Personal loans for nurses can be easily found on the Internet, but in order to make sure that you will be provided with good conditions, you should keep in mind a few things to pay your attention to.
In this article, you will find all the needed information about such loans and how to find the best offer.
Why Do Nurses need to Get Additional Money?
Many people believe that if you are a nurse, you should not have any problem with the money, but there are lots of nursing professionals looking for additional money for different reasons.
Some of them may have to spend lots of money to repay their education loan, which means that they have not saved enough to pay for large purchases, vacations, etc.
Sometimes, savings are not just enough to cover come expenses or a nurse may have the money on a deposit account and do not want to touch them to pay some bills, especially when they are facing some emergencies and need to get the money quickly.
Direct Lenders Offer
Lenders prefer to deal with borrowers who have a stable job with a good salary, and nurses are those who fell under this category.
This means that if you work as a nurse, your chances of getting a loan are pretty high.
However, this does not mean that every nurse can get a loan without any problems because there may be certain things that affect one’s creditworthiness, such as bad credit, and in this case, nurses have to look for lenders willing to give them the money despite this fact.
PayDay Loans or Installment Loans
There are different personal loans for registered nurses, and it is important to choose the right one.
Payday loans will be suitable for those looking for a cash advance to cover some expenses until they get their salary.
The term of such a loan is no more than 31 days, and you will have to pay everything back from your next paycheck.
You can apply for this loan as long as you can pay your debt within one month or less.
Installment loans allow dividing your debt, including principal and interest, in several parts (installments).
A certain payment will be set for you, and you will have to pay it accurately every month until you have paid everything off.
Apply for this loan if you want to cover your debt gradually.
Also, such loans may be the only option available for nurses living in certain states where payday loans are prohibited.
Loan with Bad Credit
It is great if you have a good salary, but your credit score also matters, and if it is low, you may face problems with getting financial help.
However, it is still possible to get a loan if you do not ask for lots of money and for a long period of time.
Loans for nurses with bad credit may cost you more, which is also another reason not to take lots of money.
The thing is that you improve your credit score every time you pay off your debts on time, and if you manage to repay your loan without problems, you will likely be able to apply with the same lender at better conditions later.
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Representative Repayment Examples
1. A 2 year loan of $5,000 with a max Annual Percentage Rate (APR) of 12.99% would result in 24 scheduled monthly payments of $238. Total amount of loan re-paid would be $5,704. Total Interest paid would be $704.
2. If you borrowed $2,000 over a 12 month period and the loan had a 3% origination fee ($60), your monthly repayments would be $189.12, with a total payback amount of $2269.44 which including the 3% fee paid from the loan amount, would have a total cost of $329.44. Representative 29.82% APR.
3. Loan amount $2,500, Interest rate 16.00%, Term 36 months, Fee 10.00%, Payment $87.89, APR 22.93%, TOTAL PAYMENTS $3,164.13, $914.13
Texas46bbq.com is not a lender – as such, we do not have control over the APR you will be offered. We display a Representative APR only as it is based on data offered from multiple lenders. The following represents sample rates, is for informational purposes only, and may not reflect the actual APRs offered by your lender or lending partner.