Also on the loan, the lender understand that you need pay that amount of money. So in other words, you may find that it stringent on that side and they look as far back as twenty four months because they want to see how well you do with credit loans. Then the thing that you need to remember that needs to be considered is the interest rate offered. Now, when we talk about the credit check being done, created profile, but credit lines such as personal loan attracts a higher interest rate simply because the money lender will try to get as much money out of the interest that is charged off you so that you do default, the majority of the money is kind of paid back.
Secured landing or unsecured credit loans will attract the highest interest rate on a personal loans. You may get high interest rates and on home you may get lower interest rates, because remember, the home load has an asset that is attached to it. So if you do default, they can still recover their money by selling that asset, but on a personal loan, because there's no asset attached to the personal loan. It may just be difficult for them to recover any money they advanced to you so that interest rate on a personal loan is always generally higher than on the home loan.
The interest rate can go up to twenty seven percent 27% on the personal loan. Your personal loan interest rate can go up to generally highest percentage because remember, not everybody is waking up every day for a home loan. If they get a good person who's got good credit and qualifying. They try to make the terms and conditions inclusive of the interest rate far more flexible and more favorable for the good rated interest rate. You may want to go to another bank to request the home loan.
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