Pros & cons of personal loans

[lewiskelly]

I just wanted to know about disadvantages & advantages of personal loan.Its reliability and so many features.

[sherylgray]

Advantages

1. Easily available
2. Help in improving credit score
3. No security required
4. Fast approval

Disadvantages

1. High interest rate
2. Lender can mentally pressurized you. (Depending on terms and condition)

[lewiskelly]

Is there any requirement of collateral while taking personal loan

[DividendInvestor]

House loan

If you are getting a house loan than it is beneficial in terms of:
• You get Immediate funding. You can access funds on the same day with a personal credit account.
• You receive an approval decision generally within two business hours.
• You can borrow amounts as low as $3,000 for loans or $5,000 for lines of credit.

[Anton martin]

Personal Loan

Well personal loan can be easily available, need no guarantor, can be easily approve, you can use this money for your personal need and less documentation.

As far as disadvantages are concern, you need to pay high interest, you gets pressurized to pay every month by lender.

It is always suggested that one must take personal loan only if they are in very important need and no other option is available.

[Rboone]

interest rates on personal loans are not tax deductible. It also increase debt to income ratio. in terms qualifying for a home loan through traditional bank