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{"id":1024150,"type":0,"block_id":"hannamartens_1367288042","theme_id":20,"user_id":351636,"path":"Personal-Loans-73","title":"Personal Loans","pubtitle":"Personal Loans","tags":"","public":true,"publicAccess":true,"private_link_enabled":0,"thumb":"https://s3-eu-west-1.amazonaws.com/infogram-thumbs-200/hannamartens_1367288042.jpg","width":550,"copyright":"Copyright notice","properties":{"publishType":0,"transparent":false,"rtl":false,"export_settings":{"showGrid":true,"showValues":true},"whitelabel":false,"embed_button":"enabled","title_link":"infogram","custom_logo":"infogram","custom_link_url":"","embed_button_text":"Share","decimal_separator":".,"},"elements":[{"type":"particle","particle_id":14652538,"object_id":"5659d99a-ea70-11e4-a037-7b5f270fdca9","particle_type":"maintitle","picture":null,"text":"Personal Loans","content_type":"","title":null,"shrink":null},{"type":"particle","particle_id":1092841,"object_id":"hannamartens1367358027","particle_type":"maintitle","picture":null,"text":"Tips & Info","content_type":"","title":"","shrink":null},{"type":"particle","particle_id":1092899,"object_id":"hannamartens1367358199","particle_type":"bodytext","picture":null,"text":"•\tIt is beneficial to “shop around” and compare APR’s. The annual percentage rate tells the true cost of a loan taking into account the interest payable, any other charges, and when the payments fall due. Your bank may say they are providing you preferential rates however, interest rates can differ up to 3% depending on the bank.\n•\tThink about early repayment plans. Don’t forget that it’s possible you will be able to pay off your debt early. Many loan providers will apply a charge if you wish to do so, so it’s a good idea to check how much this might cost before you apply for a particular deal. If you think there is a good chance you will want to settle your loan early, it may be worth searching for a deal that comes without any early repayment charges.\n•\tCheck the small print to make sure you are eligible to apply for a loan. Many banks have certain terms and conditions to receive a personal loan. This can be based on the type of credit card you use, or your credit score. Some places only offer their best loan rates to current account customers.\n\nSecured Vs. Unsecured\nSecured loans are loans that are backed by an asset, such as a house in the case of a mortgage loan or a car with an auto loan. This piece of property is collateral for the loan and is considered less risk for the lender. Those with lower credit are more likely to be accepted if they apply for a secured loan. Unsecured loans involve borrowing money with no collateral. These loans are extra risky for the lender, and require a higher credit score. They are often shorter terms than the secured loans. ","content_type":"","title":"","shrink":null},{"type":"particle","particle_id":1081009,"object_id":"hannamartens_1367288042","particle_type":"quote","picture":null,"text":"Wells Fargo vs. Home State Bank ","content_type":"","title":"","shrink":null},{"type":"particle","particle_id":1092818,"object_id":"hannamartens1367357937","particle_type":"bodytext","picture":null,"text":"Below is a comparison between Wells Fargo, which is a nationally used bank and Home State Bank, which is local. The graph shows a theoretical situation. You take out $10,000 for a personal loan, with differing APRs due to banks and type of personal loan (secured vs. unsecured). The numbers below represent the total interest paid after 24 months. Each of these are in addition to the $10,000 you would have already paid back at the end of your term.","content_type":"","title":"","shrink":null},{"type":"chart","chart_id":1611208,"object_id":"hannamartens_1367352580","chart_type_nr":4,"data":[[["Companies","2"],["Wells Fargo Secured","824.96"],["Wells Fargo Unsecured","772.64"],["Home State Secured","716.00"],["Home State Unsecured","663.92"]]],"custom":{},"colors":[],"dimensions":[],"modifier":0,"sheetnames":[],"sheets_settings":[]},{"type":"particle","particle_id":1088719,"object_id":"hannamartens1367339506","particle_type":"bodytitle","picture":null,"text":"Sample Problems","content_type":"","title":"","shrink":null},{"type":"particle","particle_id":1088723,"object_id":"hannamartens1367339538","particle_type":"bodytext","picture":null,"text":"1. If you get a loan for $10,000, what is you interest equal to if you pay $13,000 after 5 years of paying off the loan? \n\n13,000=10,000(1+r/12)^60 \nlog1.3=60 log(1+r/12) \n0.00189905=log(1+r/12) \n10^.00189905=(1+r/12)\n5.25%=r ","content_type":"","title":"","shrink":null},{"type":"particle","particle_id":1088928,"object_id":"hannamartens1367340226","particle_type":"bodytext","picture":null,"text":"2. After n payments, you have paid off 10,000 dollars and you started at 30,000. If your interest rate is 7% and is compounded monthly, how many payments have you already made?\n\n20,000=30,000(1+.005833)^n-600/.005833[(1+.005833)^n-1]\n\n20,000=30,000(1.005833)^n-102,857.1487(1.005833)^n+102,857.1487\n\n20,000=-72877.1487(1.005833)^n+102857.1487\n\n-82857.1487=-72,877.1487(1.005833)^n\n\n1.136942=(1.005833)^n\n\nlog1.136942=n log(1.005833)\n\n22.0657=n rounded to 22 payments \n\n","content_type":"","title":"","shrink":null}],"theme":{"createdAt":"2016-04-22T04:54:06.000Z","updatedAt":"2016-12-28T10:32:12.000Z","logoImages":[""],"charts":{"wordcloud":{"labels":{"fontWeight":"700","fontFamily":"Arial"}},"treemap":{"labels":{"value":{"fontFamily":"PT Sans Narrow"},"name":{"fontWeight":"700","fontFamily":"PT Sans 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