Personal Loan Lenders

Emergency Funds | Vacations | Debt Consolidation | Home Improvement

Use Credit Responsibly

A personal loan can save you money and build your credit. Personal loans are a tool to help you manage your finances, and like any tool, such loans must be used responsibly. A personal loan can be a backup for emergency funds or a way to pay off more expensive debt. Remember, loans should not be a used for frivolous purposes, but for improving your life over the long run.

Find the perfect fixed rate personal loan by making your choice from several offers. Enjoy a level monthly payment until the loan is paid off. Personal loans are often used to pay off high rate credit cards. So, if you are going on vacation with a credit card, get your personal loan set up now so you can pay off the credit card when you return.

Definition: A personal loan is an installment loan that you obtain from a bank, credit union, or online lender. Unlike specific-purpose loans (such as auto or home loans), personal loans can be used for almost any legal personal expense.

People often use personal loans for the following reasons:

• Debt Consolidation: Combining multiple debts into a single loan with a fixed interest rate and monthly payment. Be careful not to run up new credit card debt after you pay off existing credit card balances.
• Home Renovations: Funding home improvement projects or repairs.
• Weddings: Covering wedding expenses.
• Vacations: Financing travel plans. Many times the best approach is to use a credit card for booking your vacation reservations and then pay off the balance with a lower rate personal loan.
• Emergency Expenses: Handling unexpected bills or financial emergencies. This can be anything from car repairs to replacing a water heater in your home.
• Medical Expenses: Paying off medical expenses with a personal loan is much cheaper than carrying a credit card balance.

Loan Amounts:

Personal loan amounts typically range from $1,000 to $50,000, although some lenders offer up to $100,000. Be sure to verify the monthly payments will fit your budget.

Repayment:

When you take out a personal loan, you agree to repay the borrowed amount over time, usually with interest. The repayment terms vary based on the lender and the loan agreement. Failure to repay a loan in a timely manner may result in a judgment being filed and your credit ruined.

Personal loans can be obtained from:

- Banks: Traditional banks offer personal loans, but may have stricter underwriting requirements then other lenders.

- Credit Unions: Member-owned financial institutions. Sometimes credit unions are more accommodating for members.

- Online Lenders: Digital platforms that provide loans over the internet. These platforms will provide several offers from interested lenders.

- Comparison: It’s essential to compare personal loans from multiple lenders to find the best terms, including interest rates, fees, and repayment options.

Some lenders offer rate discounts, no fees, and other perks. Remember to choose a personal loan that aligns with your financial needs and goals. If you have excellent credit, lenders like Lending Tree offer competitive rates and flexible terms. For those with less-than-perfect credit, exploring options at bad credit loans might be beneficial.