RUBRICORE – What is a personal loan? It is a kind of loan provided by a bank or other institutions without the lender requires any guarantee to the client. Although the loan is considered not secured, it is still an alternative if you need more money easily and more flexibly. The risks are always there for sure. But at least, you can get some benefits as follows by making the personal loan.
More Flexible Deadline
The personal loan is considered more flexible. The payment deadline can be made based on both parties’ agreement. Maybe, the borrower can pay back the debt a month later. As long as the lender agrees with and accepts that, the transaction can be done without a problem. Sure, the lender can also determine the deadline whenever he wants without burdening the borrower.
More Flexible Amount of Interest
The amount of interest when you make a conventional loan is 100% determined by the bank as the lender. If you accept it, you get the money but if you don’t, you will not get it. So, the personal loan is a solution if you think the interest determined by the bank is too high. Even personal loans give the borrower a chance to get the money without interest even if it is paid with installment. Sure, there must be terms and conditions behind.
Use the Money for Other Purposes
When making a loan in a bank, you must mention the purpose of your action. For example, it is for business, build up a house, buy a car, children’s education, and more. Then, the money must be used based on the purpose you have mentioned earlier. Is it possible to lie? It can be, but the bank agent is smarter than you in tracking for what the money is. Moreover, it is if you are late in paying the regular installment.
Meanwhile, in a personal loan, you can use the money for anything. Let’s say, you make a loan for renovating your house. But suddenly, one of your kids needs money to pay the tuition. Of course, you can use some of the money you have borrowed. It is up to you if you want to inform the lender about it or not. As long as you pay it on time, it should not be a problem. So, are you interested in making a personal loan?