Question about taking out a personal loan.?

I%26#039;m very, very slow when it comes to money matters, so please speak simple English when answering this question. :)

I need to take out an unsecured personal loan of about $15000. It%26#039;s not for the typical reasons (not college or car).

My questions:

1. How does this work? Assuming I%26#039;m improved, do they then give me the money in one lump sum that I can use to pay off what I need to pay off? Or do they give you the loan in installments?

2. What are the chances I%26#039;ll be approved for such a loan? (My credit is decent. Not great, but decent. I%26#039;m a teacher, so I don%26#039;t earn tons but it is a steady income. )

3. What is a good APR rate?

4. Is there a bank (eg Bank of America, etc.) that is best to go with? (Meaning, you%26#039;ve had good personal experiences with them, they explain things thoroughly and provide good customer service, etc.)

5. What other kinds of questions do I need to ask when I%26#039;m applying for this loan? (I can afford about $250-300/month for repayment.)

Question about taking out a personal loan.?tax credit

When you are to get unsecured loan that doesn%26#039;t need collateral but it is lesser amount than having to get a secured loan.

Question about taking out a personal loan.? loan

If you have a bad credit history still the loan market place is full of lenders who are ever willing to offer you a fresh loan. But you should be meeting some conditions laid down by the lenders. Loans for bad credit people are in fact easier to get then they were ever before, thanks mainly to cut-throat competition amongst the lenders. Lenders are giving loans to the bad credit people who have late payments, payment defaults, arrears, county court judgments or any credit problems. These loans are available for any purpose like home improvements, purchasing a new or used car of your choice, for wedding and holiday tour, debt consolidation or for paying child鈥檚 tuition fees.

Every lender in approving loans surely likes to see if the bad credit borrower has sufficient capacity to repay the loan in timely manner. If the borrower earns well, has regular bank balance, has been an employee for some years and has a convincing loan repayment plan in place, then the lenders do not usually hesitate much. So ensure that you have adequate repaying capacity before applying for a loan. Also, you should first check your credit report for any errors. If your credit score is too low then you would be charged a very high rate of interest. So it is advisable to first pay off some easy debts to improved credit score and then you should apply for loan at better rates.

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