A personal loan is a lump sum of money provided by a creditor or lender that can be more advantageous than other popular loan types. Due to the short amount of time in which an applicant can receive the funds, a personal loan is a favorable option for those who have immediate expenses they need to cover. For example, this lending option is often used to consolidate credit card debt, pay for emergency medical fees, or finance a move.

As with any type of loan, the lender, like Coastal Finance Company in Savannah, GA, will establish terms to define how the personal loan will be paid back. This financing option is typically arranged as installment loans, meaning the borrower will have to pay a minimum monthly amount for a set amount of time until the total sum is paid off.

To get a personal loan, you must be approved by a verified lender, such as a bank or loan company. Each lender may have specific terms for loan approval, so it is a good idea to learn about the requirements before submitting an application.

To apply for a personal loan, you will have to satisfy the lender’s qualifications. Usually, you’ll have to submit several pieces of information that establish your identity and financial situation. For example, most lenders will require a valid state ID, verified income, and a good, established credit rating.

While it will depend on individual lender policies, these types of loans are often situated as unsecured debt, meaning the borrower does not have to put up collateral. Additionally, although personal loans do have interest fees attached to them, these rates are usually lower than what one could get with a payday loan or credit card. If you have good credit, the lender is likely to award you a lower interest rate. However, if you have a low credit score, you may be able to put personal assets up as collateral to lower your interest rate.

If you need a personal loan in the state of Georgia and are at least 18, Coastal Finance Company is a trusted provider of cash loans in Savannah. Through their easy online application, individuals can be approved to receive funds in a relatively short period of time. If you have questions about the application or requirements, call (912) 303-9979 to speak to a helpful lending agent.