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It
is a jungle out there with a lot of banks and credit companies competing
to offer you the best possible personal loan. Our goal is to help you
determine what kind of personal loan that is best for you and give you
some links to follow where you can apply for a personal loan.
There are several advantages to get a
loan, instead of saving up enough money to buy the item you want with no
loan.
- You get the item when you need it.
- The value of money is decreasing (inflation).
- You can buy a commodity on sale.
- You normally get a tax reduction
when you have a loan.
- Your income is likely to increase
when you get older, making it easier to pay back a loan.
However, there are also several risks
and disadvantages to consider.
- You have to pay back the loan with
interest.
- You know what money you have now,
not what your income will be in a year or two.
- The interest rate can go up.
- If you can't pay your loan in time,
you risk getting a bad credit, which can make it difficult to get a
loan later.
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