Cash For Any Reason.
Personal loans are one of the most common loan types. Typically they are for between $2,000 and $35,000. Although the lower amounts are not as common as in past years due to the wide spread use of credit cards. There are still many times you don’t want to use a credit card to pay for a purchase.
Historically you would go into your local bank and do what was called a signature loan if you needed to borrow less than $5,000. Today, the bank will hand you a credit card application and tell you that is how you get a personal loan. Aside from the fact that it is more profitable for the bank. It also is worse for your credit, being an open revolving credit line it will lower your credit score in most cases. And lets face it, in the current economy we all like having a fixed payment and term. Avoiding the credit card trap is easy when you apply for a unsecured personal loan through a service like Prosper or PersonalLoans.com.
Fixed Rate and Term.
Every personal loan through Prosper is a fixed rate, fixed term unsecured loan. There are no pre-payment penalties, so you can take out a short term loan or use the full term to repay. This is flexibility and safety that you can’t get with a credit card.