Personal Loan FAQ
FAQ about Personal Loan
Are you interested on how to get a personal loan and how it’s paid? Here are the Frequently Asked Questions about personal loan:
Q: What is a personal loan?
A: A personal loan is an installment loan where the first priority is to give you the amount you need to fix something or to buy something personal. There is no hassle to apply and very convenient to use. It is designed to have a fixed monthly payment for you to be aware of your bills at the lowest interest rate. The term in paying your dues depends on how long you have agreed in the application.
Q: How does it defer from a credit card?
A: Personal loan is much different compared to credit card. The main purpose of the personal loan is to merge all the multiple balances you have in a fixed monthly payments. It’s up to you if you would like to pay it all in just 2 years to 3 years which allows you to pay all your obligations quickly unlike the long term in credit card.
Q: Is there any collateral in personal loan?
A: No. there is no such thing as collaterals or lengthy forms to be filled out in the application process. This is different from a home loan, where you can only get your loan if you can have something as your collateral such as your house, car, etc.
Q: How much is the payment?
A: Your monthly bills will be calculated based on the amount of your loan, process fees, interest rate, and your chosen term on how long you are going to pay your loan.
Q: Is there any additional payment if I like to perform any additional payment each month if in case I have some extra money?
A: No. you can pay in advance or make some additional payment with no charge and no charge of doing so. There is no penalty for early payment but you cannot get your rebates from the transactions. So if you want to become benefited and secured, just be on due time in paying your bills.
In Denmark & Norway there are a lot of credit and personal loan providers who can assist everyone and its not too hard to get approved, here are some list of the personal loan providers in Denmark & Norway