The personal loans for general purposes like buying consumer durables. When you need money, some times you fail to consider risks like high interest rates and shorter payment period. When you have clear idea about advantages and disadvantages of particular loan, it will be easier for you to select the right product.
The advantages and disadvantages of personal loan are,
- The personal loans do not require collateral and security.
- Banks are always prepared to recommend personal loans.
- The applications for the personal loans are approved with less time.
- Personal loans are provided or offered to people with bad credit.
- The personal loan can be used for educational and holiday purposes also.
- It requires fewer formalities when compared to other loans.
- There is no agent and middlemen while taking personal loan.
- Interest rates are very high; it could be ranges from 12 to 30 percent.
- The service charges and repayment penalty are also very high.
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