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Personal Loans

06-Jun-2013

With credit cards canceled and limits cut, consumers may be looking for new ways to get through the holiday shopping season, cover an emergency expenditure or consolidate their high-interest credit card debts. One alternative might be personal loans, offered by finance companies, credit unions or even community banks.

Most of these loans are secured with collateral; some are unsecured, meaning that no collateral, such as a car or a house, is required for approval. These loans usually come with a fixed interest rate and a fixed term. That's the biggest advantage to borrowers over credit cards: Personal loan terms don't have some of the "tricks and traps" federal regulators have associated with credit cards, so you won't face a ballooning monthly payment or skyrocketing interest rate. And, in most cases, they can be used for whatever purpose the borrower desires.

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