Find the Cheapest Personal Loans

Loan company
Loan amount
Loan period
Interest
Monthly payback
Total cost
Loan
Apply
Loan amount: 3,000 $
All
Loan period: 1 Year
Interest rate: from 5.99 %
Monthly payback: 258.19 $
Estimated total costs: 98.23 $
Borrow up to: 
35,000 $

Estimated pay back: 
11-08-2018
Bad credit score: 



Weekend payout: 

Age: 
18

Credit check: 
Loan amount: 3,000 $
All
Loan period: 1 Year
Interest rate: from 7 %
Monthly payback: 259.58 $
Estimated total costs: 114.96 $
Borrow up to: 
35,000 $

Estimated pay back: 
11-08-2018
Bad credit score: 



Weekend payout: 

Age: 
18

Credit check: 
Clarity Services
Loan amount: 3,000 $
All
Loan period: 1 Year
Interest rate: from 34 %
Monthly payback: 298.40 $
Estimated total costs: 580.75 $
Borrow up to: 
10,000 $

Estimated pay back: 
11-08-2018
Bad credit score: 



Weekend payout: 

Age: 
18

Credit check: 
Experian and TransUnion

Loading results according to your criteria

Personal Loans

What You Should Know about Personal Loans

personal loansIf you are experiencing financial troubles or you just simply need a little extra money, you might consider applying for a personal loan.

In the past, if you wanted to apply for this type of loan, your only option was usually to go to your local bank and complete an application in person. Today, the world of finance has changed significantly and you now have the option to apply for a variety of different types of financial products online. If you are considering applying for a personal loan online, there are a few tips to keep in mind.

Tip: Read more about other loan types.

What Is a Personal Loan?

online personal loanBefore we begin exploring the many advantages of personal loans and how to apply for a personal loan online, it’s first important to ensure you have a good understanding of what exactly a personal loan is.

The primary characteristic of this type of loan is that it is not secured by any form of collateral. In other words, you do not need to put up any type of security that the lender would be able to repossess if the loan is not paid back accordingly. Instead, a personal loan is secured only by your promise to pay. For this reason, a personal loan is also often referred to as an unsecured loan or a signature loan.

Personal loans usually involve a fixed interest rate. The term of the loan may vary as will the loan amount.

How to Qualify for a Personal Loan

Once you have made the decision to apply for a personal loan, you will need to know whether you can qualify. The qualification guidelines for personal loans typically vary among lenders, so it’s a good idea to make sure you research those guidelines with the lender you plan to use.

Since personal loans are typically unsecured, your financial trustworthiness may be an important factor in the approval process. This often means evaluating your credit scoring. Additionally, the lender may verify and consider your income as well as your debts to determine whether you will have the ability to repay the loan during the agreed upon loan term.

Important: Remember that rates, as well as terms, may vary, sometimes considerably, among lenders, so it’s a good idea to shop around and obtain quotes from multiple lenders to find the best loan rates and terms. Use the personal loan comparison above.

How Are Personal Loans Used?

best personal loans onlineAmong the most common questions that many people ask about personal loans is how such loans can be used.

An unsecured loan can be used for practically any purpose. For instance, many people choose to take out personal loans to consolidate their debt or make big-ticket purchases, but there are usually no limitations regarding how personal loans can be used.

Other possible uses of personal loans might include paying for education expenses, taking a vacation, or paying for a wedding.

The Advantages of Personal Loans

Applying for personal loans online can provide you with a number of benefits.

  • This type of loan is unsecured, your property cannot be repossessed if you are not able to pay back the loan in full.
  • Since the lender does not need to appraise any collateral, obtaining an underwriting decision is usually much faster and easier.
  • Due to the fact that the interest rate for a personal loan is typically fixed, this type of loan is often considered safer than other financial products, including credit cards.
  • The definite payment schedule for a personal loan means that you cannot run up debt again, which is a common problem with credit cards. In fact, you might even find that taking out and paying toward a personal loan can actually help to improve your credit score.

The reasons for taking out a personal loan can be numerous. Regardless of how well you try to plan for your expenses, there are sometimes circumstances that you simply cannot foresee.

When you have found yourself in a situation in which you need to borrow money quickly and you either cannot qualify for a bank loan or simply do not have time to wait for a lending decision from a traditional lender, an online personal loan could suit your financial needs. This is because obtaining a lending decision when applying for personal loans online can be quite fast and easy.

You may also find that personal loans offer a greater degree of convenience compared to other types of loans. The process of applying for a loan online is quite simple. There is no need to apply in person, which can help you to save time and frustration. Instead, you can go online and apply whenever it is most convenient for you to do so, whether that is after regular business hours or even on the weekend.

Why Choose a Personal Loan?

Since the economic recession of a few years ago, banks have become increasingly stringent regarding their underwriting and approval process. It’s simply become much more difficult to be approved for a bank loan than in the past. By applying for a personal loan online, you might find that you have a much easier chance of being approved for the money you need than with a bank loan.

There are also now numerous options available online when it comes to unsecured personal loans. Prior to making a decision, you may find it helpful to shop around and compare options with different lenders to ensure you choose the loan product that is right for you.

Tips for Applying for Personal Loans

Prior to applying for a personal loan, it’s a good idea to make sure you have gathered all of the necessary information you may need for your loan application. Such information may include:

  • your income as well as your expenses
  • name of your employer
  • length of your employment

Having this information readily available may help to speed up the application process and assist in having your application for a personal loan approved more quickly.

Tip: Compare loan rates fast.