Thursday, July 23, 2015

Personal Loans - An Overview

You work hard at your job, and you're smart with your money. You have at least a general idea of how much money is in your bank account at all times, and you never spend beyond your means.

While these are certainly laudable standards to live up to, they don't mean that you can't take out a personal loan. There are any number of situations where a personal loan could be incredibly helpful - not to mention financially beneficial. First Bank of the Lake is here to help you out with all the information about personal loans.

Why Would You Get A Personal Loan?

There are several different reasons when you might choose to take out a personal loan, such as:
  • Buying A Car
  • Buying A House
  • Buying Furniture
  • Buying a Boat or PWC
  • Buying Farm Equipment
  • Going To College
  • Consolidating Debt
No matter what your reasons, taking out a personal loan could be a great way to get the extra cash you need for the next chapter of your life.

What Are The Financial Benefits Of A Personal Loan?

Believe it or not, personal loans can come with several different financial benefits. The obvious one is that you get extra cash up front to fund your next big purchase, which enables you to bring home whatever item or object you currently need. Some of the other benefits may not be quite as obvious, but that does not mean they are any less valuable. For example, paying off your loan by making each monthly payment in full can help boost your credit score. Personal loans also have a fixed interest rate, which allows for stable payment amounts throughout the duration of the loan.

What Do You Need To Know Before Getting A Personal Loan?

If approached strategically, getting a personal loan at the Lake of the Ozarks could be a great financial move. How can you make sure that you're going about it the right way? Here are a few things to find out before signing your name on the dotted line:
  • What your interest rate would be.
  • What the duration of the loan would be.
  • How much you would owe for your monthly payments.
  • If the loan is secured or not. (In a secured loan, you will typically have to put something up as collateral, such as your house or your car.)
  • If there is a penalty fee for paying off the loan early.
  • If there are limitations regarding how the money can be spent.
By getting all of this information up front, you will be able to make an educated decision about whether or not this personal loan is right for you.

If you are thinking about applying for a personal loan at the Lake of the Ozarks, give us a call! First Bank of the Lake would be happy to fund your personal loan and provide you with all the information you need to feel 100% comfortable with your decision. We look forward to working with you!

First Bank of the Lake - Striving For Excellence
Member FDIC. Equal Housing Lender.

Located at the entrance to the Osage Beach Premium Outlets!
4558 Osage Beach Parkway, Suite 100
Osage Beach, MO 65065
(573) 348-2265

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