Risks of Unsecured Loans- Anthony Punzone
Taking loans has advantages financially as it can support the sudden need for fundsfor financial matters such as business, school, housing, bills, and other expenses. As it is a financial activity, ensuring that the process is done with security must be prioritized. If not, then risks will be expected to come. With this, here are the risks once you have an unsecured loan. These risks are highlighted by Anthony Punzone , who is a well-known individual and the owner of Wall Street Banking Services. 1. Interest Rates You shouldn't obtain a personal loan only because you are eligible for one. Some personal loans have interest rates that are much below 10%, while some have rates that are 3 - 4 times higher. The lending rates on such loans are determined by your credit rating, but lenders are free to charge anything they want as long as the rate does not exceed specific legal limits. When considering annual percentage, be cautious (APR). Manipulation ...