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In my younger days, it was quite difficult to get loans. The situation has now changed. Many banks now offer personal loans at relatively low interest rates (at least, compared to credit cards). It seems that the financial requirements are getting more lax, with annual lower income requirements.

You have the choice of either unsecured loans (no collateral needed) or secured loans. For a secured loan, the bank will typically ask for some form or collateral, for example stocks, fixed deposit certificates, or even property.

I have to say the banks are becoming more irresponsible with their personal loan advertising. The thing is, do you really need a loan just to go on holiday or to pay for some minor home renovations? You should be saving up for some things rather than incurring debt immediately. If you keep up signing up for credit cards and personal loans, eventually you’ll be spending beyond your means and end up having trouble paying for it all. Then you’ll need to sign up for some sort of debt consolidation service. Debt consolidation will lower your overall monthly payments to a more manageable level, but will take longer to pay off.

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