Personal Loans

What is a personal loan?

Personal loans are loans that are given to individuals, rather than to businesses or commercial entities. Any type of loan that you might take out for personal reasons, such as buying a home or a car, or even a payday loan, is considered a personal loan.

How do personal loans work?

How a loan works, depends on the type of loan you are taking out and the terms of your contract. You will want to be sure that you read your contract carefully when applying for any type of loan so that you understand the terms, because there are many different types of loans with different interest rates and repayment plans. Some of these types of loans include: installment loans, payday loans, short term loans, or even a cash advance. If you do not fully understand the terms regardless of which type of loan you are interested in, it’s important that you contact your lender. Make sure that you understand how their process works before you sign anything and that you read all of the fine print.

It’s also important to be sure that you are requesting a loan for the right reasons. Some common reasons for taking out a loan include repairing your car so that you can get to work, paying a bill to avoid getting charged late fees or major appliance and other emergency home repairs.

Once you have made your decision, then it’s time to consider your options for requesting a loan.

Where can I take out a personal loan?

There are lots of avenues for you to pursue that might lead you to requesting a personal loan. You might consider a storefront lender, but with that option you have to look for transportation and wait in line and hope that no one is looking over your shoulder at your form to get your financial details. You’re also limited to applying when the store is open and that might not fit well with your work schedule. There’s the matter of handing that form over to a clerk to lock your form away in a filing cabinet where it might get lost or forgotten about. Another option, is to apply online, using a company like NCR Loans.

The advantage of taking out personal loans online is clear. Not only do you not have to seek out a store front lender, but you don’t even have to leave your home. You can make your request on your schedule because the internet is available 24 hours a day. You don’t have to put on pants if you don’t want to. You can fill out the form from whatever device you are using to view this web page, be that a smart phone, tablet or a computer.

Also, with online loans you don’t have to worry about someone reading your form over your shoulder. Only the people who need to see the information on your form will be looking at it because we use industry standard best practices for security. Your privacy matters to us.

What is a secured personal loan vs unsecured?

A secured loan is a loan that requires some type of collateral. Common examples of a secured loan include a mortgage for your home or a loan for your car. This type of a loan allows the bank to repossess your property if you fail to pay back the loan within the terms of the contract. An unsecured loan is simply a loan without collateral.

How can I apply for a personal loan?

Our process is online so all you have to do is click on a link, fill out a form that only takes three to five minutes to complete. Make sure that you fill out the form completely and accurately. If you put the wrong information in the form, that could slow down your approval drastically. Once the form is complete, just submit it and wait to hear back from your potential lender.

How to get approved for a personal loan?

You may be concerned about getting an approval for a personal loan because you have bad credit, poor credit or no credit at all. Bad credit personal loans are absolutely possible. NCR Loans can improve your odds of getting a personal loan over working with a store front lender, because rather than your form being submitted to only one lender, who might have very stringent conditions for approving your request, we submit your request to multiple lenders. The more lenders that look at your form, the more likely it is that one of them has terms that will work for you.

You might be thinking, “But I need money now.

We understand that when you are looking for a personal loan, you probably need the money fast. That’s why we developed our innovative online process for requesting a personal loan through NCR Loans direct lenders. It’s much faster than waiting for weeks to get a letter in the mail from a traditional financial institution and many of our lenders are capable of directly depositing the funds into your account, which drastically cuts down on wait times.

Just because it’s possible to get bad credit personal loans, it doesn’t mean that you can get that loan without going through some kind of credit check. Don’t be misled by companies that claim to provide “no credit check personal loans.” Every lender in this industry performs at least some sort of minimal credit verification. Even if that is a non-traditional or less invasive check, there will still be at least some type of credit verification performed on you. That doesn’t mean you won’t still qualify, even with bad credit. It just means that it’s dishonest for anyone to promise you that they can lend you money without doing any type of check at all. Even taking a look at your pay stub is still considered to be a kind of credit check.