The Pros and Cons of Personal Loans

In this video, I want to go over the pros and cons of getting a personal loan. I won't be talking about payday loans or cash advances in this video, but rather you applying for a loan at a reputable lender, getting the money deposited into your bank account, and making fixed monthly payments of principal and interest throughout the term of the loan with that interest rate being in the single digits or low double digits.

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#personalloan #personalloans #personalfinance

[KevinGonzalez]

Another con which should have been mentioned here is that even if you are current and timely in your monthly personal loan payments, IF by chance the lender seems you to be a “credit risk” at anytime during your loan term (i.e. they find out you’ve been laid off from work, lost your job, lied about your income and/or assets when your applied for the loan, used your disbursed loan funds for anything that is illegal or which they deem to be inappropriate regardless of legality) the bank can CALL THE LOAN which means the entire amount of the loan would have to be paid in full within a short time period (usually 30 days). This can be a major catastrophe especially if your loan funds have already spent and can’t be converted back into cash. If applying for a personal loan, please be honest and always read all of the terms and conditions carefully. If necessary, you can also consult with a lawyer about the risk of a loan call. If the terms and conditions indicate a possible loan call should the lender decide to invoke it, RUN AWAY and do not take out that loan, no matter how bad the need for it is.

[bettybakebake]

i wish you had said a bit more about secured vrs unsecured personal loans. the way they are marketed in like credit karma they are actually auto loans but for 29% instead of an auto loan at 18% it is something i see often the advertising for "personal loans". completely deceptive. thanks again for your incredible contribution to truth without politics. i so much appreciate you tip toeing down the line.

[nicholasdean]

Payday loans. The one thing that is legally allowed to charge 100+% interest every day.

[Jr-wvdh]

Hi Jason I have a question so about 2 months ago I got financed for 10, 781.31 I gave a 4000$ down payment I’m on a 60 month loan with a monthly payment of 316.70$ with an interest rate of 18 or 19% at this I was only 19 I’m 20 now and I started building credit about 2-3 Months ago that’s why I’m assuming my APR was high. What should I do to save money? When should refinance? And as well should I pay more monthly so my interest rate goes down? How much would you recommend to pay monthly? I’m in a okay spot and I can Throw in a few extra bills prob like 200$ more. Possibly 300$

[annMarien]

What an amazing video Logan, love it. I also know another company that grants up to 12k. Very reasonable interest rates too.

[YaniAmorX]

Do you mind touching more on how getting a personal can lower your credit length ? I thought your credit length would only lower if you apply for more credit cards?

[warriors]

You should do a video in One Main Loan do a walk through or something to that effect. Keep up the great work.

[NiaMSnow]

Please someone help. When I get approved for the loan do I immediately begin to pay it back or is there a grace period?!

[Earthtime]

Best video I’ve seen on the topic. Helpful .

[emanb]

What about a personal loan for buying a car from a private seller ?

[dustinsanchezmusic]

I’m thinking of doing a $10, 000-$15, 000 personal loan to start a business and put money into investments. Is this a good idea? I can make monthly payments no problem. Just trying to get further ahead. I have a 752 credit score.

[ltmltm]

What if I got a loan to buy a van to live in and get out of my thousand dollar monthly rent payment and I absolutely will be able to pay the loan timely, and either even make bigger payments on the loan

[ChileanMillion]

Pay day loans and cash advances are scams. Got it !! 😂

[robertalvarez]

COVID cost me my job, put me in bankruptcy, and I lost my home.

[miguelc.]

Excellent video, can you do one on home loans ?!? Thank you.

[rashadholloway]

Can I take out another loan once paid in full

[cindyruiz]

Is a personal loan or home equity loan better? My home is paid in full

[flyingking]

Okay don’t want to put my business out there. But I need about 1k to get myself straight I have about 1200 in debt to tool trucks and need 300 to by driving classes would it be smart to get a personal loan for 1k? And I have about a 400 credit score to 500 credit score would it help my credit because I’m also looking into getting a car after I get my license and want to finance or lease

[susangiamona]

Please do a video on what to do if you already filed taxes this year and paid taxes on unemployment for 2020 since the new stimulus bill will make $10, 200 of unemployment non taxable. Do we have to do an amended return? How will we get our refund?

[isahardt]

The website he advertised (link in the description) is a total scam. I'm so dissapointed because I clicked it, answer a bunch of questions only to find out it that I would be redirected to some their partners page and get no information at all. They collected data from me and will sell it. Now I have regret