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Loan Broker Training: Personal Loans
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Posted On :
Dec-09-2011
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Article Word Count :
582
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This article is about loan broker training
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Being a loan broker, you must be adept with all the various loan types and categories. You must know which types are best for your clients, as well as identifying those companies which are carrying such products. Most popular types of loans an established loan broker may offer are home loans, car loans and personal loans and a lot more. For those who are not familiar with the different kinds of loans and other procedures on how loans are made, going into a loan broker training is a must.
Talking about popular loan types, the most common of these are those called personal loans. Personal loans are different from other loans, for one, some personal loans don’t need any collateral. Interest rates for personal loans are also higher as compared to other types of loans. People would need extra money sooner or later and borrowing some cash in banks, financial institutions and loan brokers are one of the most logical choices to ask for money on loan.
There are a lot of reasons why a person would ask for a personal loan. Top of the list is when he is buying a new house or a car. Starting up a new business but lacks enough capital is another reason. Paying of medical bills is also a top reason why people are opting for a personal loan. Money from personal loans can be used for almost anything, thus it can be used to pay of your other debts or used it for “general purposes”.
For some instances, people get rejected by banks and other financial institutions in their personal loan applications. Reasons behind it can be anything from bad credit history, low income, criminal records and others. For these instances, going for a loan broker can be the best choice for you. Loan brokers can help you look for a bank or a corporation that are willing you to lend some of their money.
A loan broker can help you get a personal loan. He can give you different choices such as:
Secured Personal Loans
Secured personal loans are loans that are backed by collateral. Collateral can be anything of value that you own such as your house, car, jewelry or a piece of land. This type of personal loans can also be secured via showing your cash flow or income statement.
Unsecured Personal Loans
Unsecured personal loans are loans that can be granted without any collateral and proof of your assets or cash flow. The investors are counting on your word and the legal document that you’ve signed that you’ll be paying your loan within the specified time complete with interests. Having a good credit history can land you an unsecured personal loan.
Line of Credit
Line of credit personal loans may or may not be secured. This type of personal loans is one of the most flexible, where the borrower can pay the interest and principal on an agreed monthly plan. The interest rate for this type of loan is also lower as compared to the other personal loan types.
There are still a lot of specialty personal loans that you can avail. For those who want to be a loan broker and wants to know more on the different personal loan types and how they work, going to a proper loan broker training program is your best course of action.
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Article Source :
http://www.articleseen.com/Article_Loan Broker Training: Personal Loans_116580.aspx
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Author Resource :
The author offers freight broker training, Insurance broker training and loan broker training advice. This training helps you in gaining knowledge in respective field and starting your own venture successfully. Through this article the author provides
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Keywords :
Loan broker training,
Category :
Finance
:
Loans
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