How to Borrow Money and Not Fall Into a Deep Hole

MINNEAPOLIS, July 8, 2013 /PRNewswire/ -- When it comes to unsecured loans, both the borrower and the lender have responsibilities. The lender must follow specific lending practices, such as charging interest rates and fees that fall within legal limitations and not actively market to vulnerable members of society. The borrower must determine whether the money they wish to borrow is necessary and be confident that they will be able to pay the loan back within the agreed guidelines.

As a facilitator, UnsecuredLoans.org wants to help ensure borrowers have access to the funds they need and are able to use these resources responsibly.  As such, they have created a list of guidelines that borrowers can follow when considering a loan.

• Like other types of borrowing, such as a loan from a bank or funds from a credit card, short-term loans must be repaid and with interest, fees and terms dictated by the lender.
• Be sure to read and fully understand the agreement in place before signing on the dotted line. Legally, lenders must provide the annual percentage rate (APR) and all fees in writing before the borrower signs the loan agreement.
• Generally, unsecured loans come with fees. If the loan must be renewed or rolled over, a fee will be charged for the service.
• Do not take out a larger amount than can be paid back within the initial parameters of the agreement.
• When researching websites to use for online applications, be sure to choose a reputable site. Look for a "https://" in the browser of the application page, which signifies the personal information entered is protected.
• Remember that unsecured, short-term loans are intended to be used for emergency situations. They are not long-term solutions to financial problems and they should not be used to pay off old debt.

The ease of taking out an unsecured loan online makes this source of cash quite appealing. However, it is important to not allow this convenience to lead to further debt problems. If you are experience serious financial hardships or would like to improve your financial education, visit the Federal Deposit Insurance Corporation (FDIC) website. Resources can be found through their adult education program, Money Smart.

About UnsecuredLoans.org:

UnsecuredLoans.org connects borrowers with lenders who provide short-term, unsecured loans. We work with lenders who can accept anyone regardless of credit rating who offer a quick, simple and hassle-free application form for funding up to $5000. Visit our website or contact our company to learn more. http://www.unsecuredloans.org

Contact: Jennifer Goodwin 
Media Relations Specialist
UnsecuredLoans.org          
Email

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SOURCE UnsecuredLoans.org