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TOP CHOICE
Guidetolenders
  • Guide to Lenders
  • OUR PARTNER
  • EDITOR'S SCORE
  • 10 / 10
  • SUMMARY
  • Loans of $1,000 - $40,000

    Loan Terms of 24 - 84 Months

    APRs of 5.99% - 35.99%
  • WHAT WE LIKE
  • Ranked #1 By Top 6 Digital

    Works with Excellent, Good, Fair, & Poor Credit

    Get Up To 5 Loan Offers In Minutes
  • BOTTOM LINE
  • Guide To Lenders provides a free service that helps connect customers with lenders. Their service which can sometimes feel "invisible" seeks to make the application process easy & user-friendly for customers who are looking for a way to consolidate personal debt into one easy payment.
Lendingtree Reviews
  • Lending Tree
  • OUR PARTNER
  • EDITOR'S SCORE
  • 9.75 / 10
  • SUMMARY
  • Loans of $1,000 To $35,000

    Loan Terms of 90 Days - 15 Years

    APRs of 5.99% To 35.99%
  • WHAT WE LIKE
  • Ranked A- By The Better Business Bureau

    Works with Excellent, Good, Fair & Poor Credit

    Get Up to 5 Loan Offers in Minutes
  • BOTTOM LINE
  • LendingTree is a leading online loan marketplace with one of the largest networks of lenders in the nation. Its service provides consumers a way to connect with multiple lenders for a number of financial borrowing needs. From the comfort of their homes, consumers can fill out one simple form and are able to shop, compare, and save on the loans they need.
EVEN
  • EVEN
  • OUR PARTNER
  • EDITOR'S SCORE
  • 9.5 / 10
  • SUMMARY
  • Loans of $1,000 - $100,000

    Loan Terms of 24 - 84 Months

    Rates Starting At 4.99% APR
  • WHAT WE LIKE
  • Automated Loan Matching Service

    Works with Excellent, Good, Fair & Poor Credit

    Get Up to 5 Loan Offers in Minutes
  • BOTTOM LINE
  • EVEN Financial is a personal loan matching service. They help you find the right loan for you, often with a low, fixed-interest rate. Borrowers submit their information and are provided pre-approved loan offers from different loan providers. This saves you a lot of time, hassle and money when looking for a personal loan.
PersonalLoans.com
  • PersonalLoans.com
  • OUR PARTNER
  • EDITOR'S SCORE
  • 9 / 10
  • SUMMARY
  • Loans of $1,000 - $35,000

    Loan Terms of 90 Days - 6 Years

    APRs of 5.99% To 35.99%
  • WHAT WE LIKE
  • Online Lenders Alliance (OLA) Member

    No Minimum Credit Score Required

    Loan Approval Within 24 Hours
  • BOTTOM LINE
  • PersonalLoans.com understands that searching for a loan can often be a daunting and confusing task, especially given the wide array of options that are available. Every aspect of their service has been designed and optimized with the customer in mind. They strive to offer you the most innovative and user friendly experience possible.
Bad Credit Loans
  • BadCreditLoans.com
  • OUR PARTNER
  • EDITOR'S SCORE
  • 8.75 / 10
  • SUMMARY
  • Loans of $500 - $5,000

    Loan Terms of 3 - 72 Months

    APRs of 5.99% to 35.99%
  • WHAT WE LIKE
  • Helping People With Bad Credit Since 1998

    No Minimum Credit Score Required

    Loan Approval Within 24 Hours
  • BOTTOM LINE
  • BadCreditLoans.com has been helping borrowers with bad credit since 1998. Filling out & submitting the application are free and they use data encryption technology to make sure your information is protected. BadCreditLoans.com is a valuable resource for those seeking funds in times of need.
Loansunder36%
  • Loans Under 36%
  • OUR PARTNER
  • EDITOR'S SCORE
  • 8.5 / 10
  • SUMMARY
  • Loans of $1,000 -$35,000

    Loan Terms of 3 - 72 Months

    APRs of 5.99% to 35.99%
  • WHAT WE LIKE
  • Over 100 Lender Partners

    No Minimum Credit Score Required

    Loan Approval Within 24 Hours
  • BOTTOM LINE
  • LoansUnder36 is dedicated to helping customers identify quick and easy financing solutions. Customers who need quick funding with flexible repayment terms can take advantage of this company. LoansUnder36 is ideal for customers who demand financing options and want to access them quickly.

