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Personal loans are a way to use tomorrow’s income today, and unlike other loan products such as to buy a house or pay for an education, the process involved is simple. In fact, if you already have an account with a bank, you would have come across many offers for a personal loan. While these are easy to get, and offer almost instant gratification, you must note that the interest rates are much higher than, say, for a car loan. This is because personal loans are unsecured loans. This means that the loan is not backed by any asset; you don’t have to put up any asset like property or gold to be able to get the loan. However, the loan amount on offer and its interest rate depend on a few parameters such as your income, credit, repayment capacity, and others. There are various versions of personal loans available now, some of which are called instant loans. These are pre-approved loans—the lender has already looked at your information, based on which it is offering this loan. Re...

A personal loan is a flexible financing tool you can use to purchase a car, consolidate debt, complete a home repair, or pay for school. And if your credit score is good, you could qualify for as much as $100,000. If you’re considering getting a personal loan, the first thing to do is to visit an online marketplace like Credible to compare loan options from multiple lenders at once, saving you time. Rates can range from 3.49 percent to 35.99 percent, and you may wonder why there’s such a discrepancy. Lenders review several criteria when determining the rate to offer you. 1. Credit score Your credit score is a number assigned by reporting agencies such as Equifax, Experian and TransUnion, and it helps a lender assess risk. Your score will be based on your outstanding balances, repayment record, credit mix, and account length. Credit scores range between 300 and 850, with a higher score being better. Another thing that affects your credit score is how often lenders pull you...

Personal loans can help with consolidating debt at lower interest rates or managing expenses when you have a financial shortfall. However, there are numerous personal loan myths making the rounds and it’s important to separate fact from fiction if you plan to borrow. Here are the biggest personal loan myths debunked. 1. Myth: Personal loans always have high-interest rates A common misconception surrounding personal loans is that they always carry high-interest rates. In reality, personal loans can be less expensive than other types of unsecured loans or even credit cards. The key is having a good credit score that allows you to qualify for those lower interest rates. If you’re interested in getting a personal loan, it’s important to shop around with different personal loan lenders to see how rates compare. Seeing what different lenders offer can help you find the best loan at the best rate. It doesn’t have to be time-consuming either. You can quickly and easily compare ra...

Whether it’s to consolidate high-interest debt or help with large purchases, such as a car, a personal loan can be a convenient option. Personal loans are the fastest-growing type of consumer debt, according to Experian, with 11 percent of American consumers having a personal loan averaging $16,259. Personal loans are just that — loans for any type of personal use. These loans can come from a bank or other lending institution that lets you borrow a predetermined amount of money that you repay. Those monthly payments will go toward both the original balance and the interest you’re being charged for the personal loan. Getting a personal loan requires doing some research. You may have seen those offers via mail or email inbox luring you with offers of an easy application process, great rates and terms. Carefully compare rates to make sure you’re getting the loan that’s best for you. Use a site like Credible to get prequalified for loans ranging from 1,000 to $100,000 in just two...