Best Personal Loans 2019 at a Glance
There are various reasons why people might need to apply for personal loans such as emergency utilities bills, medical emergency and car repairs. Personal short term loans may not help to buy luxuries but they can surely assist you in emergency cash needs despite the reason even if you want to spend it on the extravagances that you can’t afford. They work like regular payday loans online; the only difference stands for repayment as it is not demanded on next payday, Annual percentage rate and loan term. Unlike regular short term instant cash loans they offer cash between $5000 to $25000 and they impose no annual fees and no repayment is demanded till 6 months that is they have longer loan term.
What Are The Criteria To be Approved For A Personal Loan?
There are certain criteria that must be met by applicants in order get approval for personal loans:
- An applicant must be at least 18 years old
- Must be a US Resident
- A bank account and debit card
- Must have a regular employment
When Should You Apply for a Personal Loan?
A personal loan is not always the right answer in a financial crisis, but there are plenty of situations where securing a loan is the wisest action as follows:
- Consolidate High Interest Debt
- Finance a Home Renovation
- To Fund a New Business
- For Any other Financial Goal You want to achieve
While it is easy to apply and get approval for personal loans because they are unsecured and you don’t have to put up any collateral, they might not always get you the best interest rates. Thus, it is better to search for alternatives if possible such as a home equity loan might be better to finance your home because it has better loan terms and it is less risky for the lender.
Best Personal Loans 2019 at a Glance
- LendingClub – Max. Loan Up to $40,000
- LightStream – Max. Loan Up to $100,000
- Marcus – Max. Loan Up to $40,000
- SoFi – Max. Loan Up to $100,000
- Wells Fargo – Max. Loan Up to $100,000
- Prosper – Max. Loan Up to $40,000
- Avant – Max. Loan Up to $35,000
- Upgrade – Max. Loan Up to $50,000
- Upstart – Max. Loan Up to $50,000
- OneMain – Max. Loan Up to $30,000
- Net Credit – Max. Loan Up to $10,000
- OppLoans – Max. Loan Up to $4000
Is Good Credit Required to Get a Personal Loan?
If you are looking for the best interest rates, then you need a good credit score. However, it is absolutely possible to find a lender who can approve your loan application even with a bad credit. In that scenario, you just need to pay higher interest rates to lessen the lender’s risk. So, it is wise to take a bad credit loan if and only if you are assure that you can pay back the borrowed money on time easily else you could bring a serious damage to your potential financial health.
If you have a good credit score, then you can go directly to your bank or a credit union for a personal loan. No only this, when it comes to securing a personal loan, there is only one number that determines the security of the best personal loan rates that is – credit score.
Are you Excited to See How Credit Score Affects Personal Loan?
Below is shown the average personal loan rate by credit score.
On a whole, getting the money you need through a personal loan support you in a long way to achieve your financial dreams.
