral such as a car, a house or some other item of value. Unsecured loans do not require any form of collateral.
Borrowers can qualify for unsecured installment personal loans by meeting the following criteria:
- Confirm U.S. residency.
- Validate age (between 18 and 65 years old).
- Have a bank account that can prove a regular source of income via bank transactions.
- Have a debit or credit card submitted as a fallback payment option for loan reimbursement.
- Provide an active cell phone number that can receive both calls and SMS text messages.
How to Use Small Personal Loans
Once approved you can use the funds for any reason that you see fit. The money can be used for a wide array of things such as:
- Purchasing a new or used vehicle.
- Paying off credit card debt.
- Travel or family vacations.
- Home improvement such as remodel or makeover projects.
The true beauty of small personal loans is that the lender offers them for fixed rates for short terms, usually under 18 months, and with monthly payment schedules. You can spend a lifetime worrying about how to make your current income stretch. Or, now that you know how these types of personal loans work can work for you, you make things easier with a financial boost to your own income.
Sometimes you simply need a small increase in your income to make ends meet. This temporary need may not be excessive, however, it is still a definite need. There are a variety of lenders that aim to meet these minimal needs. Perhaps you are moving and need to make an appliance purchase or pay for help moving. A loan can help you pay for a variety of products and services. These are small expenses that can easily throw off your budget. A personal loan may be able to solve your short term monetary complication. Bonsai Finance knows how to match you with the perfect lender for these basic necessities.
Time Frame and Amount
Some loans can take several years to pay back. Loans that are used for smaller purchases are often less of a burden on your monthly income. A small loan amount may be as little as $500 or up to about $5,000. These are fairly easy to pay back in a short time period. Bonsai Finance can pair you with financial institutions that meet your desired loan term criteria when it comes to repayment and amount. Some loans may need to be paid back in a few months, while others may give you 2-3 years with a lower monthly payment. They are tailored to fit your budget, so you do not fall behind on your other responsibilities. People with excellent credit may be able to borrow a larger amount of money.
There are loans available that can easily be matched with your credit score. Some also take a look at your bank account, instead. Individuals with good credit, may be able to secure a loan with a lower interest rate and more flexible terms. Your credit history is usually checked prior to determining the details or amount of the loan. You can often choose a loan that relies more on your credit or is more reliant on your income. The variety of options benefits those that are in different stages of credit repair, as well. Most loan companies report to the credit bureaus, making a personal loan beneficial to your credit score. When you remain committed making regular payments, your score may greatly improve. Bonsai Finance can take your information all at once and then you wait for the corresponding offers.
Loan applicants do not need to be concerned with a lengthy process. Bonsai Financial has made every effort to simplify our online loan approval process. This can save hours, when you consider the many different companies that we send your information to. When borrowing money is a necessity you need to be prepared with your personal, financial, credit information. We take it from there. Once your loan options are provided, all you have to do is choose the one that best fits your personal requirements. The entire process can often be completed in one business day. Lenders understand that personal loans are often used to meet an immediate or urgent need. Bonsai Finance makes every effort to assist you in a timely manner.
Some situations only require a small amount of money to reconcile. Some loans are set up to help you reach a short term financial goal without putting you in long-term debt. A higher credit score is often beneficial when it comes to interest rates and loan terms. This may also make it easier to secure a larger amount of money. Modern personal loans, however, also have options for those that have credit issues. Bonsai Finance has a familiarity with the many options and can save you from the hassle of having to research them all.