Elite Loan Capital | Introduction

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Personal Loans

Elite Benefits

Unsecured-No Collateral
No Risk
Satisfaction Guaranteed
Confidential
Secure & Private
No Upfront Fees
No Documentation required to Apply
Quick 5 minute easy application
Available Nationwide in all 50 states

23441 Golden Springs Dr #219
Diamond Bar, CA 91765
Phone: (909) 597-9020
Fax: (909) 752-3176
Toll Free: 888-705-5007

Repayment Expectations

If something is loaned with no definitive return date, it could be construed as a gift. That happens many times when family members loan money saying, "pay me back when you can afford it." For the lender, there is a reasonable expectation of repayment. But to the borrower, there can be some ambiguity: (1) did the lender reasonably expect that the family member could afford it; (2) did they expect they would pay it back; or (3) did the lender just hope the borrower would repay? If you loan something and just hope and don't really know or care if you get it back, it is reasonable to consider it a gift, especially if the borrower never had any expectation to return it to you. People have all heard of family members loaning money to each other, thinking to themselves, "We'll be lucky to get any of it back." That is because the money loaned was really a gift, and if the giver gets the money back, he or she will consider that payback as a gift as well.

While many financial institutions have personal loans with payback periods from 3-7 years, a personal credit line can usually be open for as long as you keep it active. Personal loans or unsecured personal lines of credit are good alternatives to home equity loans, since so many of us no longer have much equity because of the current housing market. You may find it easier in today's economy to qualify for a personal loan or personal line of credit than for a home equity loan. Once you receive your funds from an unsecured personal loan approval or line of credit, you can do just about anything you want with the money!

Let Elite Loan Capital do the work and expedite the process for you. Our experts can save you time and money. We will find you the best programs to suit your specific needs. Call us toll-free now at 888-705-5007. Or fill out our More Information request form below and one of our consultants will contact you at the time you specify. We look forward to helping you achieve your dreams!

Personal Loan Introduction

What is a personal loan? A personal loan is an exchange of any item between parties (minimum of two) where the party that is lending (the lender) has a reasonable expectation that the item will be returned by the party who is borrowing (borrower). This is different from a gift where that reasonable expectation doesn't exist.

A personal loan can be money that a person gets from a family member, a friend, or a financial institution. With a personal loan from a financial institution, one usually has a contract that details the terms and conditions of the loan and the cost of borrowing the money. This cost of money is called interest. Lenders loan money to make income by collecting the interest from borrowers. Please note that interest rates vary from one financial institution to another, so it makes good sense to shop around for the best deal when looking for a personal loan from a financial institution. By using our services, Elite Loan Capital can help you locate the right loan.

A personal loan from family or friend is often made without a contract. This is usually a bad idea, because over time, the details can be forgotten, and the parties may get confused over how much is owed, or if it was even a loan or just a gift in the first place. These disagreements can eventually harm the relationship between the lender and the borrower. Who wants to lose a friend over a dispute involving money?

While the meaning of a personal loan may seem obvious, there are plenty of court cases where the lender thought the transaction to be a loan, but the borrower believed it to be a gift. The more valuable the item loaned, the more a contract becomes necessary. Usually a clear discussion about what is being borrowed and when it should be returned is sufficient. But a sum of money being loaned should also include a written agreement, as a form of contract, to protect the interests of both parties involved.