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Is it safe to take a signature loan?
#1
I can't really decide.
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#2
I don't think any loan is safe automatically. I think you need to read the terms and ask any pertintent questions you may have about the loan before you decide it is safe or a good deal or not. Just because it is a certain type of loan doesn't necessarily make it safe.
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#3
Its safe in a way that your signature is the only collateral they will ask from you. But to be sure, before giving away your signature, read thouroughly all the details of your loan contract they might put some conditions that they did not discuss with you. Offers like this requires a good credit record since it is technically your credibility that is being use as a collateral.
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#4
Sorry. I'm not familiar with it. How does a signature loans work? What are the requirements and how to apply on it?
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#5
There is pros and cons taking signature loan.
Let's start with pros.
Taking a signature loan is very good if you really need a cash that you need to use immediately. You can apply for signature loan to secure your financing without risking loss of any of your assets. If you have a good track record based on your credit history and bank history, they can approve your load easily.
Cons.
Taking a signature loan is like taking a stone that you're gonna hit your head. haha. It's just a metaphor. Anyway, signature loan is also known for having a very high interest rate. I don't usually suggesting this kind of loan, it also has high penalty if you can't pay your debt.
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#6
(01-09-2018, 10:45 AM)kgord Wrote: I don't think any loan is safe automatically. I think you need to read the terms and ask any pertintent questions you may have about the loan before you decide it is safe or a good deal or not. Just because it is a certain type of loan doesn't necessarily make it safe.

Yeah you right, I already experienced this by not reading the papers or the terms of services, so before of sign a contract read the papers you sign before you put signature.
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#7
I agree with the comments before taking any loan you should read the terms and conditions. You need to be careful there are loans whose rate of repayment can change with the change in interest rates. I also agree that no loan is safe. Even if the loan is unsecured, if you can't repay it, the lender will send debt collectors after you. Anyone that has had this experience knows they are no fun! In third world countries they simply come and proclaim goods in your house, if you can't repay the debt amount within a month, your furniture is auctioned.
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#8
(01-09-2018, 07:00 PM)JB Fernandez Wrote: Sorry. I'm not familiar with it. How does a signature loans work? What are the requirements and how to apply on it?

The only collateral on these types of loans is your signature. But you will need a good credit history and low existing debt. Your credit card balance must good in order for you to qualify. You will also need to prove what your income is. Your income must justify your existing debt and prove that you will be able to pay off a new loan. So, basically these are the main requirements.
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#9
It is safe as long as you read all the terms and conditions before signing. Mostly, the only requirement is your signature so it's easy to apply and be approved. The thing is, interests are pretty high, but the fact you can get it instantly makes it an advantageous one. Just make sure you can be able to pay it on time.
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#10
On any kind of loan you choose to take on you should check your resources you are trying to obtain the loan through. You need to know the company is legitimate and are not going to scam you. You want to make sure you are getting the best rates you can get. You also want to make sure you know as much about the specific loan you are trying to get. Verify everything!
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