All of us have taken
loans at one time or the other.
And we have been careful in repaying it.
Despite careful planning, some emergencies do occur that need immediate
attention and money. And we have to take a personal loan. There are a
variety of financial intermediaries who offer personal loans. They
include your banker, and other financial institutions, which have been
set up especially for this purpose.
Generally, the interest rates on personal
loans are pretty steep; and if
one misses one interest payment on the due date, you can be pretty sure
that in the document that you signed, there provision for penal
interest, if you were to miss one, two, or three of consecutive
payments. And yes, they would call you every day, and also drop in to
secure their money.
If you do have a home of your own, you could pledge it with the Bank you
deal with: you would get a cheaper loan, meaning that interest rates
would be lower, and generally you pay only for the amount you use. As
long as you are paying the principal and interest there would be little
trouble with your banker. But they too would be unhappy if you were to
miss one or two installments. Generally bankers are understanding, and
more sympathetic than other financial intermediaries.
Depending upon the kind of emergency you have, you could ask your
employer for an advance on your salary. Generally, if you are a good
worker, and conscientious too, there is no reason why your request
should be denied. This saves you the botheration of taking a loan and
paying interest, and all the tension it entails.
There is yet another way by which you could cash in on your payday
check. There are a number of small institutions who offer you let's say
90 per cent of your salary check. You could try this route, if there is
no other route. But mind you, this is a habit forming method of cashing
in your check much before it is due. And most of the people who offer
this rebate on your salary check can get pretty tough if something goes
wrong. And yes, they won't give you 100 per cent of your paycheck. They
would retain at least 10 per cent of the amount, and they can add
various charges and rents, reducing the value of your paycheck, and
accordingly their interest rates, you bet, will be very high.
Auto loans are offered by nearly every dealer, and also supported by
banks. A car sitting in the warehouse or in the dealer's premises is a
burden on the dealer... and therefore he offers to you a loan which you
can take to get that car. Generally, auto loans are cheaper than other
loans, because the car is the collateral. Before taking such a loan, be
sure to read the fine print, especially about interest rates, and under
what circumstances the dealer or the financier can repossess the car you
took on an auto loan.
Debt consolidation loans may be secured or unsecured depending on whether the debtor has opted for collateral or not. These loans come with many benefits for individuals.
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