Before You Apply for a Personal Loan?

by | Sep 15, 2017 | Personal Loan

If you need money and you don’t have collateral or stellar credit, you may need to apply for a personal loan. But where is the best place to look and are all lenders pretty much the same? The truth is, you’ll find a wide range of terms, limits, and qualifications, and here are some tips for finding the best-unsecured loan.

Problems with Banks

When you go to a bank, they may want some form of collateral. If you have a lien-free car or other assets, you can use them as a “promise to repay” the loan. Banks may offer signature loans, but they are usually limited to $2500 or less. Also, you’ll need to have a good credit rating when you apply for a personal loan at a bank. Credit rating is more important for signature loans because there is no collateral.

Checking Out All the Options

If you check online, you may find a wide range of companies offering signature loans. Some offer payday programs, and you repay the loan in one lump sum on your next pay period. However, if you need five thousand dollars or more, you’ll have some problems with payday loans. Most payday loan programs offer small loans, and some have limits of $500. If you need several thousand dollars, you’ll need some time to repay the loan.

Unsecured Loan Specialists

You may spend a long time checking out all of the businesses that offer signature loans, and this could take several days or longer. Instead, it’s easier to apply for a personal loan at a trusted unsecured loan specialist. These businesses are there to do all the searching and comparisons for you. After they receive your application, you’ll get a list of the programs that you qualify for. This gives you the best possible terms for your loan.

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