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Consumer loans have fixed loan repayment periods. The loan periods are usually stated based on the number of months. Most repayment periods are between 12 and 60 months, depending on the time period you have set to repay your consumer loan. Longer repayment periods may mean lower repayment amounts, but that also means that youre paying more in term

Private Student Loan Consolidation. Private student loans cannot, in general, be consolidated with federal student loans. The low interest rates on federal consolidation loans are not available to private education loans. So the main benefit of such a consolidation is obtaining a single monthly payment.

Building credit. Borrowers with bad credit can turn to consumer loans instead of credit cards. The other major benefit of a consumer installment loan is that the lender may report the borrower's payment history to credit reporting agencies.

Trying to take a loan is a nightmare for most of the people in any situation and, coupled with a bad credit score or CIBIL score, it promises to be a hellish experience for everyone involved.Low or bad credit rating effectively ruins your chances of getting a loan from a financial institution because they view you as a bad egg, someone who might de

A secured loan is generally linked to asset like house,car and the opposite for insecured loan as its not secured by any asset.

Simply put, a consolidate loan pays off all or several of your outstanding debts, particularly credit card debt. It means fewer monthly payments and lower interest rates. Consolidated loans are typically in the form of second mortgages or consumer loans.