Where to Get a Personal loan

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How to get a Personal loan
You can get a personal loan from an online lender, credit union or bank. Pros and Cons for every option.


Updated on October 27, 2022.

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The most suitable place to obtain an individual loan depends on the place you can find the highest interest rate and the loan term and features that you need. Here are three options for obtaining a personal loan:
The online lenders offer an easy method to search and compare the personal loans online.
Credit unions Personal loans at credit unions might have lower annual percentage rates and flexible terms for their members.
Banks: Some national banks offer personal loans with competitive rates as well as in-person support.

personal loans via online lending
Online lenders generally provide the most rapid method of , with some loans accepted and credited within a day or two. Many online lenders will let you pre-qualify and see your rates and terms prior to when you apply for a loan. This is a credit check that is soft and lets you look at loans from multiple lenders without impacting your credit.
Certain online lenders target (those with FICO score of 690 or over) by offering high loan amounts and low interest rates. Others cater to (FICO scores that are below 690). Rates are higher, but a lender may take into consideration other factors other than your score, like the level of education or your employment.
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Pros
Pre-qualify before committing to the loan The majority of online lenders run a soft credit test, which allows borrowers to look at rates and terms prior to making a decision to take out the loan.
Convenient and fast procedure to apply: Borrowers will be able to complete an online loan application online and be able to receive the funds within a few days after the approval.
Certain lenders might consider factors that aren't part of your credit score, increasing your odds to get loan approval.

Cons
Higher APR with potential: Badcredit borrowers and those with fair credit could receive a high rate from an online lender, which makes the loan more expensive.
No in-person support: Most online lenders have customer service representatives that you can reach but only a few have physical branches which you can visit if you need assistance.

Find out if you're pre-qualified for an individual loan - without affecting your credit score
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Loan amount
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Individual loans at credit unions
are great places for borrowers who have bad or fair credit to apply for an individual loan due to the fact that they have lower requirements and less interest rates. In order to get a loan first, you need to be a member first. This typically requires a small fee.
Credit unions are also an excellent option when you need a small personal loan -- less than $1000.
There are two credit unions offering personal loans starting at $500 and $1,000, respectively.
Pros
Lower APRs Credit unions that are chartered under the federal government have a cap on APRs of 18%, so those with poor credit might be offered lower rates than elsewhere.
More flexible eligibility requirements: A lot of credit unions consider your history as a member in your loan application process. This can help your chances of approval.

Cons
Membership required: You need to be a member of the required group to apply for an credit union loan.
Pre-qualification is not required: Credit unions usually don't offer pre-qualification. This limits the possibility of comparing loans without a credit check.

Individual loans from banks
You'll probably need credit to qualify for a personal loan from the bank. It is also helpful to have an account with the bank.
Existing customers could benefit from like lower rates, greater loan amounts and the ability to complete an online loan application procedure. New customers might have go to a branch of the bank to complete the process.
They are also examples of banks that offer and personal loans to borrowers across the 50 US states. But they do not offer all banks personal loans.
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Pros
Support in person: If you want to talk to someone in person regarding your loan, you can visit the branch in person for individual assistance.
Lower APRs for maximum rates If you are able to get the bank loan you could be eligible for some of the lowest rates on the market.

Cons
A branch visit may be required: Some banks require you to fill out the application process in person.
You may need to be an existing customer. You might need to already have An account in a lender in order to be able to request the personal loan.

Summary of pros and pros and loan lenders
Lender type



Pros



Cons



Online lender


Offer pre-qualification.
Convenient online application process.



APRs may be higher for fairand bad-credit customers.



Credit unions


APRs can be lower.
Softer qualification requirements.



You must be a member.
There is no prerequisites to be qualified.



Banks


In-person support available.
Lower APRs for customers who are already on the program.



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









How do you choose a lender
When you are looking to get a private loan be sure to take a look beyond the interest rate and the monthly payment to look at the . The APR comprises the cost of interest as well as any extra fees. It's the best apples-to-apples cost comparison between two loans.
Take into consideration the loan duration, which affects your monthly payment. The typical terms range from two to seven years; a longer loan term means less monthly payments, but higher total interest.
Then, you can compare features for consumers from different lenders. For instance, with some , lenders will send cash directly to the creditor, eliminating that step for you. Some lenders will allow you to choose a payment due date, make a payment or offer a grace period before charging a late charge.


Author bio Chanell Alexander was a personal loans editor for NerdWallet.







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