Loan FAQ with Midwest Regional Funding
Frequently Asked Questions
A personal loan is money borrowed from a bank, credit union or online lender that you pay back in fixed monthly payments, or installments, typically over two to seven years.
These types of loans work by borrowing money for a personal reason and then repaying that money with interest over the life of the loan term.
Personal loans are generally considered the better alternative over credit cards because they have lower rates of interest. On top of this, you can get fast access to funding from lenders which you’ll repay in monthly installments. Due to this setup, it’s generally easier to keep track of personal loans than credit cards.
As the name implies, personal loans can be used for any number of personal reasons. Usually, they are used to finance a large purchase such as a home addition, unplanned expenses, or moving to a new place. They are also frequently used to consolidate debt. If you have more questions on this please reach out to one of our representatives.
No, not everyone will qualify for a personal loan. Just like with any loan, whether or not you get approved will rely on things like your credit score, how much money you make, and how much debt you have. Lenders evaluate these factors to determine your creditworthiness. It should be noted that even if you don’t have the best credit, you can still get approved for a personal loan. You just might have to pay a slightly higher interest rate.
If you’re not sure whether or not you’ll qualify, consider speaking to a representative today.
APR stands for Annual percentage Rate. It refers to the annual rate of interest charged by lenders to borrowers. For example, if you borrow $1,000 at a rate of 5% APR you will pay $50 in interest over the year. APR is used as a way of converting monthly rates to yearly rates.
Yes, you’re free to repay your loan in full at any point. Most people don’t do this simply because they can’t (or don’t want to) pay an entire lump sum at one time. Instead, they choose to make steady consistent payments towards paying down the debt.
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