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ID: com.creditoptimal.app187870

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The description of Easy Personal Loans


Personal loans are the fastest-growing debt category worldwide, particularly in the United States of America. Due to the improvement in technology and innovation like fintech, cryptocurrency, blockchain, these loans are easy to access and affordable.

Through personal loans, people can borrow a lump-sum amount for various uses and pay it back in monthly installments over a set period. This debt is mainly considered an alternative to cheap credit cards due to the lower interest rate.

People use personal loans on various occasions ranging from house improvements and paying for expenses incurred on vacation abroad to emergency expenses like medical bills. Even though personal loans are cheap, they cannot be categorized as free money.

People get personal loan rates that vary from one creditor to another. The personal loan rate depends on several critical factors like the person's credit score and so on. Generally, the best personal loan rates range from 3%, the minimum, to 35%, the maximum APR a loan provider asks for.

Some loan providers put a restriction on where the borrower can use the money, and if the borrower uses it for something that their creditor does not permit, they will have to pay the penalty, and the loan may also be taken away from them.

Since personal loans are designed to help people who have met an unforeseen situation and need an influx of cash, such loans come with conditions like the dos and don'ts of spending the loan. Moreover, people sign an agreement under which they have to pay back the amount every month in installments to the loan provider.

A personal loan will not impact an individual's credit score if all the installments are paid back in time. If the borrowers delay on their dues, the loan provider is within the right to report it to the major credit bureaus. Most creditors report to the credit bureaus when the loan is paid back on time to help the person improve their credit rating for better rates in the future.

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APR Rates Range From 5.99% (but not more than 35% for loans from App) Maximum APR for qualified consumers. Repayment terms from 3 months to 36 months. This number will be set by your lender and you will be notified of the final number before accepting the loan terms. We are not a lender and does not have the ability to disclose exact APR.

If you borrowed $5000.00 over a 4 years period and the loan had a 8.00% arrangement fee ($400), your monthly repayments would be $131.67, with a total payback amount of 20.12 which including the 8.00% fee paid from the loan amount, would have a total cost of $1720.12. Representative 18.23% APR.
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  • Category

    Finance
  • Requirements:

    Android Varies with device+

Easy Personal Loans Varies with device APK for Android Varies with device+

Version Varies with device for Android Varies with device+
Update on 2022-06-24
Installs 50++
File size 0 bytes
Permissions view permissions
What's new Initial release

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