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Where to get Interest Only PERSONAL Revolving Line of Credit in US Unsecured not home or other Equity backed?
Wiki User
∙ 13y ago
There is currently no unsecured (uncollateralized) credit product on the market today which features a revolving line of credit paid on an interest-only basis.
All interest only products on the market today, as indicated in the question, are backstopped (secured) by a marketable asset like a house or equity.
For payday loans, when one obtains a payday loan, they immediately pay the fees/interest when the loan is funded and only have to pay back the principal at the end of the period. However, the time is so short, the product cannot be considered an interest-only product.
Wiki User
∙ 13y ago
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What is the most common form of credit used by consumer?
Revolving unsecured credit accounts (credit cards).
Where can you get a personal unsecured loan with a credit rating of 567?
You can absolutely get a loan with this credit score, but bear in mind your interest rate may be very high.
What is the interest rate on an unsecured personal loan?
The interest rates on an unsecured personal loan vary greatly from loan to loan. If your loan is through a Credit Union, it can be as low as 1.9%, whereas if it is a high-risk loan secured through a private business, the interest rate could be as high as 30% or more.
How does an unsecured personal loan work?
Basically an unsecured personal loan means that you are not putting up any collateral such as a car or home. Therefore, lenders are more apt to charging a higher interest rate or require a higher credit score in order to qualify for a loan.
What the different types of credit?
Credit can be simply defined using three (3) aspects: * Secured (Collateralized) or Unsecured Credit (is there an asset positioned as a backstop to cover the debt if the borrower defaults) Example: Auto loan is secured by the car, a credit card is unsecured * Installment or Revolving Credit (is the loan fixed at a certain amount and paid back in similar installments over time or can the principal and payment of the loan change over time) Example: Auto loan is installment, home equity line of credit is revolving * Personal or Business Credit (is the business for an individual/family or for a business)
What is the most common form of credit used by consumer?
Revolving unsecured credit accounts (credit cards).
Where can you get a personal unsecured loan with a credit rating of 567?
You can absolutely get a loan with this credit score, but bear in mind your interest rate may be very high.
What is the interest rate on an unsecured personal loan?
The interest rates on an unsecured personal loan vary greatly from loan to loan. If your loan is through a Credit Union, it can be as low as 1.9%, whereas if it is a high-risk loan secured through a private business, the interest rate could be as high as 30% or more.
What are some good sources for unsecured personal loans?
Banks and credit unions are sources of unsecured loans. If you must take out an unsecured personal loan, shop around for the best interest rates, loan terms Here are some things to consider before getting a payday loan.
How does an unsecured personal loan work?
Basically an unsecured personal loan means that you are not putting up any collateral such as a car or home. Therefore, lenders are more apt to charging a higher interest rate or require a higher credit score in order to qualify for a loan.
What the different types of credit?
Credit can be simply defined using three (3) aspects: * Secured (Collateralized) or Unsecured Credit (is there an asset positioned as a backstop to cover the debt if the borrower defaults) Example: Auto loan is secured by the car, a credit card is unsecured * Installment or Revolving Credit (is the loan fixed at a certain amount and paid back in similar installments over time or can the principal and payment of the loan change over time) Example: Auto loan is installment, home equity line of credit is revolving * Personal or Business Credit (is the business for an individual/family or for a business)
What is the normal interest rate for an unsecured loan?
Interest rates for unsecured loans vary depending on one's credit rating and where the loan is obtained. Interest rates start at 6.9% for borrowers with excellent credit and income and can go upwards of 30% for those with poor or no credit or unstable income.
What are the different types of Personal Loans and will it affect your credit score if you avail of one?
Secured, and unsecured. Both will affect your credit score if you fail on both of them. Secured is a secured collateral to pay to your borrowed sum (like a house). Unsecured is a credit check with a higher interest rate, due in part to the lack of collateral.
Where can one get unsecured personal loans with bad credit?
If someone has got a bad credit record then they will find it harder to get an unsecured personal loan. They will need to go to a broker to find what deals might be available.
What is the difference between line of credit and revolving credit?
A line of credit is one type of revolving credit, which works similarly to a credit card. Both a line of credit and revolving credit have a set amount available to use, and when you pay down or pay off the amount, the credit is available for you to use again. A line of credit may use collateral to secure the loan, such as a business building, or it may be unsecured or without collateral, such as a credit card.
Is it possible to get an unsecured personal loan if your credit isn't that great. No up front fees, low interest, and 5-10 years payoff. we had filed for bankruptcy and it was discharged in October 2009.?
The answer to your question as you have posed it is "no." Unsecured personal lines for recent bankruptcies with low interest, no fees and extended payoff terms is not an option. You may be able to borrow from some lenders, but you will likely pay the max interest, high processing fees and be subject to the terms the lender sets, not the ones you want. Low interest, no fees, no collateral are all the stuff of borrowers with great credit scores. Borrowers with perfect credit can shop for low-interest, unsecured loans with no fees and an extended payoff. High-risk borrowers with poor credit and a recent bankruptcy do not have that luxury.
Will Unsecured Business Lines of Credit Affect My Personal Credit Report?
No. Most of the business credit lines do not document in your personal credit report unless you go into a default position.
