Personal Loan Interest Rates

Personal loan, offered by banks to borrowers, is often referred to as an unsecured loan. The credit extended by banks to borrowers is categorized into secured and unsecured loans. While secured loan is backed by the assets of the borrower, it is relatively easy for banks to render such credite. But with unsecured loan, it is comparatively difficult since there is no asset against which the bank can possibly provide the credit to the borrower.

In unsecured personal loan, the borrower may apply for it at the bank. However, banks also come up with special offers to credible customers, giving them an opportunity to apply and receive credit. Such credite are also extended to borrowers who have bank accounts in the same bank and the bank transactions in the bank account have been active in the past one year.

Personal loans can be taken by customers for any reason and it is not necessary for the customer to inform the bank the reason for taking the loan. The loan could be taken for purchasing household items, organizing ceremonies, taking a holiday or any other reason. It could also be taken for the purpose of expanding one’s business. The need for capital could arise anytime for a businessman. A personal loan could be useful at such times for the businessman.

The bank assesses the financial history of the borrower before extending the loan. The assessment could include reviewing the bank account of the borrower. It is important for the bank to understand the nature of work of the borrower. If the borrower is a businessman or self-employed, his business is assessed through the review of balance sheets and annual turnover.

If the borrower is employed at a company, his salary is assessed. In usual cases, the bank extends credit to the customer when it gets convinced that the monthly salary or annual income is considerably high to the loan amount raised by the borrower. The borrower’s monthly income should be more than the monthly installment he has to pay to the bank.

A personal loan is the credit extended by the bank for short-term only. Such short-term credite have higher rate of interest and there are fixed dates before which the borrower is expected to pay the equal monthly installments every month. The entire principal amount along with the interest charged has to be returned back to the bank within the stipulated time. In personal loans based on business, credite are also offered by the bank taking into account the commercial viability of the business.

Although interest rates would be comparatively higher, the possibility of recovering loans is also better. Hence, the underwriter assesses the value of the business and sanctions the loan accordingly to the borrower. As personal loans are unsecured credite, they are not given away easily. If there are cases where such loans have been disbursed without assessing the repayment capacity of the borrower, the loan is referred to as sub-prime loan. Here, the sub-prime is the borrower.


  1. I am looking to find a place to get about a 2,000 loan to be able to pay taxes from last year and get some dental work done that I can pay back from 6 to 12 months. I have bad credit but I work full time and don’t even have a car rt now.thanks

  2. Linda Lockwood says

    I lost my job of 9 years in 2009, due to the poor economy, which means I lost everything. I now have my old job back, but am staying in an extended stay hotel, due to know one will rent to me, because I broke my lease 4 months early, because I could not stay up with all my payments on unemployment. I also do not have a car, thus another reason I stay at this certain extend a stay (it’s right across street from where I work).

    I have lost all of my top teeth except two, and had a bridge but now the bridge is no good and the dentist wants $5000 for new one. He states he will take $2500 down and then let me make payments, but I can’t come up with the $2500, if I do not get teeth, my job will be history, since I’m the one all of our high end clients meet with. Please could someone lend me the $2500 so I can stay working and affording the $1200 a month I pay for a sleeze bag hotel. If i could just get a fresh start I could finally pay off the creditors I owe!

  3. I need to borrow 1500 to help get rid of loans that was a very bad decision. Was desperate and didn’t realize what a mess it was. Had very good credit but over extended my self sending my child to college. Paid off all my loans except my credit cards that killed my credit. I can pay $200 monthly. I need help I even went back to those that I had paid off and on time. I need am looking for a second chance. Thank you,

  4. I would like to borrow 3000.00 within the next two days, will repay 250.00 a month for 12 months, please help.

  5. jim mcguckin says

    I live in pennsylvania and need a $2500 loan tomorrow. I have one more property tax payment to pay by 8/31/2011 if not i loose my home can someone help i can repay loan in 5-6 months with interest my credit is bad.

