Below you can view a chart showing companies that offer personal loans and instalment loans to US borrowers. Personal loans and instalment loans can help you whether you need cash to pay for unexpected bills, home improvement, to deal with a credit card debt – it is your choice. Personal loans and instalment loans are easy to obtain. If you have a bad credit score you might find it harder to find a lender that is willing to accept you for personal loans or installment loans. However, have a look at our bad credit loans page to find a wider variety of options. Note that the personal loans and installment loans companies below may only service some states (check this before applying). Please make sure that you read the terms and conditions carefully before you apply.
Compare Personal Loans
If you are looking to borrow money you might want to consider taking out a personal loan. Make sure you get a good deal and find the right personal loan for you.
What Is A Personal Loan?
People need loans for a variety of reasons and borrowing is part of everyday life. A popular type of loan is a personal loan. Personal Loans vary in size, terms and conditions widely. With this said it is really important that you spend plenty of time researching before making an application and collate offers from different lenders. The features of loans vary from lender to lender so you should never accept the first loan you are offered. You could make big savings by borrowing elsewhere. Use to table above to compare some of the leading personal loans available for people in the US. If you use online lenders you will find a faster and easier application process. Apply in minutes and you can get an instant quote.
Before Taking Out A Loan.
Remember a loan is a serious commitment. Before you make an application you need assess your personal finances and really think about how much you can afford to borrow. Be prepared that taking out a loan may mean you have to change your lifestyle and make certain sacrifices in order to make your repayments. You should only take out a loan that is within your resources because you do not want to be in a situation where you are struggling to make ends meet every month.
What Is A Fixed Rate/Variable Rate Personal Loan?
There are fixed rate personal loans on the market. With these loans the interest remains the same for the duration of the loan. You can also find variable rate personal loans where the interest can either go up or down. Whether a fixed or variable rate is better for you will depend on the interest rate environment when you take out the loan and how long you are taking the loan out for.
Secured And Unsecured Personal Loans
You will find that you can take out secured loan and unsecured loan. A secured loan is where you are required to secure the loan against large collateral which is usually your home or car. You will find that with secured loans, because the lender has the security of you asset, you will be able to borrow more money for a longer period and you can also find that interest rates can be considerably lower. However, should you decide on a secured personal loan, if you default on the debt obligation you can find that your collateral will be seized.
If you want to avoid having your home or car repossessed should you miss loan payments you could decide on an unsecured personal loan. Unsecured loans are less risky for borrowers but as there is more risk for the lender you will not be able to borrow as much as with a secured loan. You will also find that interest rates are likely to be higher.
What Are The Risks Involved?
You need to make sure that you make repayments when they are due. Failure to do so can result in a debt problem which can easily escalate as the interest on your debt combined with late charges can quickly accumulate. You also risk damaging your credit score which will be used against you when applying for future financial products like credit cards and loans. People with better credit scores will be offered better loan conditions are likely to be able to borrow more money for lower interest. Unfortunately, those with a poor credit history will be offered less favourable terms.
How To Find The Right Personal Loan For You
The interest rate is obviously the most important aspect to consider. However, you need to make sure that the other features of the loan suit you and your lending requirements. Before applying make sure you understand the costs, charges and terms and conditions of the loan agreement. Always read the small print carefully so you know what the penalties are for late and missed payments because these can be costly.
08 May 2012 11:00am
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Prosper is America's leading social lending marketplace. They connect people who want to invest money with people who want to borrow money. Their members have invested over $270,000,000 in thousands of people just like you.
05 July 2011
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Military loans are only available for those on active duty for the US Army, Navy, Air Force, Marines or Coast Guard. Offering personal loans, Military Loan companies could grant you a loan even with a bad credit history or if you don’t have any collateral.
18 February 2011
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This is a loan which is based on your ability to make monthly repayments. No assets, such as your house or car, are used as security for the loan.
11 February 2011
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A lender such as a Bank, or other financial company agrees to lend you a sum of money - anything from $500 to $25,000 and upwards, and you agree to pay that amount back plus interest.