Personal loans fintechzoom

Personal Loans Fintechzoom

Personal loan is the sum of money which is provided to you with the cost to the debt which is the interest rate. A personal could be arranged from various sources like credit unions, online banks, traditional banks, lenders, etc. 

There could be different reasons for which a loan could be obtained, for example a wedding, a funeral, a party, medical bills, home renovation, moving expenses, to pay debt, etc. If a loan is aimed at a certain cause like education, car, house, then it is not termed as a personal loan. 

Personal loans come for various periods, interest rates, principal amount. 

Although the reason to obtain a personal loan could be for various purposes, there are two types of personal loans i.e. secured personal loan and unsecured personal loan.

Secured loan means that a collateral is provided in case the borrower is unable to pay the loan so the lender keeps the collateral while the borrower prepares to repay the left balance. The collateral could be in the form of cash assets, car, property, boat, etc.

Unsecured loan on the other hand means that no collateral is provided in case the borrower is unable to pay the loan. In that case, there is a bigger risk for the lender as he will be unable to secure his payment back when there is much balance left. So to secure his money, the lender generally keeps the interest rate high and therefore a secured loan has a generally higher rate of interest than a secured loan.

Example of a personal loan

Let’s take an example of a personal loan. Suppose Mike has taken a personal loan of sum $50,000 from Citigroup at 4% annual rate of interest for 6 years. Then the total interest he would have to pay on the principal amount at the end of the period would be PRT/100 that is 50,000*4*6/100= $12000. 

So the total amount that he has to pay back would be $62,000. And the yearly amount that he would have to pay would be around $10,333.3 

This is calculated with the help of Simple Interest but most of the banks work with Compound interest where the interest increases every year and banks get a lot of benefit from it. So the total amount at the end of the period compounded annually would be $63,265.95 and if compounded quarterly would be $63,486.73 and so on. 

This is the power of compounding. This is how you are charged differently at the same interest rate, same period and same principal amount. 

Role of fintechzoom

personal loans fintechzoom

At Fintechzoom you get a comprehensive view of the types of loans, different sources of online banks, lenders, best loan plans, what all things to keep in mind before taking a loan, the do’s and the don’ts in taking a loan, everything is covered on the platform. 

Fintechzoom is the perfect platform for getting updates about the finance world. Here you can read more about banking systems, about the businesses, about money, cryptocurrencies, etc.

Some of the best written updates about personal loans are- 

  • How to Get a Payday Loan with Bad Credit: Your Guide to Approval
  • The Best Personal Loans for Every Financial Need
  • Why Amigo Loans is no Longer Lending
  • Quicken Loans vs Traditional Banks: Which is Better for Your Mortgage?
  • 5 Important Things to Know About Lawsuit Loans So You Don’t Make an Expensive Mistake
  • $255 Payday Loans Online Same Day: Your Guide

Through Fintechzoom you can get thorough information about loans and also calculate the interest rate for your mortgage. 

Benefits of loans Fintechzoom 

One of the greatest advantages of loans on Fintechzoom is that it is easily accessible. It eliminates geographical constraints and allows from different countries, cities to apply for the loan online without any hassle.

Another benefit of loans through Fintechzoom is that the process is digitized and people need not go through the traditional paperwork for getting a simple loan. Through the easy process of getting a loan, the system becomes highly efficient.

Fintechzoom normally provides interest rates that are lower than its competitors or average market numbers so a person could make use of this opportunity to get low interest rates. Of course these numbers are not highly differentiated but the slightest difference could make a big difference in the long term with big principal amounts.

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Types of Online loan service providers on Fintechzoom

  1. Peer-to-peer lending platforms: those platforms which act as of facilitated and connect the lenders and the borrowers are the peer to peer lending platforms.
  2. Online lenders: These are the companies that operate online and provide personal loans to people with a wide range of services.
  3. Marketplace lenders: It is similar to the peer to peer lending platform and provides facilitation between the lenders and the borrowers to connect to each other.

Conclusion

I hope that you have understood how you could get information on Personal loans Fintechzoom. 

Fintechzoom is a great platform to learn about personal loans and other loans in kuding students loans, education loans, home loans, car loans, etc. A person could credit guides, financial advice, investing recommendations, etc and that is very beneficial for a person looking for the exactly right knowledge to invest safely.

By accessing real time insights, trends and up to date news, people can harness the fruits of the fintech revolution. 

You can now appreciate the future of finance and fintech with the convergence of Personal loans and FintechZoom. 

Disclaimer

The information provided here is for Fintechzoom.com and we do not have any affiliation, association or sponsorship with that website as fintechzoom.org is a separate entity. We strive to provide accurate information and content, the info about Fintechzoom.com is just for educational purposes.

Frequently Asked Questions

Personal loans fintechzoom calculator

You can calculate personal loan interest rate or mortgage rate with the help of the online loan calculator on Fintechzoom.

Personal loans fintechzoom app

Fintechzoom app helps you get comprehensive information about personal loans and other types of loans. You could also calculate your interest rate with the help of fintechzoom app calculator. 

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