Personal Loan for Self-Employed Professionals
Personal Loans for Self-Employed Individuals are just what a Self-Employed Individual needs to quench his or her needs when they need to take a big leap be it an investment for a new office setup, purchasing goods or accessories needed for their livelihood or for an need in which a huge chunk of cash is required like a weeding, renovations, travel or parental needs.
Advantages of Personal Loans over Credit Card is that in most instances the rate of interest is lower than Credit Cards.
Personal Loans are given on a basic statement between the lender in this case the bank and the borrower – the one applying for the loan – that the borrower will return the borrowed amount with an additional interest over a fixed period of time, thus the total amount to be paid is pre-calculated and informed to the borrower willing to take a loan that he or she needs to pay a certain amount of money each month or in a fix term interval, doing so in a fix period the loan principal with the interest will be paid off as a the total amount.
Since Personal Loans are Unsecured, no collateral such as bonds, property, assets, etc. is linked with the loan as an assurance from which the lender can redeem the loan amount. Thereby the one taking a Personal Loans can rest knowing non of his or her assets will be at risk, but this also makes getting Personal Loans harder to get approvals on and their rate of interest are higher that Secured Loans.