Have a medical emergency and need money as soon as possible? Need a loan to consolidate your debt without having to deal with a bank? Personal loans from lending services are a great way for people to borrow the money they need quickly and without the headaches that can come from dealing with a conventional bank. These loans come in two varieties — peer-to-peer and a more traditional loan from the personal loan service itself. While some personal loan services have local branches you can visit to talk to a representative in person, they all offer the convenience of taking a loan out from the comfort of home and the freedom to use the money for almost any purpose you desire. We've reviewed a range of lenders to help you find the best option to suit your needs.
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What Happens to Debt When You Die?
Though it isn’t a topic many people like to talk about, we’re all going to die someday, and making preparations for the inevitable can save the people you love a lot of unnecessary grief. Of course, it isn’t always possible to plan for death, but any person with an outstanding loan, mortgage, car payments or […]
4 Warning Signs Your Personal Loan is a Scam
Whether you’re considering debt consolidation or looking for a way to fund a large purchase or event, a personal loan may be a good option for you. In the past, when you wanted to take out a personal loan, you had to take a trip to your local bank, but now that independent personal loan […]
Is Peer-to-Peer Lending Right for You?
Loans have been revolutionized since the introduction of the Internet. In the past, finding a lender to help fund your project or business meant going from bank to bank, getting quotes and speaking to lenders about the terms and fees that they might charge. Nowadays, borrowers are enjoying the ease and convenience of online personal […]
Personal Loans and Origination Fees: What You Need to Know
When you’re shopping for a personal loan and comparing different lenders, you’re likely going to notice something called an origination fee. This fee is a one-time processing fee that’s charged by the lender at the time the loan is distributed in order to process the loan itself. The origination fee is taken from the full […]
Will applying for a loan hurt my credit?
The short answer: no. Most personal loan services allow you to apply and see what interest rate you qualify for before submitting a full application for a loan. During the qualification process, the personal loan service will make a soft inquiry to get a snapshot of your credit. This type of credit check will not be noted on your credit reports, so it won't have a negative affect on your credit should you be turned down. However, if you qualify for a loan and go forward with a full application, the personal loan service will perform a hard inquiry to get your full credit history — which will show up on your credit reports.
How is this different from a payday loan?
Payday loans and personal loans have some similarities, such as the ability to obtain money quickly without a lengthy wait or tons of paperwork. However, unlike payday loans — which assess a fee per $100 borrowed and require full repayment in a period of just a few weeks — personal loans use an APR (Annual Percentage Rate) to determine how much interest you will pay and offer long repayment terms. Personal loans also involve much larger sums of money than a payday loan. Whereas a payday loan service might allows borrowers to take up to $250 at a time, many personal loan services will let you borrow a maximum of $10,000 or more if you qualify.