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What is a personal loan?
A personal loan is a type of loan you can get from a bank or credit organization and pay it back through fixed monthly payments. The interest rate usually depends on the background of the debtor. It can range from 6% up to 36% APR.
How do personal loans work?
There are two types of personal loans – secured and unsecured. In the first case the interest rate is usually lower but the money you borrow is backed by collateral. If something goes wrong, you risk losing your property. In case of an unsecured one, the lender is giving the loan according to your credit score and financial history.
What are personal loans used for?
Personal loans can be used for many purposes. But usually people apply for them in the following cases.
- Emergency. A lot of things happen to us unexpectedly, and we’re not always financially ready for them. A personal loan can help in these cases, whether it’s an urgent car/home repair or medical emergency.
- Vacation, family ceremonies. If you didn’t have the opportunity to save some money for a holiday or a very important family ceremony, then a personal loan can be a good choice.
- Debt consolidation. If you have a few debts with a high interest rate, then taking one personal loan with a lower rate and repaying them will be a smart move. However, in this case it’s better to talk to a financial advisor first to avoid any potholes.
How many personal loans can I have at once?
The number of personal loans at once is not limited by the law. However, most of the lenders limit the number of loans or the amount of money you can get from them. Usually they don’t give more than $100.000 to one client.
Many lenders can trust you with another loan only after a certain amount of monthly payments. Usually it takes 3-12 months depending on organization.
If you have a personal loan in one place, it doesn’t mean that you can’t apply for a loan from another lender. If you’re doing fine with the monthly payments and your credit score is good, then the chance to get the second loan is very high.
How much personal loan do I qualify for?
The amount of money you can get as a personal loan can vary depending on the organization. Usually the lenders are offering special calculators on their websites that help to calculate the sum of the loan available for the client.
How to get approved for a personal loan?
It’s reliably easy to get a personal loan if you didn’t have any problems with debt repayment in the past. However, these tips will help you to get approved for larger amounts of cash.
- A high credit score is essential if you are interested in getting a personal loan with a good interest rate. So if you want your application to be approved, you should take a few steps to increase it. First you should check your credit reports. Sometimes they contain errors that affect your score badly, i.e. incorrect credit limits or closed bank accounts reported as open. If you find out that something is wrong, immediately dispute the error online or by phone.
- Another thing that helps to increase credit score is paying off the monthly debt payments on time. If possible, pay more than the minimum. That will help to improve your payment history and in perspective will boost your debt-to-income ratio faster.
- Ask for the exact sum you need. Don’t write down in your application more than you actually need “just in case”. Large sums of money can be viewed as risky by lenders. Also keep in mind that you’ll need to pay back more.
What credit score is needed for a personal loan?
You’ll need to have a FICO Score in a 670-739 range or higher. Of course, you can get a personal loan even with a lower score. But with these numbers you will for sure get better interest rates.
How long does it take to get a personal loan?
Approval for a personal loan may take from a few minutes up to a few weeks. Usually online lenders are faster because they are using special algorithms for processing the applications. Also they’re sending the money much quicker (1-2 business days) then the banks (up to 3 weeks).
Can I get a personal loan online?
All reliable organisations are providing personal loans online. Generally you will need to go through these 3 easy steps.
- Choose an organization and go to its website.
- Fill in the online application. It will take some time (up to 15-20 minutes) because the lender needs detailed info about your income, expenses, credit score, etc.
- Agree to the terms (don’t forget to carefully check them!) and wait for the approval of the application. If the lender uses an automated algorithm, then you will know the answer in a few minutes. In the other case you will get a call from the representative of the organization.
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