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A Personal Loans is a secured or unsecured loan. The purpose of a personal loan is for debt consolidation, vacation, education or the purchase of durable goods. Signature Loan and Campus Loan are types of personal loans.
Features and benefits of a personal loan include:
- Personal Loans are easy to apply for
- Borrowers usually receive a quick response to loan applicants
- Most institutions do not require applicant to undertake an interview
- Competitive interest rates
- Most personal loan packages offer a choice of term, choice of fixed or variable, secured or unsecured options
- Most personal loan packages offer flexible weekly, fortnightly or monthly repayments
- Funds can be directly credited to an account
- Loan repayments are debited automatically from the borrower's account
- What is the interest rate on offer?
- Is there an establishment fee payable?
- Are there monthly account keeping fees?
- Do I need to provide security against this loan?
- Can I pay the loan out at any time?
- Are my monthly repayments fixed?
- Can I make extra repayments?
- Do I receive a statement?
- What happens if I miss a payment?
- What is the term of the personal loan?
- Is there an income protection plan, in the event of unforeseen illness and am unable to make my payments?
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