Personal Loans – Types, And Where To Get Personal Loans

A personal loan allows you to borrow money from a lender for almost any purpose, commonly with a fixed term, regular monthly payment schedule, and a fixed interest rate. Collateral is not usually required. You can use a personal loan for any purpose, well, with a few exceptions. LendingClub Bank members frequently use personal loans to pay off credits cards at a lower rate, fused debt, or even take care of unexpected home repairs and medical bills.

Personal Loans - Types, And Where To Get Personal Loans

Will I Be Qualified for A Personal Loan from LendingClub Bank?

To be able to qualify for a personal loan, you must be a United State citizen and at least 18 years of age with a verifiable bank account. Your loan application will be evaluated based on several factors, including the information provided by you, your credit score, etc. And applying with another person can help you to qualify for a better rate or large amount.

How Quick Can I Get a Personal Loan?

Most members are approved within 24hours and receive their money within two days. Make sure you submit all your documents or information requested. You can apply and complete the whole process online from the comfort of your couch using your laptop, phone, or tablet.

What Will A Personal Loan Cost?

Personal loan costs differ by lender. For good credit, there are some lenders that don’t charge any fees. You are only responsible for paying back the principal and interest. The lower your interest charges, the less you will pay back over the lifespan of the loan.

How To Choose the Best Personal Loan Lender?

It is always good to get quotes from a few lenders before applying for a personal loan. When comparing lenders, look out for the following factors:

  • Approval requirements.
  • Loan amounts.
  • Interest rates
  • Unique features.
  • Customer service.

A good personal loan lender offers multiple repayment terms so you can select the one that makes the most sense for your condition.

Types Of Personal Loans

Personal loans can be used for any objective. It comes in common classification:

  • Debt consolidation.
  • Emergency expenses.
  • Major purchases.
  • Home renovations.

Debt consolidation is when you pay off debts with a new personal loan, then pay off the personal loan through monthly payments. And personal loans are sometimes used to pay major expenses such as a vacation or wedding.

Where Can I Get Personal Loan?

When it comes to looking for personal loans, the better your credit score, the more options you have. There are three main places you can get a personal loan:

  • Online lenders
  • Credit unions
  • Banks

What Credit Score Do I Need To Get A Personal Loan?

The exact loan amount available depends on your credit score. You are likely to have access to the full range of loan amounts that a lender offers. Most lenders have minimum loan amounts from $1,000 to $5,000 and maximums can stretch from $50,0000 to $100,000.

Does COVID-19 Affect Personal Loans?

The impact of COVID-19 has left millions of Americans without a source of income and many may be in search of personal loans to cover up emergency expenses. Some banks announced new loan offerings and lower interest rates even though many have tightened their eligibility requirements.