  6. I am in need of a medical loan for $5000 I have poor credit but a good job. I was layed off for 2 years. Now I am back with a great paying job. I am also married so our income is combined. We are looking to repair our credit by making timely payments on this new loan. If anyone can help us I would appreciate it. We can pay $200 per month for 2-3 years or less. Please let me know if this is an option.

  7. I make about $4000/month after taxes. I am in the market to buy a new(used) car but my credit is bad and I keep getting denied for loan. I wanna a loan for $15000 and want my payments to be about $350. Is this possible?
    My email is


  8. Hello My husband and I are trying to dig ourselves out of a rut from when he lost his job three years ago. Now he has a great job and we only need 3,000.00 to catch up on everything. I am willing to pay 200.00 a month and willine to pay 4% interest.

    Can anyone help me. I also have 15 acres of land as collateral.


  10. I was wondering if I would be able to borrow 17,000. dollers to pay off all my debt? I have medical bills that I need paid off and a few other bills as well. I am making my payments now but I wish that they could all be in a lump some. I would like to know that everything is paid up and that I have a certain amount that I will be paying each month. I was hoping that the payment would be in the $200. to $250. range. Is this workable?

  11. hi i make 2290.00 a month and have bad crediti have gone 50 milesradious from my house and cant find anyone that will give me a second chance i get a disabilty check every month and can pay 350.00 a month for the loan if someone would help me thank you

  12. I need to borrow about 10,000 I can pay 200.00 month till paid please help my credit is bad.

  13. i need to get rid of them thank you

  14. Hello Neal,

    Sorry to hear about your financial troubles – I think you have a couple options.

    1. If you have a decent amount of debt on your credit cards you may want to consider consolidating them here What happens is a debt consolidation manager will negotiate lower interest rates, get rid of late fee’s and combine your bills into one monthly payment.

    2. You can apply for a loan for up to 1500.00 dollars here I know you said you need 3500.00 dollars but if your credit is not that great I don’t think you will find a lender willing to loan you more.

    If you have any other questions feel free to ask and I truly hope you find something to help you out. I know it’s tough out there right now and we are all feeling it.

    Best Regards,
    Daniel – BCLC

  15. Neal Thibodeaux says

    I am desperate! I need a $3500 Loan asap. My transmission went out and I owe credit cards. Hurricane Katrina screwed up my credit and I can’t get a loan. I could pay $200 a month for 18 months, but most likely will be able to pay it back come April when I get my bonus along with my income tax. Please help!

    My number is 504-***-****!! ( edited by admin )

    I am a real person trying to get out of credit trouble.


  16. Hi Jsr,

    Sorry to hear that you were scammed before you really have to be careful. Anytime you see a fishy email or post like the one a few messages above it’s a dead giveaway of a scam.

    If you have bad credit you won’t find a lender willing to offer more than 1500.00 dollars per loan. The only other option you have is to go directly to your bank and try to take out a personal loan. The odds of you getting approved are going to be low and it’s another mark on your credit report.

    Have you thought about selling some personal items to try and make some quick cash? I’m just throwing some ideas out there that may help. If you decide to apply on our website this is the URL but remember these lenders offer up to 1500.00 dollars.

    I truly hope you find a way to catch up and stay ahead, I know times are tough for a everyone.
    Daniel – BCLC

  17. I have been looking for a loan of about $3500 and all I keep finding is pay day loans. My credit is bad right now I just want to catch things up so we can hopefully get things turned around! Once all my bills are current we will be fine as we make enough but things came up and we got behind plus I got scammed out of money trying to find a loan $1800 to be exact. I was desperate at the time and made a stupid decision! please help!

  18. Darrell Becklund says

    Please, I need a loan an unsecured loan.

  19. Hello John,

    We have a pretty nice system set up now. All you have to do is fill in the form at the top of this page. Then your details are sent in “real time” to approved loan lenders. These lenders will review your financial details and the lenders that can help will contact you ASAP.

