How do Beneficial unsecured personal loans compare to the competition? If you need a loan fast you might you may have already considered an unsecured personal loan. With so many different products on the market, it is easy to be confused about which particular loan to apply for.
The Beneficial Corporation has a range of credit options for multiple purposes, but what features do Beneficial personal loans have that differentiate them in a crammed market space?
Beneficial Personal Loan Characteristics
As you are probably aware an unsecured loan is a debt that you take on without having to put a property or other significant possession that you own up as collateral. Unsecured personal loans are also generally quick to arrange since they require less paperwork, have shorter payment terms and only allow you to borrow up to a certain amount.
A Beneficial unsecured personal loan does not require a title search or home appraisal to be carried out prior to application approval, and so Beneficial claims that funds from a successful loan application with its organization can reach a borrower’s account within 24 hours.
Personal Loans Offered by Beneficial
Beneficial offer two types of unsecured loans for personal use:
- personal instalment loans
- personal lines of credit.
A Beneficial Instalment Loan is a credit agreement whereby a borrower receives a lump sum amount equal to the value of the total amount he or she wishes to borrow. Also known as a closed-end personal loans, Beneficial’s Instalment Loans are so designed that if you always make your loan payments on (or ahead of) time your payment amounts will always remain the same. The value of this is that so long as your payment amounts do not change you can better manage your financial position each month.
A Beneficial Personal Line of Credit is a type of credit agreement where the borrower needs to borrow varying amounts of money at different points in time. Also called open-end personal loans, Beneficial’s Personal Line of Credit your payment amounts can vary according to interest rates, the upper amount of credit that you use and how you pay it back. The Personal Line of Credit can be used time and again so long as you always make payments in an effort to clear down your existing balance.
Applying for Beneficial Personal Loans
An application for a Beneficial unsecured personal loan is a three-step process. Firstly you have to provide some information about yourself such as your personal details and your financial situation. Once Beneficial has this information you will be contacted by a representative who will have a preliminary discussion with you about what loans options are available to you.
Once your initial Beneficial loans application has been logged you may be required to meet with a loans account executive to talk things through in person. This may help to ensure you get the most appropriate loan plan for your situation. Once you are comfortable that you have all the facts and are in a position to make an informed decision, you will then be in a position to make a full application for a Beneficial unsecured loan. Once the you Beneficial loan has been approved, you can choose to have the funds directly into your bank account, have a check sent to your home address or collect your check in person at a Beneficial branch.
The third step takes place after you have received your loan. This step revolves around the management of your Beneficial loans account. Once you have successfully applied for a Beneficial personal loan you will receive automatic access to your loan account on-line. This service enables you to view your loan account in real time and take advantage of such services as:
- Email alert set-up.
- Electronic statement requests.
- Automatic debits.
- Rush or recurring payment scheduling.
Find out more about Beneficial unsecured personal loans here.