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Large purchase personal loans are essentially personal loans used to cover the cost of almost any large purchase. Personal loans are one-time, fixed-rate loans that are repaid in monthly installments over a specified time period.
When you apply for a personal loan to pay for your large purchase, you are asking a lender, such as a bank or credit union, to lend you money to cover the total or partial cost of the large purchase. If you are approved, you will repay the personal loan plus interest in installments over time. This can be an appealing option because, depending on your credit history, income, and a number of other factors, you may be able to receive a lower interest rate than you would with a credit card.
Because personal loans are typically unsecured, lenders put a high priority on an applicant’s financial profile, such as credit score and debt-to-income ratio, when deciding eligibility. Borrowers with good credit will have lower APRs than those with average or bad credit. APR, or annual percentage rate, is the cost of borrowing a loan over the period of a year. A lower APR indicates a lower total loan cost.
A large purchase loan is a type of personal loan that allows you to spread out the cost of a large purchase over time, such as a home repair, medical bills, or a wedding. Some banks, credit unions, and online lenders offer loans for large purchases and most of the time, these lenders offer fixed interest rates, which may make it more appealing to get a personal loan than to use a credit card with a variable interest rate.
After being approved for a large purchase loan, you will often receive a lump sum of cash deposited into your account. You can then utilize the funds to make your large purchase and repay the loan over time.