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Personal Loans 101

Personal Loans 101

Personal Loans 101

  • "Personal Loans"
  • "Speedy Loans"
  • Finance

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Did you know there are many different types of personal loans? You may be more familiar with them than you think! We define the most common types of personal loans and how they differ from rest.
 
Personal Loans Defined:
This is considered a general loan category for loans that aren’t used for specific purposes such as an auto loan or mortgage. Instead, you can use them for anything you want such as paying off medical bills, emergency expenses, or on your next grocery shopping trip. Some specific types of personal loans are installment loans, title loans, and payday loans.
 
Most Common Type of Personal Loan:
An installment loan is one of the most commonly used personal loans out there. This is a loan that you pay back over time through a series of payments. The reason people use installment loans so often is because of the following reasons.  
  • No Credit Checks: If you have less-than-perfect credit you don’t have to worry about getting denied because your credit history does not determine your eligibility to receive an installment loan.
  • No Collateral: This means no risk. Compared to a title loan, you don’t have to risk losing your personal assets like your car or home if you don’t make your payments on time.
  • Flexible Payment Schedule: One of the benefits of installment loans is the re-payment schedule. Instead of paying the borrowed amount back on your next pay day, you have time to make your payments over time. 
  • Loans up to $4,000: In the state of Illinois you can get funded up to $4,000 when applying for an installment loan especially at a lender like SpeedyLoans.
  • Freedom: Student loans are used for school costs. Mortgages are used for your home. An installment loan, however, does not limit you to a specific item. You can use your loan on anything! Whenever you’re short on cash, want to treat yourself to a shopping trip, or when you’re heading out of town, the options are endless!

Where to Get an Installment Loan:
SpeedyLoans in Waukegan, IL offers installment loans up to $4,000. You can fill out the quick and easy online application and get funded as soon as tomorrow through direct deposit or visit the store location to get funded the same day! Be sure to refer your friends to SpeedyLoans to earn extra cash. For every friend you refer you’ll earn $50 and your friend will earn $25, too.
 
If you have any questions during the application process feel free to contact our customer support team by calling 866.977.3339 or emailing cs@ispeedyloans.com.
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