What is a Computer Loan?

A computer loan is money lent to an individual or company for the purpose of purchasing a computer, related hardware, and software. Not only can the money be used for a computer, but you may be allowed to purchase a printer, scanner, modem, router, or other related equipment.

Since computers have become a necessity for education and business, the computer loan has been made available so that individual who may not have the cash or credit cards to purchase one. This is particularly helpful for college students just starting out who may not have much money or credit history. Student loans tend to only cover room and board and tuition, and therefore these additional funds may be needed.

Computer loans can also offer lower interest rates than many credit cards. This can save people a considerable amount of money, because they could end up spending twice as much on interest paying the balance off over time. The term on this type of loan can range from 1 to 5 years.

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