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’s the Best Way to Pay Off Debt?
Updated: March 1, 2017 If you’ve got some credit card debt you’re looking to consolidate, you may be wondering what your options are for paying it off. While you may have heard of options like balance transfer credit cards and personal loans, you may not know exactly how these things can help you, or which […]
Which Credit Bureau Does My Lender Check?
If you are planning to apply for a new credit card or a loan, something you might want to know before you apply is which of the three credit bureaus — Experian, Equifax and TransUnion — the lender will use to check your credit. The benefits of having this knowledge are fairly obvious; if you […]
Does ‘Good Debt’ Exist?
In most people‘s lives, there will come a time when they‘ll have to borrow money. As burdensome as being in debt sounds, strategically acquired debt isn’t bad, and in some cases, might actually be useful. While being debt free is a goal many people have, you shouldn’t let this goal keep you from taking on […]
6 Reasons Your Loan or New Credit Application Was Denied
If you’ve ever submitted a loan or new credit application, there’s a possibility that your application was denied. Worse yet, you may not entirely understand (or know) the reason for your rejection. Failure to get approval from a lender can be demoralizing, especially since creditworthiness is an important aspect of financial health in today’s world, […]
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.