Personal Loans

What is a personal loan?

A personal loan is a loan for consumer purposes. Consumer goals are non-business goals. For example, it can be loans for the purchase of durables: mobile phones, furniture, household appliances, cars. It is also possible to pay for various services (medical, educational, travel) with personal loans in Massachusetts. It is possible to provide a cash personal loan, which the borrower uses at his own discretion. The lender can be either a trade and service organization or a credit organization. The borrower is an individual (consumer).

What are the types of personal loans Boston?

Personal loans Boston are divided into 2 types by their nature: targeted and non-targeted. Targeted loans are issued, as a rule, at the place of goods’ purchase (in a store). A non-targeted loan is issued directly at the bank or lender. On the basis of the presence (absence) of collateral, personal loans are collateralized and unsecured. Depending on the terms of processing of the loan application, personal loans are divided into express loans (the decision is made in a short period of time, from 15 minutes to 1 hour) and the so-called “classic” personal loans (the decision is made in a period of 2 to 14 days).

Who can get a personal loan?

A personal loan can be issued to an individual who meets the established banking requirements. Depending on the bank, these requirements may vary, but there is a universal requirement applied by all banks: a loan can be obtained by an individual with a permanent source of income. The main source of income for most borrowers is wages. However, there are banks that provide loans to non-working pensioners. There are other sources of income: dividends from securities, income from renting out real estate, etc. Banks generally take into account other sources of income only if there is a permanent source of income in the form of wages. Alternative sources of income must be documented (for example, when renting out real estate, a tax return must be submitted confirming the payment of personal income tax). Lenders do not require any income certificates that’s why it is more profitable to apply for a personal loan through such services.

From what age are personal loans issued?

Every person applying for such a loan should be over 18 years old.

What is the maximum age limit for a borrower seeking a personal loan in Massachusetts?

Depending on the lender, the maximum allowable age of the borrower is 55 to 70 years old. At the same time, it is necessary to distinguish between the concepts “the maximum permissible age of the borrower at the time of applying for a loan” and “the maximum permissible age of the borrower at the time of the expiration of the loan agreement”. For example, you want to take out a loan for 2 years, you are now 59 years old. Let’s say one bank/lender has established that the age at the time of applying for a loan must be less than 60 years old (in this case, you can count on getting a loan). Another financial institution has established a rule according to which the borrower’s age must be less than 60 years at the time the loan agreement expires. At the time of the expiration of the loan agreement, you will be 61 years old, as a result, you cannot count on getting a loan in such institutions.

For how long are personal loans issued?

Such loans are issued from 3 months to 5 years.