What You Should Know About Personal Loans

Personal loans are one of the many types of loans you can borrow from a bank. They are commonly used at the borrower’s discretion for things such as consolidating debt or paying for a home improvement project. If you are interested in taking out personal loans in Pasadena, TX, below is some information you should know.

Personal Loans are Unsecured

Since these loans are unsecured, it means it does not require an asset as collateral. If you default on this type of loan, the lender is not able to take a piece of your property as payment. Though they are harder to get because of this, when you take out a personal loan, you do not risk any of your belongings being seized while you work to pay it back.

Personal Loans are a Fixed Amount

When you take out a personal loan, you will be taking a fixed amount between $1,000 and $50,000. This amount depends on a variety of factors, such as the lender, your income, and any other debt you may owe at that time.

How to Apply for a Personal Loan

One of the easier ways to apply for a personal loan is through a bank you already have an account with. You also have the option of borrowing personal installment loans from Guarantee Loan. We offer small loans for those experiencing financial hardships and those looking to build up their credit to someday take out an even larger loan. For more information, contact Guarantee Loan today at (712) 222-9561.

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