Your lender should have a robust and secure website (starting with “https” in the url in your browser and a padlock symbol), as well as a physical address. Online lenders may not have physical storefronts you can walk into, but they should still have an address that signifies an office staffed by employees.
1. Secured and unsecured personal loans
Personal loans are either secured or unsecured. To get a secured loan, you need to put up an asset (such as your home or vehicle) as collateral for the loan. When you do this, the bank gets extra reassurance about your application and is more likely to approve you or give you a lower APR – but the risk is you could lose that asset if you fall behind on payments. Unsecured loans don’t require collateral and ounts, but they’re less risky for you as the borrower.
2. Payday loans
Payday loans are short-term, high-cost loans – often for $500 or less.Read More