Anna Maria Andriotis

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3,396 appearances 52 recordings 1 series first heard Jul 2017 last heard Dec 2022

Anna Maria Andriotis’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Personal Loans Make a Comeback: What You Need to Know Before Borrowing · 3 May 2022 podcast

With a personal loan, there isn't an asset in most cases that serves as collateral for the loan.

So for that reason, it can be very appealing to consumers to sign up for one of these loans.

Consumers, of course, going into these loans, getting these loans with good intentions, would know that, well, should something not go well in the future, should I suddenly lose my job or should I suddenly...

just not be able to pay, I'm not going to lose my car.

I'm not going to lose my house.

This thing is unsecured.

Now, at the same time, the interest rates on these loans can be pretty high, especially when compared to the interest rates of secured loans, of loans like car loans and mortgages.

There is a pretty big range with regards to what the rates on these loans could be, depending for the most part on people's credit scores.

But in most cases, they can range anywhere from the high

single digits to 20, 25% APR.

So once you get to those sort of double digit interest rates, it does certainly become a costly loan.

And people need to sort of assess whether taking on those interest expenses makes sense for them.

personal loans do have set end payment dates.

So unlike credit card debt, people can find personal loans a lot more manageable because there's a fixed payment that's required every single month.

The rates are usually fixed.

And you know that by X month of X year, you will be done paying this loan.

So it's good from a sort of planning perspective.

I'd say from the con side,

During the first quarter of this year, the solicitations for personal loans that were mailed out to U.S.

consumers totaled $564 million.

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