    Please make sure you fill in ALL the form fields or they will not be able to help you. If you have any questions feel free to ask.

    Best Regards,
    Daniel – BCLC

  20. I need to borrow 3,000, where do I get help for this.

  21. **SCAM ALERT** From Admin!

    Anyone who see’s an email such as the one above from “Mr. Micheal Moss” it is a SCAM. These people will post their contact information around the Internet in hopes that you will send them your personal information. They will then either steal your identity or try to scam money from you.

    On a side note I will be reposting the lender information late tonight or early tomorrow morning. I am just working on some design options.


  22. Mr. Micheal Moss **SCAM ALERT! says


    Are You a woman or a man, Do you need a loan to open your business get back to me via e-mail ********

  23. Sorry it’s taken me some time to find a lender I feel comfortable recommending but at last I have. On the right hand side of the navigation or on top of this blog post you will find them. All you need to do is select your state and fill in the short form. The lender will contact you and let you know the best options for your particular situation. Form has been temporarily removed.

    I wish you all the best of luck and if you have any further questions feel free to ask,

  24. I need to borrow $3000 so that I can help my so fix his car and pay off some bills of my own. I have no where else to turn.

    Thanks You,


    I a need a personal loan to pay my bills! I NEED $5000 and can pay 120.00 back > a month 52 month. I feel so alone right now please help!

  26. I am in a bind and trying to buy a house I need 5,000 for the down payment I wil pay it back in 24 months.

  27. I’m looking to borrow around $2000 to pay off some negative equity in my car. I can $130.00 a month until paid off.

  28. I need to borrow 1,500.00 or 2,000.00,to catch up on my bills.I am on S.S disabilty i get about 900.00 a month and my wife works she makes about 300.00 to 350.00 a week,can i have monthly payments and is it safe to apply online?

  29. I am trying to get a personal loan to get bills caught up from being out from having a baby. Once caught up we will be fine all I need is 1000.00. I can pay 150 month till paid off, can someone PLEASE PLEASE help me?

  30. I need to borrow 28,000 for my total debt. This debt includes my car, cash loans from family, joint loan with grandpa, and yes some loan sharks. I am a single mother, and I make good money, but it is hard to make small payments to all my loans without having any left over for my son and I so I want to consolidate it in to one huge loan.

    I can afford 600 a month, and pay it off in a little over four years. I do have bad credit, but am trying to repair and shape it back where it needs to be with a loan…to show my efforts! Let me know if you can help, or have any suggestions!!!

  31. I have bill collectors calling me left and right, I would like to pay off my student loans, I also owe taxes and the interest is growing daily. and A lot of my regular bills are behind. I am asking to borrow 5k so that I get these things paid off and I could pay 200.00 a month.

  32. I need a loan to fix my car. Can I please borrow $5000.00 and pay $150.00 a month for the next 3 yrs. My number is 714-79xx-0xxx. I have bad credit.

  33. Debra C. Hinton says

    I need $1449.00 for my trip to Hawaii. HSBC Auto Finance needs $1475.00 for my car. $14,000.00 for my other bills. If you feel that’s to much then can I at least borrow $3500.00 by tomorrow (9/2/09) and pay it back within 5 years. I’m not able to move up to any other positions at my job because of the hiring freeze. Please call me at this number 609-5xx-xxxx as soon as possible.

  34. I need a loan of $2500 dollars for my rent and utilities. I would like to pay it back in 24 months with a pay back guide of 104.16.

  35. I am trying to acquire a loan in order to do some repairs on my current vehicle. Can I please borrow $5000.00 and pay $150.00 a month for the next 3 yrs. My number is x16-x10-41xx.

    Blocked for Privacy
    H&HS, MCAS Miramar
    San Diego, CA

  36. Debra C. Hinton says

    I’m trying to get out of debt. Can I please borrow $17,000.00 and pay $200.00 a month for the next six years. My number is 609-53x-xxxx. Thanks

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