About Personal Loans

what is a personal loan

What is a Personal Loan?

A personal loan, sometimes referred to as a signature loan or unsecured loan, is an amount of money loan made to an individual typically without any collateral. Personal loans used to be seen as a solution for people in dire financial straits, however, today the options and terms are better than ever and more and more everyday people are taking out personal loans.

 

is it a good idea to get a personal loanIs it a Good Idea to Get a Personal Loan?

A personal loan can be a great idea if you have outstanding credit card debt and a less then perfect credit score. If you use the personal loan to pay off the credit cards, you can improve your credit score and then pay off the personal loan, which will almost certainly have an better interest rate than the credit card.

Even if you don't have card credit debt, taking out a personal loan and repaying it is a good way to establish positive credit, which will help you down the road when you apply for a car or house loan.

If you have multiple outstanding debts - or just one - at a high interest rate that's taking a real bite out of your paycheck each month, then a personal loan could really help out. Find a lender that can give you a personal loan with a friendlier interest rate and then use that to pay off the other debts.

A personal loan can help you pay for home renovations, which can significantly improve the value of your home. This can really pay off if you're looking to sell the house in the near future, or if you'd like to increase the value of your home in order to borrow against the equity.

Things don't always go as planned, and sometimes we need a little extra help. A personal loan can help you handle unexpected medical bills, home repairs following a flood or a fire, or a sudden expense like a funeral. When hard times come, having some financial peace of mind can make things a little bit easier, and that's no small thing.

credit score calculationHow is my Credit Score Calculated?

According to Fair Isaac (the creator of the FICO Score), your payment history is the most important element in determining your credit score and represents 35% of it. It is simply a record of whether you've paid your bills on time. The second most important is the amounts owed and represents 30% of the score. This factor is a bit more complicated as it looks at the total amount of credit that you have available and looks at how much of that you are utilizing . It is also known as your "utilization ratio." Lenders believe that borrowers that are close to maxing out their credit are more likely to miss payments. The third variable, length of credit history, represents 15% of your credit score. It is determined by the average age of your accounts, as well as how long it's been since those accounts were used. Your New Credit represents another 10% of your credit score. It looks at how many new accounts have been opened (opening a whole lot of new accounts at once will hurt your score). The final 10% factor is the Types of Credit that you have. FICO looks favorably on having a mix of different types of credit accounts (such as a mortgage, student loan and car loans). Lenders like to know that you can manage various kinds of accounts responsibly.

Bad Credit Loans ApprovedCan I Get A Personal Loan if I Have Bad Credit?

A bad credit score, one that's below 630, does necessarily have to keep you from getting a loan. Some online lenders focus on sub-prime credit. These companies look at your credit scores and background when underwriting your loan but they also have more flexible requirements than banks do.

If you're borrowing money to pay off debt, a personal loan works best if you have a plan to tackle your debts. Developing a budget and beginning a savings habit are small steps that could help you build a stronger financial future.

If you do not have an immediate need for money, work on building your own credit. A higher credit score will qualify you for more loan opportunities, lower interest rates and better loan terms later on.

how do interest rates workHow Do Interest Rates Work?

An interest rate is the cost of borrowing money. A borrower pays interest for the ability to spend money today, rather than wait till he's saved the same amount. Interest rates are expressed as an annual percentage of the total amount borrowed, also known as the principle. For example, if you borrow $100 in an annual interest rate of 4.5% percent, at the end of the year you will owe $104.50.

How is my interest rate determinedHow Does a Lender Decide What Interest Rate to Give Me?

Interest rates are not just random punishments for borrowing money. The interest a lender receives is his reward for taking a risk. With every loan, there's a risk that the borrower won't be able to pay it back. The higher the risk that the borrower will fail to repay the loan, the higher the rate of interest.

The primary factor is determining the lender's risk is your credit score. Lenders also look at your overall stability. Are you a homeowner or a renter?Do you have a stable employment history? What is your average monthly income?Do you collect or pay alimony? Have you ever filed bankruptcy? These are the types of questions you can expect to see on even the simplest loan applications.