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There are times when people require additional money. So, in case this situation arises to you; where would you turn? Many use credit cards, however the high interest and temptation to grow your balance and spend more means credit cards will not be the perfect thing to opt for. So, here you can consider a personal loan.
If you’re in the market for a personal loan, ensure that you only borrow what you need and that you have the capacity to payback the amount you borrow. Further, plan to pay off the loan early in case you afford it as it will save your capital in the long run.
Lenders check your ability to repay by checking your credit score. It basically summarizes your history of credit taken and how you have repaid, and other parameters. This helps the lender determine whether to grant you a personal loan for bad credit or good credit. In short, it lets the lender know whether the proposition is a risky endeavor or a safe one, and accordingly, he can float the interest rate to you.
It is possible that your credit score report may contain some error that will affect your personal loan interest rates. This is usually due to the latest information not being updated in your record. Such mistakes will take a toll on your credit without any of your faults. Hence it is necessary you check your credit score before applying for a personal, as it will ensure that you are a better candidate for the lender for loan disbursement.
Here, your big choice will be where to get that loan, but prior to seeking for it, you ought to look for some criteria and consider getting the best personal loan.
Firstly, check the interest rate, i. e how much you pay to borrow. Here, the interest rate varies with the market interest rate condition and credit score and a low rate is better.
Secondly, some lender charges origination and other fees. So, do your best to avoid these fees. If you find a loan with no origination fee, then that will be your best option to consider. Here, certain thing to look for is the prepayment penalty. Some loans do charge a fee if you pay the loan back early; therefore it is best to avoid that in any case.
You can seek for help here as we are rounded up the most reputable and trusted personal loan companies. So, you can count on getting the best deal and rate as possible.
We focus on home improvement, credit card consolidation, debt consolidation and other personal loans.
Best for Young Professionals
We started as student loans lender, and know our young professional finances inside/out. We offer mortgage loans, student loan refinances, student loans in addition to personal loans. We also offer life insurance products and wealth management and has a bank account to be installed.
There are no fees for unsecured personal loans from us, rather just the interest. We offer a unique unemployment protection feature, so you don’t get stuck in a jam to lose your job. This will be helpful to you as a backup plan in any job market.
If there has been an increase in your salary or an additional income source, a lender may consider your personal loan with bad credit. Suppose you are able to communicate to your lender that you have a stable job and steady income. In that case, they will be most likely giving you the loan even though your credit rating is low, but the interest rates will be high compared to other personal loans that they have disbursed.
If you ask for a high personal loan with a bad or low credit score, it will indicate a high risk for the lender. From the lender’s point of view, these are the indicators that you will be defaulting during your repayment. If you apply for a lower amount from best personal loans in Texas, then the lender will be more comfortable in granting you the loan as it will be easier to be repaid.
Best for Marketplace Loan – Prosper
We in the market place as lender where individual investors join forces to fund the loan. We offer competitive terms and rates that place head to head with many traditional lenders and other online lenders.
The low credit borrowers are aware of the high interest rate here, while those with the best credit history will find market leading rates.
We are on the lookout for some fees you don’t see at all online lenders. While there is no prepayment fee, there is an origination fee that range depending on your credit history.
Best for Biggest Marketplace: Lending Club
Lending Club is one of the best known and biggest marketplace lenders. While it suffered some recent negative publicity in current years on its investing side, it ranks as the top option for personal loan borrowers.
This is not a conventional lender. So, instead of getting your loan from here, people come from loan investors in increments. This is a huge lending marketplace and has originated more than $35 billion in loans.
Loans are available and you will receive funding in as few as three days. However, you ought to beware of the origination fee of the loan value that will be based on your credit if you chose to opt for this.
Best for Just Personal Loans: Best Egg
Best Egg sounds like a breakfast restaurant, but it is in fact an online lender. Like other personal loan companies, it is famous for a range of personal expenses like home improvement, debt consolidation, and more.
This is better for borrowers with a solid credit score and income. The min credit score is 640 but the average credit score and income are 685 and $60,000 per year resp.
Best for Payment Flexibility: Earnest
This company offers personal loans, home loans and student loan refinancing, so it will fit into other lending plans in your future outside of personal borrowing. When you sign up for a loan here, you can tinker with multiple setting to choose your preferred monthly payment. This will serve to be a great option for people who worry about repayment.
Earnest charges no origination fees and offer loans depending on your credit history and loan duration. Here, the loans are available in three, four and five year terms. One can apply for it in a easy and quick way, and the mobile app presented here serve as a great tool to help people track and payoff their loan in a easy manner.
Best for Credit Card Consolidation: Payoff
Here, the Payoff offers a personal loan known as “The Payoff Loan”. It serves as an option to consolidate credit card debt and pay off and thus the name.
There are no early payment fees, late fees, or returned check fees so it make the loan very predictable after you have it setup.
Even the approval process is simple and quick and you’ll require a 640 credit score to quality it. You also don’t have to have any current delinquencies or any payment that are 90 days late in the last 1year.
Best Alternative Personal Loan: Earn in
Payday loan has a bad reputation for a good reason. These are huge rip-off for many vulnerable borrowers. This isn’t the “ick” factor and so offers short term loans with no fees or interest.
You can borrow from Earn in and if you can’t afford to pay any fees, you don’t have to. This makes it a pretty unique and cool in the lending industry.
So, if you need a little additional cash to get by payday, you’ll find this option as much cheaper than other personal loans type.
Here are some of the advantages of a personal loan
The proceeds are cash
You can use a credit card where it is accepted. On specific projects like the home improvement, it will be hard to find contractors who accept credit cards. Therefore, being able to write a check will have a huge benefit.
Interest rates are lower than credit cards
People with excellent credit can now borrow for as low as 4% with no origination fees. However, the savings are good for those with low credit scores. Lending Club has shown that their interest rate is 31% less than credit card rates, on avg.
The application process is much simpler
With most online lenders, you can do a short application to check whether it will be approved. This short application is a “soft pull” that will not let your credit score to get hurt. As such, you’ll see your amount and interest rate that you can borrow. This makes it easy to compare shops and find the perfect deals. With most lenders, you will finish everything online.
You will not end up in debt for 30 years
With a credit card, many end up paying just the min due. Most personal loans are 35 to 60 months and so you won’t be borrowing for 30 years.
You can prepay at any time without any penalty
Personal loan companies are willing to accept people with a much low credit score, on avg. than the credit card companies.