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Personal loans are easy to obtain for most individuals. Even those individuals with poor credit or who haven’t established a credit rating can generally get one. You will need to verify income, employment, and residence when you apply. Personal loans are a fast and convenient way to get the money you need for a variety of needs. The funds can be used for essentials, travel, education, or to pay other loans. The choice is yours.

There are two types of personal loans, secured and unsecured. It can be hard to decide which one is best for you. Secured loans come with a lower interest rate than unsecured loans. However to get that lower interest rate you will have to offer some type of asset to the lender in the event you are not able to repay your loan. In many cases, the one you will choose will depend on what you are eligible for. Unsecured loans are generally available to those who have a good or outstanding credit rating and a steady income. Secured loans are usually the only option for those with poor credit, no credit history, and an unsteady work history.

Secured personal loans are a great way to establish your credit. They payments are often low, but your interest may be off the charts. To offset, this use it to your advantage. Only borrow what you need. Too often applicants hear the dollar amount they are eligible for and run with it.

Know before you apply what amount you are looking for as well as what you plan to use it for. Then stick to that. Don’t let a high pressure lender talk you into taking more than you really need. If this personal loan is your opportunity to establish your credit history, then don’t blow it. Use it wisely. Make all your monthly payments on time. If possible pay the loan off sooner to show you are responsible. Doing so will make the process much easier the next time you need to apply for a loan. Secured loans can also be a second chance for those with poor credit to redeem themselves.

It is important that you don’t miss any payments with a secured loan. If you find you can’t make a payment for some reason, contact the lender immediately to work out a solution. This is very important if you have lost your source of income. Most lenders will try to resolve the issue before reporting the personal loan as being in default. Since you have secured the loan with some type of property you own, you are at risk of losing that item if you can’t repay the loan. It is in your best interest to find a solution to stay on track with the payments of a secured personal loan.

Unsecured personal loans have a higher interest rate, but you will have the peace of mind that nothing you own is tied to that loan if you default on it. However, it is still very important for you to take responsibility for the debt and pay it as outlined in your loan terms. The same rules apply here as with a secured loan. Only borrow what you need and pay it back early if possible to keep your credit score high and reduce the amount of interest you will pay on the loan.

Normally, graduate students pay for tuition fee more than undergraduate. Therefore, the main purpose of graduate loans is to help fund their education. There are two venues in which graduate students can obtain graduate loans: the government and private entities, (who provide alternative graduate loans). Each of these is discussed in more detail below.

1. Government Graduate Loans
This type of loan is the same as undergraduate loan. The only difference is name. Like undergraduates, graduates have the opportunity to get a Stafford or Perkins loan from the government.

Stafford graduate loans are available to any graduate student regardless of their financial situation. Two types of Stafford graduate loans exist: subsidized and unsubsidized. The difference in the two lies in who pays the interest. For subsidized Stafford graduate loans, the government pays the interest. Students pay for the interest in unsubsidized Stafford graduate loans, though there is the option of not having to make payments until after graduation.

A Perkins graduate loan is available to students who demonstrate financial hardship. It has an interest rate of only 5 percent and can finance up to $4,000 of the graduate student’s education. For graduate students who are adversely limited economically, the Perkins loan is not a bad option. However, one must keep in mind that payments are still expected to be received promptly and perpetually. In extreme circumstances it is possible to request a deferment on loan payments until one is able to pay normally.

To apply for either the Perkins or Stafford graduate loans, one must submit a FAFSA form to the government. When the form has been processed the government will send a SAR (Student Aide Report) which will give further instructions on how to apply for these loans.

2. Alternate Graduate Loans
This loan has also been known as private graduate loans, are loans funded by non-governmental entities. Companies offering these loans could be banks, credit card agencies or any other enterprise interested in helping graduate students secure student loans. The Education Resources Institute (TERI) is an example of a company offering this type of loan. It is called the Act Graduate Student loan program. The application can be filled out online at http://gradloans.com. Decisions are received in as little as 15 minutes.

You can first try to visit websites of all the major banks because many do offer student loans services. Or you can use a search engine by typing the name of banks you know. Some banks will even offer graduate loan comparison charts to help their customers see how their loans stack up against the competitors. These charts can serve as a further aide in researching graduate loans.