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Personal Loans Myths Busted!!!

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Title: Personal Loans Myths Busted!!!


1
Personal Loan Myth Busted!!!
2
Its intriguing that the reputation of unsecured
debt isnt always held in high regard. Perhaps it
isnt too surprising though, given the flurry of
advertisements in recent years of lenders of
dubious integrity, offering loans with sky-high
APRs. Their place in the market marks a debate
for another day, but suffice it to say, such
outliers belie a sector which is actually as
efficient, affordable and consumer friendly as it
ever has been.
3
Cost of borrowing will always be the biggest
factor, and it is obvious to all that the
record-low base rates which have endured since
2009 have driven APRs down. Yet the good value
within the personal loans sector owes as much to
its increasing diversity as it does to Bank of
England rates. Indeed, the stagnant pool of
choice dominated by banks and high-street
behemoths is no more, with a multitude of online
lenders from the increasingly popular realm of
alternative finance beginning to make their mark.
4
The Rise of Peer-to-Peer Lending
One of the biggest players to breathe life into
consumer finance is peer-to-peer lending (P2P),
which, as the name implies, creates a platform
for consumers to transact directly without the
presence of a margin-heavy intermediary like a
bank. Instead, ordinary people willing to lend
their money have their funds matched directly
with those seeking a personal loan.
5
In return, the lender benefits to the full tune
of the repayments made from the borrower
typically ranging from 5 to 6 per cent while
the value from this streamlined model is also
shared with the borrower, who enjoys a loan with
a competitive APR. For facilitating and
ensuring fair controls for this interaction, the
platform will normally charge a once-off admin
fee, but, other than that, the benefits are left
to borrower and lender.
6
As a borrower, P2P loans typically offer a
greater degree of flexibility than most others
too. The amount you can borrow ranges anywhere
between 1,000 and 25,000, while many also let
you choose the term over which youd like to pay
it off (usually between 1 5 years). Some
platforms like Lending Works even allow borrowers
to make early settlements without incurring any
charges too.
7
A Good Time to Be a Borrower
Peer-to-peer lending is ultimately one of the
spearheads of a movement for positive change in
the market for consumer credit, and is helping to
shape a landscape where good-value solutions are
slowly but surely beginning to replace negative
stigmas. A quick visit to a price comparison
site gives a demonstration of the tremendous
degree of choice at a consumers fingertips, and
instead of being seen as some sort of bailout,
personal loans are now being used by consumers to
make proactive financial decisions in their lives.
8
Whether its to fund home improvements, vehicles,
a change in career path, a dream holiday or to
restructure finances by consolidating debt,
personal loans are growing in popularity.
Anyone looking to acquire one of their own
should do their research, and ensure that they
are comfortable with repayment plans being
offered by lenders.
9
Whether its to fund home improvements, vehicles,
a change in career path, a dream holiday or to
restructure finances by consolidating debt,
personal loans are growing in popularity.
Anyone looking to acquire one of their own
should do their research, and ensure that they
are comfortable with repayment plans being
offered by lenders.
10
But the important thing to note is that the
financial shackles of years gone by have been
broken, and, as consumers, we are spoiled for
choice. So rather than being shy to explore the
many options which are out there, instead be
vigilant and determined in your quest to find the
best possible deal you can. The time is now. If
you are in need of Cash Advance Emergency you may
Contact us.
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