Personal loans offer cash without requiring that you own a house, car, gold, or some other asset, and personal loans can be used for expenses such as consolidating debt you already have, paying medical bills, or improving your home.
Is a Personal Loan Right for Me?
Personal loans are most commonly used in the following instances:
- You have existing debt, want to pay a lower interest rate on the balance, and cannot get a balance transfer credit card
- You have an upcoming expense that you cannot afford, but you don’t own a house or have cash to obtain a secured loan
Personal loans are a solid solution in either situation because the interest rate on a personal loan is lower than the interest rate on credit card debt and other altnernative sources of financing. While personal loans are available for consumers with less-than-perfect credit, the interest rate that you receive will depend upon your credit history.
Below are representative interest rates for personal loans
Finding a personal loan can be difficult because in addition to some lenders only approving consumers with certain types of credit, many also only lend in specific states and for specific purposes. For instance, one lender may be a great option for a consumer in Alabama, but if that same person moves to California, he will be denied a loan from the same lender.
We’ve made it easy for borrowers to understand exactly which lenders are most likely to approve them. Just scroll up and select the options that apply to you, and you’ll see the lenders changed based off of your selections.
Pros of a Personal Loan
- Low interest rates and competitive offers
- Rates offered are often better that credit cards
- Ability to finance a variety needs and expenses
- Easy and simple online application processes
- Loans are unsecured and not tied to an asset
- Consumers get their funds fast – usually in 1 to 5 business days
- Bump in credit score for those consolidating credit card debt
Cons of a Personal Loan
- Some lenders charge origination fees to process your loan
- Teaser rates are only offered to super prime applicants (780+ credit scores)
- Consumers with credit scores below 580 will have limited loan options
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THE OPERATOR OF THIS WEBSITE IS NOT A LENDER, does not make credit decisions, and does not charge any application fees. This Website does not constitute an offer or solicitation to lend. This Website provides a service wherein we submit the information you provide to one or more lenders and attempt to match you with a lender. This service is not available in all states, and the states serviced by this Website may change from time to time and without notice. Providing your information on this Website does not guarantee that you will be matched with a lender or approved for a loan. The lender may perform a credit check or otherwise verify the information you provide. Not all lending partners offer loans up to the advertised amount and not all lenders can provide you with the loan amount you requested. Loan amounts are determined by the lender based on individual creditworthiness. All financial terms of the loan will be provided to you by the lender. Loan terms, conditions, and policies vary by lender, state, and applicant qualifications. For details, questions, or concerns regarding your loan please contact your lender directly. In some situations, faxing or emailing of documents may be required. Cash transfer times may vary between lenders and may depend on your individual financial institution. Loan repayment periods could vary by lender and location. Not all applicants will meet the lending criteria to qualify for a loan.
Borrow Responsibly – A short-term loan is ideally used for short-term financial needs only, not as a long-term financial solution. Late or missed loan payments may be subject to increased fees and interest rates. Lenders may use collection services for nonpayment of loans. We recommend seeking credit counseling if you have financial difficulties.