According to Bankrate, the interest on a life insurance loan is usually between 5 and 9. This makes this type of loan cheaper than either credit cards or personal loans. A Flexible Schedule. You have the rest of your life to pay back your loan. Unlike a bank or a credit card company, your life insurer wont come after you demanding payment. However, this kind of loan also has some downsides, such as: Limited Value. The amount you can borrow against your life insurance depends on the value of the policy.
However, it takes years for a life insurance policy to build up a significant cash value. This means that in the early years of your policy, you wont be able to borrow very much. But most payday loans are only a few hundred dollars, and theres a fast payday loans for poor credit chance you can tap your insurance for that much.
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