These loans are most common and the capital may be used for virtually any expense (from buying a new stereo system to paying off a common bill). Typically, personal loans are unsecured, and range anywhere from a few hundred to a few thousand dollars. As a general rule, Silverline Financial Services requires some form of income verification, and/or proof of other assets worth at least as much as the individual is borrowing. When availed from banks, the downside is the interest, which is high and ranges anywhere between 10-12%. Personal loans sometimes carry a short repayment tenure, making them impractical for individuals looking to finance large projects. Personal loans, pretty much as the name suggests, must be used for personal purposes. Personal loans are a great option for individuals looking to borrow relatively small amounts of money, and who are able to repay the loan within a couple of years.
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