For those of us that don't own our home, a personal loan becomes an option.

Is collateral needed for a personal loan?
Many personal loans from lenders do not require collateral. This is very convenient for couples just starting out, someone going through a divorce, or if you do not wish to pledge any collateral for personal reasons.

What are interest rates on a personal loan?
Most personal loan interest rates are comparable to interest rates banks and credit unions would charge on credit cards for its customers.

How does a personal loan compare to a credit card?
If you are familiar with a revolving credit card, a personal loan works similar to it. A personal loan becomes a personal line of credit. When you pay down your balance, those funds become available for reuse. Some banks and credit unions offer checks and/or debit cards with their personal loans to make it as convenient as possible to access your funds.

Where are personal loans available?
Personal loans are offered to customers of most banks and credit unions. Your credit plays a big part in your ability to qualify for a personal loan. Underwriting personal loans have very specific guidelines that you must meet in order to qualify. If you do not meet those guidelines and are turned down, you still have options. You may take advantage of finance companies in your area. There are many local offices across the country.

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