4 Key Features That Make a Desirable Personal Loan

Posted on Oct 19 2016 - 6:38pm by Expert-Zine

Personal LoanThe growing number of credit facilities has paved the way for fiercer competition. Trying to get a bigger slice of the market, lenders are coming up with new strategies to lure customers. This means good news for you. It’s a golden opportunity to secure a signature or a title loan with favorable terms and rewards. Here are some great features today’s best financial products on the market have:

Zero Upfront Fee

Traditionally, payday loans come with upfront charges regardless of their length. This can be disadvantageous to you, especially if you only need the cash over the short-term. Lenders commonly waive this fee now, however. The interest is now based on the exact number of days you need to keep the loan. If you only need the money for two weeks, you no longer have to pay one month’s worth of interest.

No Check Necessary

Generally, you would need a checking account to qualify for cash advances. The lender would hold a check until your next payday, serving as security for the loan. You can either redeem it by repaying your debt with cash or let the other party deposit it at the bank.

This process may be logical for lenders, but it can be a hassle for some because not all have a checking account. Loans For Less and other loan providers noted that there's still hope. Fortunately, you can now apply for a personal loan with no collateral whatsoever.

Vanishing Interest

Many lenders reward good payers by gradually reducing the amount of payable interest as the loan matures. Although it’s your obligation to pay on time, enjoying the chance to pay less interest just for being punctual is a great motivation.

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Increasing Credit Line

Like credit cards, your excellent payment history may help increase your credit line. The more you can prove your creditworthiness to the lender, the more you may borrow in the future. That is a welcome improvement, particularly when you don’t receive your pay on a regular basis.

Financial products are not created equal. Examine the unique features of each of your options to find which one is best for you.