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    Edmundo Daco Jr.

    Personal loans are consumer loans that can be sourced from banks, credit unions, online lenders and private lenders. It can be applied for any purpose the borrower might have. All working individuals in the US are eligible to apply for a personal loan, including new immigrants. However, new immigrants make misjudgements when applying for personal loans. For one, some of them tend to get loans right after getting a job without prioritizing savings first. Also, some new immigrants will get the loan even if there is a huge interest rate resulting in huge monthly repayments. Lastly, many new immigrants are not shopping well enough to find the best personal loan product available for them, which leads to bad personal loan deals.

    There are actually a lot of lenders, like STILT, which give out personal loans with low interest rates and no collateral or cosigner needed. The application process is very easy and approvals are released within 24 hours. When applying for personal loans, you should always look for the best deal you can have.

     

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