Where to Get a Personal Loan

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How to get a Personal Loan
It is possible to get a personal loan via credit unions, online lenders or bank. The pros and cons for every choice.


Updated on October 27, 2022.

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The most suitable place to obtain an individual loan depends on the location where you will get the highest interest rate and the loan period and features you need. Here are three options for where to get a personal loan:
Online lenders: These lenders provide an easy method to search and compare the personal loans online.
Credit unions Personal loans from credit unions could have lower annual percentage rates as well as flexible terms for members.
Banks: A few national banks offer personal loans with competitive rates and assistance in person.

Personal loans from online lenders
Online lenders usually offer the fastest way to , with some loans approved and funded within a few hours or days. Many online lenders will allow you to pre-qualify and view the rate and terms before you formally apply. This is a soft credit check and allows you to evaluate loans from multiple lenders without impacting your credit.
Some online lenders target (those who have FICO score of 690 and above) by offering large loan amounts and low rate of interest. Others are geared towards (FICO scores below 690). Rates are higher, but a lender may look at other factors that are not part of your score, such as education or employment.
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Pros
Make sure you are pre-qualified prior to taking out a loan: Most online lenders conduct a soft credit check which lets borrowers examine rates and terms prior to making a decision to take out a loan.
Quick and simple procedure to apply: Borrowers will be able to fill out their loan application online and receive funds within a couple days of the approval.
Certain lenders may consider factors beyond you credit scores, which can increase your odds for loan approval.

Cons
Higher APR with potential:credit borrowers and those with fair credit could get a higher cost from the online lenders, making the loan more expensive.
There is no support in person: Many online lenders have customer service agents you can contact however, few have physical branches you can visit when you require assistance.

Check if you are pre-qualified for personal loan without impacting your credit score
Simply answer a few questions to receive an estimate of your personal rate from a variety of lenders.


The amount of the loan
on NerdWallet








Personal loans from credit unions
are good places for borrowers with bad or fair credit to get a personal loan because they could have lower requirements and less interest rates. If you want to apply for a loan it is necessary to become an active member, which usually requires a small amount.
Credit unions are also an option for those who require a personal loan of less than $1,000.
and are two credit unions that provide personal loans that start at $500 or $1,000, respectively.
Pros
Lower APRs Credit unions that are chartered under the federal government limit APRs to 18%, so those with poor credit might be offered lower rates than they would elsewhere.
Softer eligibility requirements: Many credit unions look at your past as a member when they conduct your loan application process, which could increase your chances of approval.

Cons
Membership is required: You must to meet membership eligibility requirements to be able to get the credit union loan.
There is no pre-qualification for credit unions. Credit unions typically don't offer pre-qualification. This limits the ability to compare loans without a hard credit check.

Individual loans from banks
You'll probably need credit to qualify for the personal loan from a bank. It's also beneficial to be a bank account holder.
Existing customers may receive benefits such as lower rates, greater loan amounts and an online loan application process. New customers might need to visit a bank branch for the procedure.
and are examples of large banks that offer personal loans to borrowers from every state. However, not all banks offer personal loans.
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Pros
In-person support: If you require assistance from someone in person regarding your loan and other issues, you are able to visit the branch in person for personalized help.
Lower maximum APRs If you are able to qualify for a bank loan you could be eligible for some of the most affordable rates that are available.

Cons
A branch visit may be required. Certain banks require that you complete the application in person.
May need to be an existing customer: You might need to already have an account at a bank lender to apply for a personal loan.

A summary of the pros and cons of personal loan lenders
Lender type



Pros



Cons



Online lending


Offer pre-qualification.
Convenient online application process.



APRs may differ for fairand bad-credit customers.



Credit unions


APRs can be lower.
Softer qualification requirements.



You must be a member.
There is no pre-qualification.



Banks


In-person support available.
Lower APRs for current customers.



May require a branch visit.
Might require an existing bank account.









How to choose the right lender
When you are looking on a loan for personal use loan be sure to take a look beyond your interest rates and the monthly payment to think about the . It's important to consider the APR comprises the cost of interest, as well as any extra charges. It's the most accurate apples-to-apples price comparison between two loans.
Be aware of the loan term, which can affect your monthly payments. The typical terms range from two to seven years. A longer loan term means less monthly payments, but higher total interest.
Also, look at the features that are friendly to consumers among various lenders. For example, with some lenders, they will transfer funds directly to creditors which eliminates the need for you. Some lenders will allow you to choose a payment due date, skip payments, or provide a grace period before charging a late charge.


The author's bio: Chanell Alexander is a former personal loans editor for NerdWallet.







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