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Best Personal Loan

The best personal loan a person can get is one with a low interest rate and generous repayment terms. A low interest rate means that you will pay less to pay off the loan while generous repayment terms mean you have a longer time to pay off the loan.

The best personal loan a person can usually get is one from friends or relatives. A private individual can usually give a borrower a better interest rate and take longer to pay it off.

Going to friends or relatives for a loan can be embarrassing but it can save you a lot of money. One thing to remember: only get a personal loan from friends or relatives if you know they can afford to lend you the money. If you suspect that borrowing money from a friend or relative will put them in any sort of hardship, don’t borrow money from them.

Best Personal Loan from Friend or Relative

Always treat a personal loan from a friend or relative like a regular loan. This means you should create a contract that outlines the terms of the loan, the amount of interest charge and specify repayment. Both parties should sign the contract and keep copies of it available. Having such a contract can help you avoid disputes in the future.

Another good suggestion is to charge some interest on a loan so that your friend or relative will at least recoup some losses. Charging interest can help them recoup their losses give you an incentive to pay off the loan.

Finally consider using collateral on such a loan. Give your friend or relative some piece of property such as jewelry, the title to a vehicle or a firearm as collateral. This means the person can at least get back some of the money by selling collateral.

Pawnshops a Source of Best Personal Loans 

Some of the best personal loans available to average people are those from the pawn shop. There are many advantages to going to the pawn shop for personal loans.

One big advantage is that you won’t owe money to the pawnbroker if you can’t pay off the loan. The pawnbroker can recoup his losses by selling off whatever item you put up as collateral. Another is that the pawnbroker won’t check your credit rating when you use his services.

Another big advantage to best personal loans from the pawnshop is that pawnbrokers generally pay out loans in cash. A person can take an item into the pawnshop and get cash almost immediately.

A drawback to the pawnshop is that the amount of the loan will be restricted to a percentage of the value of the item pawned. Pawnbrokers will limit what they take for pawn and the amount they pay out on items pawned.

The Best Personal Loan

The best personal loan will always be that with the lowest interest rate and the most generous terms. No matter what kind of personal loan you get try to get a personal loan with a low interest rate and very generous terms.

The way to find the best personal loan is to shop around for it. If you can’t get a loan from a friend or relative or use a pawnshop go online. There are hundreds of lenders online and one of them should have the best personal loan.