Personal Loans are on the Rise

At the start of each New Year, banks get a spike in the amount of personal loans applications they receive. “We see a demand increase,” Wells Fargo Senior Vice President said. “Consumers start the year fresh with their personal finances in mind.” With the credit card crisis still under way, most people have shied away from plastic and turned to personal loans and lines of credit instead.

Personal Loans are Similar to Home Equity Loans

Personal loans and lines of credit loans are unsecured. “Unsecured” means that the loans don’t require collateral like ownership of a car or a house in order to get approved. Personal loans can be used however the borrower wants. Many people take out personal loans to consolidate their other debts or pay for emergencies. However, some people will fund the purchase of an engagement ring or a wedding with a personal loan, too. Our lenders don’t care what you use the money for as long as you make timely, monthly payments.

The Average Personal Loans Interest Rate is Lower than Credit Cards

According to recent data from the Federal Reserve, the average rate on a 24-month personal loan from a bank was 10.52% compared to 12.36% for a credit card. Credit card usage is declining more and more each year thanks to better lending offers like personal loans. Do you need a personal loan? Click here to find out if you qualify.

Where can Consumers find the Best Personal Loans

Speedy Payday Cash (www.SpeedyPaydayCash.net) has been providing consumers access to the best personal loans and lines of credit since early 2011. One of the best things about Speedy Cash is that they provide the access but it's the consumer who gets to choose the lender and either personal loan or line of credit that best fits their needs, at the time.

If your interested in applying or finding out more information on our great personal loans or lines of credit then come visit our popular main website.

Personal Loans are on the Rise, By Mindy Lobo - Today