What is a Personal loan?
A personal loan is money borrowed by people from a bank or non-banking financial company. This is for them to meet their financial needs. These banks or non-banking financial companies have to assess these individuals based on their income level, credit and employment history, repayment capacity, etc.
A personal loan is different from a home or a car loan, it doesn’t require any collateral asset. It does not entail any assets such as jewelry or properties once you are not able to oblige with the repayment, unlike home and car loans. However, the interest rates are higher because of the possible substantial risks when sanctioning them.
Personal loans are commonly used for personal financial needs. Examples are planned vacations, home renovations, weddings, purchasing gadgets, and medical emergencies. Most people also use it for investments or for setting up a business. The amount of money to be borrowed is based on whether a person has a salary or is self-employed.
In the Philippines, Vidalia Lending offers different types of loans with fixed payment terms from 3 to 12 months, low-interest rates, no hidden fees, and no prepayment penalty. You can have that needed cash for your education, and your dream vacation and you’ll also be able to pay your bills.
How can I use it to consolidate debts?
A lot of people also apply for personal loans to consolidate their debts. Most borrowers use it to refinance and pay off their mounding credit card debts. Come to think of it, if you combine all of your outstanding credit into a single account with a low-interest rate, you will reduce the payment and become debt-free instantly.
If you choose Vidalia Lending, we will grant you with a quick and smooth transaction! For your queries, you may visit our help page. For your application, you may fill out our online application now and receive a call from us within 48 hours. You will be able to receive your borrowed money within 2-3 days.