What kind of terms will I qualify for, for example the interest rate and loan repayment period?
By their very nature, these are usually classed as medium to high risk loans which will be based on your income and payback ability, so interest rates can be higher than your standard loan. On average, you could see a 10-19% interest rate. By comparison, this can be very reasonable rates when looking at up to 25% on credit cards and other unsecured loans. Usual payback period is 5 years on loans, revolving lines of credit usually have no set payback date. The standard is that your chosen lender or bank will inform you about the final interest rate and terms with any loan offer. Of course, you can negotiate the final offer if it doesn’t fit your needs. Loan amounts over $10,000 may require applying to more than one lender.
Related Questions
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