Have a medical emergency and need money as soon as possible? Need a loan to consolidate your debt without having to deal with a bank? Personal loans from lending services are a great way for people to borrow the money they need quickly and without the headaches that can come from dealing with a conventional bank. These loans come in two varieties — peer-to-peer and a more traditional loan from the personal loan service itself. While some personal loan services have local branches you can visit to talk to a representative in person, they all offer the convenience of taking a loan out from the comfort of home and the freedom to use the money for almost any purpose you desire. We've reviewed a range of lenders to help you find the best option to suit your needs.
NextAdvisor Personal Loans Blog Headlines
Can I Trust the BBB?
It’s common to see stickers and placards in business windows and buttons displayed proudly on website home pages proclaiming a company’s rating with the Better Business Bureau (BBB). While many people utilize this organization to research companies or services they’d like to use, or lodge a complaint when something has gone wrong, few understand exactly […]
Can I Get a Personal Loan with a Cosigner?
Q: I would like to apply for a personal loan with a cosigner. Are there any services that will allow this? Good question. First, it’s important to understand what a cosigner is and how it might differ from signing for a loan on your own or applying for a joint loan with another person. When […]
How a Loan Can Get Your Year Off to a Great Start
2016 is officially here, and many people are turning their sights on all kinds of plans and goals for the year ahead. Whether you’d like to get your small business off the ground or take the plunge and complete your dream kitchen remodel, you might find that your plans are incomplete without a little monetary […]
Why Choose a Personal Loan Over a Traditional Loan?
There comes a time in many people’s lives when they need more money than they have. Sometimes a credit card can be a quick solution, but there are situations when credit cards just won’t work and taking out a loan looks like the smartest option. All loans are not created equal, and in recent years […]
Will applying for a loan hurt my credit?
The short answer: no. Most personal loan services allow you to apply and see what interest rate you qualify for before submitting a full application for a loan. During the qualification process, the personal loan service will make a soft inquiry to get a snapshot of your credit. This type of credit check will not be noted on your credit reports, so it won't have a negative affect on your credit should you be turned down. However, if you qualify for a loan and go forward with a full application, the personal loan service will perform a hard inquiry to get your full credit history — which will show up on your credit reports.
How is this different from a payday loan?
Payday loans and personal loans have some similarities, such as the ability to obtain money quickly without a lengthy wait or tons of paperwork. However, unlike payday loans — which assess a fee per $100 borrowed and require full repayment in a period of just a few weeks — personal loans use an APR (Annual Percentage Rate) to determine how much interest you will pay and offer long repayment terms. Personal loans also involve much larger sums of money than a payday loan. Whereas a payday loan service might allows borrowers to take up to $250 at a time, many personal loan services will let you borrow a maximum of $10, 000 or more if you qualify.
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