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A personal loan is a financial product provided by banks, credit unions, or other lenders that allows individuals to borrow a specific amount of money for various personal purposes. A personal loan is typically unsecured, meaning it does not require collateral but there are options to secure a personal loan. Borrowers receive the loan amount in a lump sum and agree to repay it, typically with interest, through regular installments over a fixed period. The interest rate and loan terms are determined based on the borrower’s creditworthiness and financial history. Personal loans can be used for a wide range of purposes, including debt consolidation, home improvement, medical expenses, education, travel, or any legitimate financial need.
People typically apply for a personal loan for many reasons. Here are the top 5 :
- Debt Consolidation: One of the most common reasons to take out a personal loan is to consolidate high-interest debt, such as credit card balances. By using a personal loan to pay off multiple debts, borrowers can often secure a lower interest rate and streamline their monthly payments, making it easier to manage their finances.
- Home Improvement: Many individuals use personal loans to finance home improvement projects, such as renovations, repairs, or upgrades. This allows homeowners to enhance the value and comfort of their homes without tapping into home equity.
- Emergency Expenses: When unexpected financial emergencies arise, such as medical bills, car repairs, or urgent home repairs, a personal loan can provide the necessary funds quickly to cover these unexpected costs.
- Weddings: Weddings can be expensive, and some couples turn to personal loans to cover the costs associated with their special day, including venue rentals, catering, attire, and more.
- Travel and Vacations: Some people use personal loans to finance vacations or travel experiences. This allows them to take their dream trips and pay for them over time, rather than waiting to save up the full amount.
It’s important to note that while personal loans can be a versatile financial tool, they come with interest and fees, so it’s essential to carefully consider the terms and your ability to repay the loan before applying.
Personal loans come in various types, and the specific type of personal loan you choose can depend on your financial needs and circumstances. Here are some common types of personal loans:
- Unsecured Personal Loans: These are the most common type of personal loans and do not require collateral. Lenders assess your creditworthiness to determine your eligibility and the interest rate you’ll be offered.
- Secured Personal Loans: In contrast to unsecured loans, secured personal loans require collateral, such as a certificate of deposit, or other valuable assets like automobile. Because there’s collateral, these loans typically have lower interest rates.
- Fixed-Rate Personal Loans: With fixed-rate personal loans, the interest rate remains constant throughout the loan term. This makes it easier for borrowers to budget and plan for their monthly payments.
- Variable-Rate Personal Loans: Variable-rate personal loans have interest rates that can fluctuate over time based on market conditions. The initial rate might be lower than fixed-rate loans, but it can increase, potentially resulting in higher payments.
- Co-signed Personal Loans: A co-signed personal loan, also known as a co-borrower personal loan, is a type of personal loan that involves two individuals applying for the loan together. In this arrangement, one person is the primary borrower, and the other is the co-signer or co-borrower. Both individuals are equally responsible for repaying the loan, and both of their credit histories and financial profiles are taken into account during the loan application process.
Visit JG Wentworth.com for details regarding our product offerings.
JG Wentworth (“JG Wentworth”) has partnered with MoneyLion, and Quinstreet (“AmOne”) to provide a loan referral service. JG Wentworth does not determine or influence the amount of money you may receive from using this referral service. JG Wentworth, MoneyLion, and Quinstreet (“AmOne”) receive compensation for their services. This compensation may influence the selection, appearance, and order of appearance of the offers.
All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, credit usage and history. Loans are not available to residents of all states. Minimum loan amounts vary due to state specific legal restrictions. Loan amounts generally range from $5,000 to $25,000 (including the origination fee deducted from the loan proceeds) and are offered based on underwriting conditions and loan purpose. Annual Percentage Rate (APR) ranges from 7.99% to 35.99% and include applicable origination fees. Repayment periods range from 24 months to a maximum of 60 months.
For example, if you receive a $10,000 loan with a 36-month term at 18.00% interest rate, your payment will be $361.52 at 21.74% APR. You will be charged a one-time origination fee of $500, and your net proceeds of $9,500 could be allocated to payoff your debt first. Over the life of the loan, your payments would total to $13,014.86.
The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early.
JGW Lending, LLC and JGW Debt Settlement, LLC are located at 1200 Morris Drive, Chesterbrook PA 19087
The full range of available rates varies by state. Personal loans are only available in Utah and California at this time. Personal loans to Utah residents are available through JGW Lending, LLC (NMLS ID #2365173). Personal loans to California residents are available through JGW Debt Settlement, LLC (NMLS ID #1925575). Personal loans may also be offered to Pennsylvania residents enrolled in a Debt Resolution Program with JGW Debt Settlement, LLC.
JG Wentworth does not pay or assume any debts or provide legal, financial, tax advice, or credit repair services. You should consult with independent professionals for such advice or services. Please consult with a bankruptcy attorney for information on bankruptcy.
Client Grievance Procedure: You may contact our Client Services Department toll-free at: 800-715-9501. email us at [email protected] or direct mail to the business address listed on our contact page. A copy of our complaint policy and procedures is available upon request.
Affiliated Business Arrangement Disclosure: JGW Lending, LLC (NMLS ID #2365173) is a wholly-owned subsidiary of The J.G. Wentworth Company, LLC (“JGWC”). JGWC also owns 100% of JGW Debt Settlement, LLC. Because of this relationship, your referral to JGW Lending, LLC may provide JGWC with a financial or other benefit. JGW Debt Settlement, LLC may receive Debt Resolution Program fees, earned due to the settlement of your debts made with the proceeds of your loans from JGW Lending, LLC. Any program fees paid to JGW Debt Settlement, LLC will be made in compliance with the Telephone Consumer Protection Act 47 U.S.C. § 227 and applicable state laws. You are NOT required to use JGW Lending, LLC for a personal loan. Please click here for the full Affiliated Business Arrangement disclosure form.
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