People take out personal loans for various reasons. But there’s one thing for a fact. Personal loans are less common compared to credit cards. In the US, for instance, only 10% of the citizens apply for personal loans compared to a soaring more than 60% of the population applying for credit cards. Nonetheless, the popularity of personal loans is increasing every day.
So what exactly are personal loans and why should you consider (or not consider) taking one?
Personal loans are quite different from credit cards. The loans are obtained from banks, credit unions and other financial institutions and they require monthly payments over an agreed upon period of time. They are also a type of installment loan. The loans have a term of between two to five years, but this term can be less or higher depending on the loan amount and your agreement with the lender.
The Benefits of Personal Loans
The Loans Can be Used for Different Purposes
There are loans, like mortgages, student loans, auto loans and many others that have restrictions on usage. But with a personal loan, you can use the funds for any purpose. Just ensure that the money is used for a productive project to manage repayments.
No Collateral Required
Some personal loan lenders may need collateral for you to secure the loan but most of them don’t. They can, therefore, be a good option for those who do not have any asset to secure the loan.
You Can Qualify for Large Amounts
Personal loan limits range from $500-$100,000. It is, therefore, possible to borrow huge sums of money if you have large projects to undertake. There are other lenders, like Bonsai Finance who offer the loans with a limit of $500 to $5,000 and they also have flexible terms.
Affordable Rates
Personal loans also have lower rates when compared to credit cards. Provided you have a good credit score, the rates can be as low as 5%.
Disadvantages of Personal Loans
Fixed Payments
With credit card debts, you can take your time for you to pay off your bills, but personal loans require timely payments. If you do not pay the loan, you may risk losing your collateral or if it is an unsecured loan, you can be sued for failure to repay the loan.
Prepayment Penalties
If you apply for a credit card, you can avoid paying interest provided you pay off the balances on time. But when it comes to personal loans, paying the loan before the due date tends to attract a prepayment penalty and this can increase the total cost of the loan.
Personal loans can be a good option if you need funds for carrying out your personal projects. But these loans can also not be suitable for every situation. You, therefore, should do the math to ensure that you can afford to pay the debt on time. If not, you can consider other borrowing options to avoid hurting your credit score by defaulting or making late payments.
Ridgewood NJ, A fourth New Jersey child has died from flu complications this season, Health Commissioner Dr. Shereef Elnahal announced today.
The toddler, from northern New Jersey, died in a hospital early March and had several underlying medical conditions. To protect patient privacy, the Department will not be releasing additional information.
“I am deeply saddened for the family of this young child,” Commissioner Elnahal said. “We are still seeing high flu activity across the state. It’s not too late to get a flu shot to protect yourself and others who may not be able to get vaccinated for medical reasons.”
It is especially important for children, the elderly, health care workers and people with certain health conditions who are at high risk for serious flu complications to get vaccinated, Commissioner Elnahal emphasized. Influenza can cause severe illness and unfortunately can be deadly, especially in these vulnerable populations.
The Department also recommends that people take necessary precautions during this flu season: wash or disinfect your hands frequently, cover coughs and sneezes, stay home and call your health care provider if you are sick (especially with a fever).
In everyday life, people suffer harms caused by others. It is an inevitable consequence of living in any society. If specific legal requirements are met, individuals who suffer certain harms can seek compensation for the damages they may have incurred because of the harm.
This is done through the filing of a personal injury claim. Within this claim, the damages and the cause of the damages will be stated (known as the cause of action) and will be the basis of the lawsuit.
Claims against businesses
All brick-and-mortar businesses have to meet and maintain certain standards of care for the benefit of their customers and the public in general. If a business fails to meet these standards and someone is harmed at that business, then the business owner may be held liable.
The easiest example to think of is the classic slip-and-fall scenario. If a patron slips on butter near the kitchen, on the way to the restroom, then the restaurant owner may be held liable in court.
Businesses are also responsible for the safety of the products they produce. Before any company puts a product into the marketplace, they are required by law to be sure that it will not cause any foreseeable harm to those who buy it. Failure to do so can result in serious financial liability for the company.
For example, if a defective cell phone model has exploded and harmed numerous people, then the manufacturer may be on the hook for millions. Another example would be a set of tires that came off the line defective and caused a crash, or even restaurants, which are responsible for the quality of their food. If a restaurant is found to be the source of an illness that sickened its patrons, then that restaurant may soon be the target of one or more lawsuits.
Vehicular claims
Car accidents account for a large percentage of personal injuries in the United States. This is why insurance is an important requirement. However, in many cases, injured parties will have to bring a personal injury claim separate from their insurance claim, especially if the insurance provisions are inadequate to cover the damages.
How these damages are calculated varies from jurisdiction to jurisdiction. Jeff Preszler, a personal injury lawyer in Ontario, explains that Ontario courts follow the functional approach of calculating non-pecuniary damages; this approach seeks to provide the victim with enough funds to offer “reasonable solace” for their loss. However, other jurisdictions may use other approaches.
