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You’ll have a set period of time to repay your personal loan. Loan periods are usually stated in months: 12, 24, 36, 48, or 60. Longer repayment periods lower your monthly loan repayment by dividing the principal amount borrowed by more months, but you’ll also pay more in interest than if you had a shorter repayment period because interest is added on per payment. Your interest rate can be tied to your repayment period as well. You might get a lower interest rate if you finance the loan over a shorter period. Having an open loan can affect your ability to get approved for other credit cards and loans, so you might not be able to borrow more for an additional two years if you take the loan out for five years rather than three. And it’s not always possible to pay the loan off early if you find yourself in this predicament. Some loans have a prepayment penalty for paying off early.

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“Don’t borrow money and go into debt for a vacation,” Detweiler urges. “You’ll come back from vacation in debt. Save the money instead, or have a staycation.” Like vacations, a wedding financed with debt is rarely a good idea. “Don’t start your marriage in debt,” says Detweiler. If you have to use a personal loan for your wedding, make sure you shop around for a loan with the lowest interest rate and best terms. If you believe you could pay the balance off in a short amount of time, you may also be better off with a 0 percent APR credit card.

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Small Business Loan FAQs — What is an SBA loan? How much can you borrow? What are the fees and interest rates? Get answers to these and other commonly-asked questions about small business loans. How to Qualify for a Small Business Loan — Before applying for a loan through the Small Business Administration (SBA), find out what it takes to qualify. There’s a long list of eligibility requirements, and an even longer list of things that could make your business ineligible. What is a Business and Industry Loan? — Is your business in a rural community? The USDA provides guarantees of up to 80 percent of a loan made by a commercial lender. Get the facts about the USDA Rural Development, Business & Cooperative Programs.

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As we mentioned, a personal loan is easy to grasp. You borrow money at a fixed interest rate, over a fixed amount of time, then you pay a fixed monthly payment until your loan is paid off. While the terms of your personal loan can depend on an array of factors, these loans are typically offered in amounts up to $35,000. You may be able to borrow this amount for any length of time from 12 months to 20 years. In addition to the interest rate you’ll pay, personal loans may also come with an origination fee which can range from 1 percent to as high as 8 percent at some lenders, according to a review of personal loan terms on MagnifyMoney.com. On the bright side, it’s a competitive business and many lenders charge no origination fee or any other fees upfront.The real costs to worry about with personal loans involve the APR. Interest rates charged through personal loans can vary quite a bit, and they are typically higher than you see with secured loans such as home equity or auto loans. That’s because personal loans are unsecured debts. Whereas a secured loan — think home or auto loan — is secured by an underlying investment (in these cases, a home or car), unsecured loans aren’t secured by an investment. The banks are taking on a greater risk lending without any collateral, so they charge higher fees and APRs as a result.

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