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Should I Take Out A Personal Loan?

Posted in Borrowing Money
April 1st 2016 by

Take Out A Personal Loan

Situations arise in everyone’s lives in which, at times, the monthly budget cannot cover unexpected expenses. Before racking up your credit card bill, consider taking out a personal loan to help you cover the expenses.

Taking out a personal loan may be a better option than using your credit card due to lower interest rates and you will usually receive a lump sum of cash with fixed payment terms and a set interest rate. When taking out a personal loan, don’t request more money than you need and won’t be able to afford to repay. You will need to pay loan origination fees and the interest rate along with paying the money back which can add up quickly.

Creating a repayment plan to stick to is the best way to responsibly manage your personal loan. Establish how much money you will need to aside each month in order to pay it back and cut costs where you need to. Consolidating credit card debt among multiple cards using a personal loan may also be an advantage to you.

A personal loan is a type of unsecured loan which means that the borrower doesn’t put up collateral against the loan. Aspire offers personal loans with competitive rates, flexible terms and affordable payments:

  • Signature loans – A higher credit limit provides you with the cash you need
  • Credit Builder loans – build new credit or restore your credit history. A loan is made to you but the funds are put on hold in your savings account.
  • FlexLine of Credit – a convenient, flexible line of credit which you can draw on at any time a need arises and you only pay back the amount that you borrow.

Always make sure you understand and agree to all terms of a loan and never sign anything without reading the documents first.

Consider the best way to cover your unexpected expenses. Check out Aspire’s personal loans and start battling your debt!

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