Wrongful death
When a person is killed because of another’s action or failure to act, the criminal law gets involved. However, it is not the only legal remedy for victims’ loved ones. Civil law allows certain people of relation to the victim, such as a spouse or child, to file a claim for wrongful death and seek damages. This legal action is not subject to the results of a criminal trial for the same act.
For example, a defendant is arrested and charged with murder. He successfully defends himself at trial and is acquitted. Even though he was found not guilty, the defendant may still be held responsible for that death in civil court. This is because the standard of proof is higher in criminal cases than it is in civil actions.
In criminal cases, a defendant must be found guilty of a homicide or any other crime beyond a reasonable doubt. Whereas in civil court, a defendant is found to be responsible for a death based on a preponderance of the evidence, which requires less legal proof than the reasonable doubt standard.
Defamation of character
The law recognizes a person’s reputation and character as an extension of their own self. Therefore, if a person or business damages the character or reputation of another, they may be held liable for defamation. If the defamation occurs in written form, it is called libel. A newspaper that publishes unfounded statements or lies about someone, risks being sued for libel. If the defamation is done verbally, then the cause of action would be slander. A talk show host, spreading lies about a celebrity on their show would be a case of slander.
It is important to note that truth, no matter how damaging, is one of the defenses against a charge of slander or libel. If a newspaper prints an article about how a certain celebrity is a thief, and that celebrity is in fact a thief, then there is no defamation, no matter how badly the celebrity’s character has been damaged by the printing of the article.
The harms caused by animals
Pets are interwoven into the fabric of human society. Because of this, pet owners are legally required to maintain a standard of care with their pets, in order to keep the public safe. One obvious law that helps keep the public safe from pets is the leash law, which obligates the owner to have his dog on a leash when out in public.
Even when not in public, dog and other pet owners still have the responsibility of protecting the public. Adequate fencing is a must. If a dog gets away from its property because of a hole in the fence, and attacks a passerby, the dog’s owner is most likely liable for the damages caused by the bite and quite possibly other damages, such as harm caused by the infliction of emotional stress.
If you are the victim of a harm that has caused you damage, the civil law may likely have a remedy for you. The list of harms above is not comprehensive, and the examples are there to give you just an idea of the breadth of cases that are actionable with a personal injury claim.
It is recommended that you contact a lawyer as soon as possible if you do indeed believe you have a valid claim. An experienced attorney specializing in personal injury cases will review your case and will help you decide the best course of action for your circumstance.
Teaneck NJ, The trustee of a pension fund has been indicted for embezzling from an employee benefits plan and failing to file annual reports for the plan, U.S. Attorney Craig Carpenito announced today.
Howard Preschel, 62, of Teaneck, New Jersey, is charged by indictment with 10 counts of embezzlement from an employee benefit plan and three counts of failure to file an annual report. He surrendered on March 12, 2019, and made his initial appearance before U.S. Magistrate Judge James C. Clark III. Preschel was released on $100,000 unsecured bond.
Mahwah NJ, Ridgewood own Sherma Andrews, creator, producer, and performer of The Legendary LadySingers Show where she showcases female legends who have influenced her musically. Sat. March 16, 8 pm .
Today at 8 PM – 11 PM
The Berrie Center 505 Ramapo Valley Rd, Mahwah, New Jersey 07430
East Rutherford NJ, according to Governor Phil Murphy the opening date for the American Dream Mall , originally projected for April, has been pushed back to at least late spring. “First of all, it’s happening. American Dream is happening,” Murphy said. “To the best of my knowledge, the last time I asked, it had slipped, I had thought, closer to June.” Murphy made these not-so-surprising remarks in a brief, one-minute response to a reporter’s question at an unrelated press conference at West Orange High School, where he was talking about school funding. He made the assertion based on his last conversations with the project’s representatives.
West Trenton, N.J. – Colonel Patrick J. Callahan has announced a commercial vehicle travel restriction due to the anticipated severity of the impending winter storm.
Effective Sunday, March 3 at 3:00 p.m., there will be a commercial vehicle travel restriction for the following roadways:
Ridgewood NJ, according to the AP the number of pedestrian deaths in the U.S. reached a nearly 30-year high in 2018. A report released on Thursday sites smartphone distraction and the growing prevalence of SUVs as possible factors.
Last year an estimated 6,227 people died on foot from car crashes nationwide, the most since 1990, according to the report. Pedestrian deaths now account for about 16% of motor-vehicle crash deaths, up from 12% a decade ago. In that span, all other traffic deaths grew by less than 5%.
