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  Lately, more people are looking into obtaining a personal loan to weather the storm created by the coronavirus pandemic. According to the Federal Reserve, the number of nonrevolving debt accounts (including personal loans) increased by 4.8% between June and July 2020. But a shaky economy is also making loan approval harder. Despite the uncertain times, it’s still possible to borrow money via personal loans. Explore your personal loan options via Credible, where you’ll see lender qualifications, rates, and terms. Here are some things you should do as you prepare for the personal loan application process. Taking these steps ahead of time could help save money and meet your financial goals. Check your credit score Know your desired loan amount Compare rates and lenders Prepare all the paperwork 1. Check your credit score This number is where your lender will likely start when they review your application, and it’s where you should begin your preparation work, too. You’re entitled to...

  The total number of personal loans Americans borrowed reached a high of $162 billion during the first quarter of 2020, according to TransUnion. However, the growth rate toward the end of the quarter was also the slowest in more than two years, the credit reporting agency claimed. Getting a personal loan approval could be harder due to the coronavirus pandemic — as lenders get more conservative and raise the credit score requirements on unsecured loans. Credible can help determine if you’d be a good candidate for a personal loan. Just enter some information into Credible’s free online tools and discover what kind of rates you qualify for today. But before you officially start the personal loan application process, you may want to take these five steps to boost your chance of getting approved. 1. Go through your credit report Lenders look at borrowers’ credit scores to help them assess their risk levels. It’s hard to get approved for a loan with bad credit, so you’ll want to check ...

  Personal loans can help you out when you need to borrow money for a variety of reasons. This type of lump-sum loan is paid back in monthly installments over a set term, usually ranging from one to seven years. The amount you can borrow will depend on your credit history, but common offers fall between $1,000 and $50,000 and as much as $100,000. Just like it sounds, a personal loan can be used for personal reasons. With any debt, it’s essential to consider how the payment will impact your finances, but there are many situations where a personal loan may be a good choice. 1. Debt consolidation If you have several outstanding loans with high-interest rates, combining them into one can help you reduce your monthly payment. This is called “debt consolidation,” and it’s one of the most common reasons people take out a personal loan. The personal loan often has a lower interest rate than some of the other debts you may have, which can reduce the total amount you will repay over its term...

For those of us who aren’t trust fund babies, a home loan is pretty much unavoidable if you want to buy a house. And due to the duration of a standard home loan, doing it this way means you are going to be paying a lot of interest – a 20-year home loan means you will pay around double the purchase price of the house after you factor in the interest. A R1 million bond over 20 years with an interest rate of prime (7%) will have a monthly instalment of R7 753. Paying the minimum means the bond is paid off in 20 years (240 months) and the total interest bill will be around R860 000. So how do you reduce the amount of interest you pay and the time it takes you to own your house outright? 1. Have a deposit A 10% deposit reduces the bond amount to R900 000. That means the monthly instalment is now R6 978 (which is around R775 less per month). The total interest bill becomes R775 000 (which is R86 000 less than the R1 million bond.) A deposit is also a great way of showing the bank you are a g...