8 questions to ask before taking out a personal loan

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Ask yourself these questions before applying for a personal loan. (iStock)

When finances are tight, it’s tempting to turn to a personal loan. Borrowers use personal loans for a variety of reasons, including debt consolidation, moving expenses, vacation, and to cover lost income. While personal loans offer flexibility and can provide much-needed relief when things get tight, it’s essential that you thoroughly research your options to avoid finding yourself in a loan with unreasonable terms.

Before you apply for a personal loan, here are a few commonly asked questions that could help you decide if it’s the right fit for your finances:

1. When is a personal loan a good idea?

A personal loan may be a good idea if you can afford to make monthly payments, and you qualify for a fair interest rate. Use online marketplace Credible’s free online tools to see what kind of loan

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Finance Minister Nirmala Sitharaman to hold review meeting with bankers

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Nirmala Sitharaman with collar shirt

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Finance Minister Nirmala Sitharaman will hold a review meeting with bankers and heads of non-banking financial companies (NBFCs) on September 3. The meeting is taking place ahead of the roll out of one-time debt recast for resolution of COVID-19 related stress in bank loans.

“The review (meeting) will focus on enabling businesses and households to avail of the revival framework on the basis of viability, necessary steps like finalising bank policies and identifying borrowers, and discussing issues that require addressing for smooth and speedy implementation,” the Finance Ministry said in a statement.

The finance minister will review the implementation of the resolution framework for COVID-19 related stress in bank loans on Thursday with the top management of scheduled commercial banks and NBFCs, it said.

The Reserve Bank of India (RBI) earlier this month permitted one-time restructuring of both corporate and retail loans.

Banks are in

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Best Personal Loan Rates for September 2020

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Accuracy of Advertised Terms: Each advertiser is

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How to get approved for a personal loan

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Personal loans offer many advantages but it’s important to consider the finer details. (iStock)

Personal loans are no longer just for consolidating debt; consumers utilize personal loans to fund a variety of purchases: from weddings to financing education and funding new business ventures.

Personal loans offer many advantages, including lower interest than many credit cards. According to recent Experian data, personal loans are growing faster than any other type of installment loan, which is why it’s important for consumers considering this financial product to know the details of what a personal loan is and how to get one.

How can I get a personal loan?

There are two types of personal loans: secured and unsecured. Secured means you put up some type of collateral to take on the loan. With a financial asset (think a car, savings account, or home) held as surety, lenders offer lower interest rates

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RBI Allows One-Time Restructuring Of Corporate, Personal Loans

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RBI Allows One-Time Restructuring Of Corporate, Personal Loans

RBI has made provisions for restructuring of personal and corporate loans

In a major relief to corporate and retail borrowers, the Reserve Bank of India (RBI) on Thursday permitted banks to go for one-time restructuring of loans that are facing stress due to the COVID-19 crisis with a view to mitigating risks to financial stability. The restructuring will be allowed as per the prudential framework issued on June 7, 2019, RBI Governor Shaktikanta Das said. RBI also announced setting up of an expert committee headed by veteran banker K V Kamath which will give recommendations on various parameters to be factored into each resolution plan for corporate loans.

“With the intent to facilitate revival of real sector activities and mitigate the impact on the ultimate borrowers, it has been decided to provide a window…to enable the lenders to implement a resolution plan in respect of eligible corporate exposures without change

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First Midwest Bank Personal Loans Review 2020

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Founded in 1940 with the slogan “The Friendly Bank,” First Midwest Bank offers products and personal loan services to consumers in 27 states, but in four of those states applicants are only allowed to use the loan for home improvement purposes. Still, the bank offers competitive rates and flexible repayment terms. 

Even if you reside in one of the states that First Midwest Bank services, you should shop around to see whether its offer is the best fit. To aid you in your search, we’ve reviewed important details such as rates, repayment terms, and fees to help you with your final decision.

Investopedia is committed to providing our readers with unbiased product recommendations. We may receive compensation when you click on links to products, but this doesn’t affect how we rate, review, and rank them.

Pros Explained

  • Minimal fees – First Midwest bank only charges a $150 documentation fee and
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9 ways to spot personal loan scams

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Consumers lost a total of $1.9 billion collectively to fraudulent practices in 2019, according to the Federal Trade Commission. Debt consolidation, medical bill payment and other services can offer attractive personal loan options and lure in unsuspecting consumers who then learn that the lender was nothing more than a fraud.

a group of people sitting at a table: Couple discussing finances with lawyer

© fizkes/Shutterstock
Couple discussing finances with lawyer

How can you determine whether a loan company is legitimate? Here are common signs of a potential loan scam.


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What are personal loan scams?

Loan scams are fraudulent businesses that prey on consumers who are looking for quick solutions to their financial problems, says Daniel Hill, a CFP and president of Hill Wealth Strategies. They’re typically found online, with no storefront

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Personal loans at less than 11%: From SBI to HDFC Bank, check where to get the best deal

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Personal loan, personal loan interest rate, Personal loans at less than 11%, SBI, HDFC Bank, PNB, Kotak Mahindra, where to get the best deal, It will be worthwhile to re-emphasize these are the lowest advertised rates and the actual rate applicable to you could be higher based on your eligibility and creditworthiness.

In these times of pandemic-fuelled uncertainties and diminishing earnings, many would be relying on borrowed funds to meet their critical financial requirements. And as far as unsecured financing facilities are concerned, many would be looking to get a personal loan.

A major advantage with a personal loan is that eligible applicants can avail it in a contactless manner from the comforts of their home that would eliminate the risk of getting infected by the deadly Covid-19 virus. And going for a pre-approved loan facility is likely to involve zero to minimal document requirements and, therefore, ensure quick loan disbursal.

However, it is critical to note here that the lowest personal loan interest rates are reserved for those eligible applicants with a credit

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Personal loans: Everything you need to know

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Need funds? Explore the fastest-growing loan product (iStock)

More than 20 million consumers have a personal loan, with an average balance of $6,382, according to TransUnion. In fact, personal loans are the fastest-growing type of consumer debt. The most popular reason to get a personal loan is debt consolidation, but it can be used for everything from unexpected expenses to college tuition or home repairs.

If you’ve ever thought of applying for a personal loan, it can help to know the ins and outs of this form of financing.

What is a personal loan?

Personal loans are installment loans that provide a lump sum that you pay back with interest in set monthly installments over the term of the loan. Once the loan is paid in full, it is closed. If you need more money later, you have to apply for a new loan. Personal loans can be

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