Ridgewood NJ, With billions of consumers shopping online everyday, neglecting your ecommerce brand is never a good idea. To lead a small business well, you must be able to present a consistent brand. By developing a consistent brand and molding it to consumer expectations, your ecommerce site can become very successful. However, making too many changes to your brand may alarm a steady flow of consumers. However, neglecting to create and evolve your brand can stunt ecommerce growth. Consider some ways that you can develop a top-tier ecommerce brand using ReplyDesk for a business that thrives.
Ridgewood NJ, while the state waits patiently under the cover of darkness for a “major rain/ snow storm” . The governor promptly called a state of emergency at 12pm today and the New Jersey State Police ordered a ban of all commercial vehicles on major New Jersey highways a more disturbing development has taken place . With resources already stretched to the brink there is now a LIZZARD WARNING !
Ridgewood NJ, the National Weather Service issues a WINTER STORM WARNING IN EFFECT FROM NOON SATURDAY TO 6 PM EST SUNDAY… * WHAT…Heavy mixed precipitation expected. Total snow accumulations of 6 to 10 inches and ice accumulations of around one tenth of an inch expected. * WHERE…Portions of northeast New Jersey, southern Connecticut and the lower Hudson Valley in New York. * WHEN…From noon Saturday to 6 PM EST Sunday. * ADDITIONAL DETAILS…Travel could be very difficult. PRECAUTIONARY/PREPAREDNESS ACTIONS… A Winter Storm Warning means significant amounts of snow, sleet and ice will make travel very hazardous or impossible. Check local Department of Transportation information services for the latest road conditions.
Glen Rock NJ, A rollover crash following a high speed pursuit by Fair Lawn Police took place on the evening of Tuesday, 01/01 at the intersection of Gibson Place and Godfrey Terrace, Glen Rock. One (1) suspect in the vehicle was taken into custody by Fair Lawn Police and transported by a Glen Rock EMS ambulance to The Valley Hospital. A paramedic team from The Valley Hospital assisted Glen Rock EMTs with patient evaluation. A possibility exists that two (2) suspects from the incident triggering the pursuit may still be at large.
Midland Park NJ, according to the Midland Park Police ,a Midland Park resident was contacted by a female caller who represented herself as an employee of the IRS. The caller explained to the resident that her identity was being used fraudulently and the resident would have to make a payment for an IRS investigation to begin. The resident informed the female caller she did not understand why the IRS was contacting her and asked for a further explanation. The female caller then informed the resident that she would have someone from the Midland Park Police Department contact her and explain the situation to her. A short time later the resident received a phone call from the Midland Park Police Department main number 201-444-2300, a male who represented himself as Officer James Morris of the Midland Park Police Department advised the resident a monetary payment was needed to further investigate the identity fraud. The original female caller then came back on the phone and instructed the resident to deposit money in to a bitcoin ATM machine located inside of a Ramsey NJ restaurant. The resident was ultimately scammed out of several thousand dollars.
This incident is the first where a scammer spoofed the phone number of the Midland Park Police Department. Officer James Morris does NOT work for the Midland Park Police Department. The Midland Park Police Department does NOT solicit any type of monetary payment for the IRS.
We remind you to NOT send any type of payment with gift cards, bitcoin, or electronic wire services such as Western Union.
If you receive a call which you suspect to be a scam simply hang up the phone. If you are unsure of the authenticity of the call please contact us at 201-444-2300 or contact a trusted family member who can help you determine the authenticity of the call.
Washington DC, The US Senate overwhelmingly passed a criminal justice reform bill backed and promoted by President Trump on Tuesday night.The First Step Act passed on a vote of 87 to 12, with dozens of Republicans joining all the Democratic senators in approving the bill.
Congressmen Tom Reed (NY-23) and Josh Gottheimer (NJ-05), Co-Chairs of the bipartisan Problem Solvers Caucus, released to the following statement: “The Problem Solvers Caucus was proud to put our full weight behind the FIRST Step Act more than six months ago. This bill betters our communities, improves the lives of thousands and saves taxpayers money. Congress must continue to craft and pass more bipartisan legislation like the FIRST Step Act.”
Trump congratulated the Senate in a tweet soon after it passed , “America is the greatest Country in the world and my job is to fight for ALL citizens, even those who have made mistakes. Congratulations to the Senate on the bi-partisan passing of a historic Criminal Justice Reform Bill,” he tweeted. He went on , “This will keep our communities safer, and provide hope and a second chance, to those who earn it. In addition to everything else, billions of dollars will be saved. I look forward to signing this into law!”
The bill will make sweeping changes to the criminal justice system if signed into law, including making it easier for some prisoners to earn early release to halfway houses and protecting first-time offenders from mandatory minimum sentences.
Jared Kushner said in a USA Today editorial in November , “The administration also worked with Congress to draft the FIRST STEP Act, legislation which seeks to strengthen recidivism reduction and evidence-based reentry programs for inmates in federal prisons. We continue to work with the law enforcement and faith and business communities to find ways to get people leaving prison properly reintegrated into society.”
