In the United States, personal loans represent nearly one out of every three distributed consumer loans and it owes its success to its freedom to use however the borrower sees fit. Why apply for a personal loan from Blue Trust Loans? For starters, this money can be used to finance various projects and cash flow needs without own funds or without having to draw on your savings.
What can personal loans be used for?
Not only can people use a personal loan for whatever they want, they do not need to specify said use. For instance, people can buy a new or used vehicle, tackle a non-professional project (travel, family event, renovating a home, and so on), consolidate several small consumer loans, etc. On the other hand, a personal loan is not intended to finance a house or apartment.
Apart from the fact that the amount of such a credit is capped at a certain amount, the maximum duration and the proposed rates are not adapted to this type of project.
The benefits getting a personal loan
An unrestricted personal loan has the advantage of great flexibility since the borrower does not have to justify the use of the funds granted by the lender. Whatever the money is used for, it is left to the borrower’s sole discretion. To obtain a personal loan, a person must prove that he or she is of legal age, have no banking problems, and that they are able to repay the loan before its maturity.
As soon as the requested credit organization agrees to the loan, the funds will be put into the borrower’s account.
The major disadvantage of personal loans
The biggest advantage of a personal loan, as stated above, is that there are no suspensive clauses involved. That’s right – the biggest advantage is its biggest disadvantage. Since it is not linked to any particular purchase, there is no suspensive clause like there would be with a restricted loan.
This means that, if a person uses the loan to buy something and the seller does not deliver to the buyer what they have already paid for in full, or if the product has an anomaly (non-conformity with the order, malfunction of the product, etc.), they still have to pay back the loan.