Personal Loans Lend a Helpful Hand - Card Issuers News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Card Issuers » Personal Loans Lend a Helpful Hand

Personal Loans Lend a Helpful Hand

Personal Loans Lend a Helpful Hand
Tags: , ...
October
17

People take out personal loans for many reasons, and according to a new study by Discover, 68% said that taking out a loan made it possible for them to achieve their goals, whether they wanted to pay down debt, deal with medical bills or start a new business. In the Discover Personal Loans 2017 Survey 70% of respondents also said that applying for and then getting a personal loan helped them feel fiscally responsible.

Taking advantage of low-interest rates and getting the money quickly was among the top benefits of getting a personal loan. But other benefits also made getting a personal loan attractive, including fixed interest rates, fixed monthly payments, and no collateral needed for them to get the loan.

“Personal loans can be used in a number of different ways to help people save money and reach their financial goals. For example, more than half the people surveyed have less than $5,000 in savings to cover unexpected or emergency expenses,” said Dan Matysik, vice president of Discover Personal Loans.

“A personal loan can be a smart financial tool to cover those costs,” he said.

What are you going to do with that personal loan?

In the study, 38% of people said that in the past they had applied for and gotten a personal loan.

Why did they take out that loan? There were a variety of answers but paying down major expenses due to medical issues was the top reason for 26% of people. On the other hand, 22% of people paid down debt with lower interest rate personal loans, while 13% used the loans to start their own small business.

Its interest rates baby

There are lots of factors that go into deciding whether or not to get a personal loan, and for 43% of people finding out what their interest rate would look like was the most important piece of information they needed before making a decision and applying for a loan.

Among those who have already taken out a personal loan, knowing the interest rate was an essential piece of information when it came to helping them decide which lender to go with. This trend was the same in all generations of borrowers.

Yet there are other pieces of information that factored into people’s decision-making process, with 16% wanting to know what the repayment terms were and 15% needed to know how much they would have to pay each month to pay the loan off.

CL_disclaimer_discover2

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

College Website By Discover Unveiled
College Website By Discover Unveiled

Posted: September 22, 2017

Discover has a launched College Covered, a new website designed to provide high school students, parents and guidance counselors the inside scoop on the ins and outs of preparing for college, whether that is writing their essay, tips on... Continue reading
Discover Alerting Consumers about Potential Identity Theft
Discover Alerting Consumers about Potential Identity Theft

Posted: July 28, 2017

Discover cardholders now have a new free service they can use to help keep their personal data safe and get a heads up if someone is trying to steal their identity. The service lets them know if their Social Security numbers are found on... Continue reading
Banks Donate Millions for Hurricane Harvey Relief
Banks Donate Millions for Hurricane Harvey Relief

Posted: September 01, 2017

Hurricane Harvey battered much of Texas, leaving devastation in its wake, with billions needed to help the state and its people recover. Banks and credit unions are stepping up by donating millions to the American Red Cross, local... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate.
For Excellent, Good Credit
Our application is quick and easy with instant pre-qualification available
For Fair / Good Credit