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Personal loans for a good, fair and bad credit

Updated on April 9, 2016


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Personal loans for a good, fair and bad credit

A personal loan is a loan fee that is not supported by any collateral (like a house or car). It differs from a mortgage or car loan that the lender cannot directly grab your assets if you are not able to repay the loan. Your credit score will still be corrupt if you default, though.

Your credit history will directly affect the interest rate you are offered. While some lenders are not minimum credit score, it does not mean that they do not check your credit report. They use other information from the report to assess the risk that you won't pay off.

Not all lenders will approve loan for borrowers with credit scores up to 620, but many do. Expect prices to be higher at the end of the range — that is, to 36% — if your credit is damaged. Perhaps you've seen lenders who offer loans without credit checks at all, but they will charge interest rates of 300% or more, as would a payday lender.

Pros: personal loans

Consolidation for your credit card and other debts. A personal loan can be used to consolidate credit card debt a high percentage of lower interest payments and speed up debt repayment.
Credit rating upgrade. Can improve your credit score, moving credit card debt payment on a loan because you reduce your credit utilization ratio.

Against personal loans:

Higher interest rates than secured loans and some credit cards. If you have good credit and can repay the debt in 12-18 months, you can probably get a credit card that has a 0% APR on balance transfers for a year or more. In addition, if you are a homeowner, home equity loans often have lower interest rates than personal loans.
Advanced applications of the process. The loan approval process can last a few days and may require more information than is needed to get a credit card.

Personal loans work best as part of a long-term plan to improve your finances.

If you have good credit and your existing banking relationship, worth checking out listings from your current provider or a local Credit Union. Make sure to consider several options to find a good pace. Almost all lenders require you to be 18 or older and a legal resident with verifiable bank account and not in bankruptcy or foreclosure United States.


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