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Personal loans, commonly used to buy products or pay for home projects, are not all the same, depending upon the lender and the borrower’s needs.
Personal loans are unsecured, meaning that are not backed by collateral such as an automobile or other valuable property. Because they are not secured, personal loans can carry higher interest interest rates.
Personal Loan Lenders
Many lenders offer personal loans. These lenders are major banks, credit unions, small, independent lenders, and individuals. Individuals can make personal loans to family members and friends to help them over a hump and set their own terms and interest rate, as long as these terms and the interest rate are fair and reasonable. and the interest rate is lawful. Interest rates and other terms can vary from lender to lender.
Personal Loan Borrowers
Anyone can apply for a personal loan with any lender they choose. Lenders require borrowers to qualify for the loan. That means borrowers must have creditworthiness demonstrated by:
- a history of on-time payments;
- meeting other terms of the loan, such as early payoffs;
- are not financially overextended;
- are not in default of another loan.
Borrowers have many reasons to take a personal loan and can do so as long as the loan is not used for an illegal purpose. lawful.
Personal loans can be a tricky business because of the lack of collateralization and can carry the risk of additional legal issues.
Should I Hire a Personal Loan Attorney?
Whether you are lending, borrowing, or hoping to renegotiate the terms of your current personal loan, you will be best served by consulting with a personal loan attorney. They know the federal and state laws governing personal loan practices and help you make informed decisions.
What Does a Personal Loan Attorney Do?
Your attorney can answer all of your questions about personal loans and tell you what to watch out for, what is a fair interest rate given your creditworthiness, and what happens if you cannot continue to make the payments.
If you choose to loan money to a family member or friend, your attorney can write a loan agreement that is satisfactory, fair, and reasonable to you and the borrower. The agreement will also specify what you want to happen should a default occur as well as other terms.
If you want to borrow, your attorney can review the loan agreement and point out what is not in your best interest and negotiate revisions if any are needed.
If you are in default or having trouble making the payments, your attorney can renegotiate the loan terms. Most lenders would rather provide you with more time or a lower monthly payment than allow you to default.
If your lender is threatening legal action, your attorney can stop or prevent any harassment, review the circumstances of your situation, and use every defense possible to defend you in court.
Click to learn about Personal Loan Law on LawInfo.