Personal Loans: Guide on How to Get Personal Loans – Are you in need of personal loans, or do you want to know how to get an urgent loan or where to get a personal loan? this article is just what you need to guide you through your problems.
You can get a personal loan from an online lender, credit union, or banks A good place to get personal loans depends on where you can get the best interest rate. plus, the loan term and features that you need. Here are three ways where to get a personal loan.
- Online lenders
- Credit unions
Personal loans from online lenders
Online loan platforms offer the quickest way to achieve a personal loan with some loans approved and funded within a day or two. Most online lenders also let you pre-qualify and see your rate and term before you formally apply.
What Are The Benefits of Personal Loan
- Pre-qualify before committing to a loan: Most online lenders conduct a soft credit check, which allows borrowers to see rates and terms before committing to a loan.
- Convenient and fast application process: Borrowers can complete the loan application online and may receive funds within a couple of days of approval.
- Nontraditional lending requirements: Some lenders may consider factors beyond your credit score, increasing your chances of loan approval.
Personal loans from credit unions
Credit unions are also good places for borrowers with fair or bad credit to get a personal loan. This is because they might have fewer requirements and lower interest rates. To qualify for a loan, you must become a member first, a small fee is also required.
First Tec federal and Alliant Credit Union are two major credit unions that offer personal loans starting at $500 and $1,000, respectively.
What Are The Benefits of Credit Unions
- Lower APRs: Federally chartered credit unions cap APRs at 18%, so borrowers with imperfect credit may receive lower rates than they would elsewhere.
- Softer eligibility requirements: Many credit unions consider your history as a member during the loan application process, which can help your chances of approval.
Disadvantages of Credit Unions
- Membership required: You have to meet membership eligibility requirements to apply for a credit union loan.
- No pre-qualification: Credit unions typically don’t offer pre-qualification, which limits your ability to compare loans without a hard credit check.
Personal loans from banks
In order to qualify for a personal loan from a bank, it is required to keep a good credit record. It also helps if you already have an account with the bank.
Existing customers may receive other benefits such as lower rates, higher loan amounts, and an online loan application process. New customers may need to visit a bank branch to complete the process.
What Are The Benefits of Loans From Banks
- In-person support: If you need to speak with someone in person about your loan, you can visit a physical branch for more personalized help.
- Lower maximum APRs: If you can qualify for a bank loan, you may receive some of the lowest rates available.
Disadvantages of Loans From Banks
- A branch visit may be required: Some banks require you to complete the application process in person.
- May need to be an existing customer: You may need to already have an account with a bank lender to apply for a personal loan.
How to choose a loan platform
When looking for a personal loan, you look beyond the interest rate and monthly payment to consider the percentages yearly. The APR includes the interest rate and any other fees. Also consider the loan term, which impacts your monthly payment. Typical terms are mostly two to seven years. a longer loan term means lower monthly payments, but more total interest.
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