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PERSONAL LOANS CHARACTERISTICS
June 22nd, 2010 by admin
It is known that for Unsecured Personal Loans there is no property, such as a home, offered as collateral.Unfortunately,because they are unsecured, interest rates for personal loans are higher than secured loans ,for example a mortgage or home equity loan. Anyway,take into consideration the fact that they are lower than credit card rates.Personal loans have a fixed term,they can be due at the end of a set term, in which case the interest rate is fixed.You also have the possibility of a revolving line of credit. There are times when a personal loan can also work as a revolving line of credit, like a credit card. This is the case when the interest rate is variable.