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What is a Personal Loan and Should You Get One?
A personal loan is an amount of money loaned to an individual typically without any collateral, though some lenders do require collateral depending on your credit situation. Personal loans used to be seen as a solution for people in dire financial straits, today the options and terms are better than ever and more and more everyday people are taking out personal loans.
A personal loan can be a great idea if you have outstanding credit debt and a less than stellar credit score. If you use the personal loan to pay off the credit card, it could improve your credit score by making on time payments of your personal loan.
Even if you don’t have credit debt, taking out a personal loan and repaying it could potentially be a good way to establish positive credit and help you down the road when you apply for a car or house loan.
If you have multiple outstanding debts - or just one - at a high interest rate that’s taking a real bite out of your paycheck each month, then a personal loan could be a good option. A good way to start would be to compare lenders and identify who can provide a personal loan with a friendlier interest rate, and then use that to pay off the other debts.
A personal loan may help pay for home renovations, which, in some cases can improve the value of a home. This can potentially pay off if you’re looking to sell the house in the near future, or if you’d like to increase the value of your home in order to borrow against the equity.
Things don’t always go as planned, and sometimes we need a little extra help. A personal loan may be used to help handle unexpected medical bills, home repairs following a flood or a fire, or a sudden expense like a funeral. When hard times come, having some financial peace of mind can make things a little bit easier, and that’s no small thing.
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What to Know Before Applying For a Personal Loan
1. What’s my credit score?
Your credit score is calculated based on your loan repayment history, credit card usage, and other financial markers that can give lenders a rough guide of how responsible you are with money and how much of a default risk you are. Even though some lenders may choose to not look at credit scores when qualifying you for a loan, it is still a good idea to keep track of yours and know where you stand.
Typically, the higher your credit score the more likely you will be to receive loans. Also, because with high credit you are considered less of a risk, your interest rates will tend to be lower.
That doesn’t mean that less than great credit is a deal-breaker, but it's good to know what the numbers mean:
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Applying for an Online Personal Loan
Experts believe that the best online lenders tend to have an easier loan application process than banks:
- Stage 1: This generally consists of an online questionnaire where you are asked to provide information including the amount of the loan, the purpose of the loan, and your personal information. You will also probably be asked to provide your income level and housing status.
- Stage 2: This involves a soft credit pull, which won’t affect your credit rating like a hard credit pull. Based on the credit score and other details you provided the lender, they will determine how much to loan you and under what terms and interest rate.
- Stage 3: Once your application has been pre-approved, you will then complete your application and a hard pull will occur that may impact your credit score. You should have all relevant paperwork on hand and ready to send, including your driver’s license or passport, proof of residence (utility bills, rent contract, etc), and pay stubs from your place of work.
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Types of Lenders
- Direct lenders
This is a company that directly loans money to borrowers and doesn’t merely facilitate lending between lenders and borrowers.
- Marketplaces
These are companies that don’t lend out money themselves, rather, they facilitate loans between borrowers and lenders, by creating an online marketplace where borrowers can apply to all types of lenders at the same time, typically with one simple application.
- Peer-to-Peer lenders
Peer-to-peer (P2P) lenders refers to private lenders and borrowers which are connected to one another online. P2P lending is a way for lenders to invest some money in small-scale loans, typically spread out across a large number of borrowers in order to offset the default risk. For borrowers without collateral who have less than ideal credit, these may be a great option, despite the origination fees and often high interest rates.
- Banks
This is the a more traditional way to attain a loan that has historically proven to be beneficial. That said, banks tend to be more cautious, and if you’re credit isn’t in good shape, or you don’t have any collateral, you might have real trouble finding a loan through a bank.
Applying for a Loan With a Cosigner
Financial experts believe that most of the best lenders allow cosigner loan. We recommend finding one that allows co signers with your level of credit, and getting an idea of what type of fees or other terms they require before looking for a cosigner.
True, money and loved ones don’t always mix, but sometimes you have to count on the people close to you for help. It's recommended for your cosigner to have better credit than you and, ideally, some good collateral to put up. If the person has a spotless financial record, it could potentially help you get a loan with good terms. That said, you need to keep in mind that if you default, it will also affect the financial record of your cosigner. Make sure it’s someone who won’t hold this over you, and who you can work with to pay off the debt.
Read here to find out more about attaining a loan with a cosigner.
Choosing a Lender
Shop around: Compare several top lenders
This may go without saying, but many experts recommend you don’t settle on the first lender you find. Make sure to cast a wide net and really invest your time in reading online reviews and comparing the best personal loan companies so you can get the most competitive rates and save money in the long run. If the terms the company is offering you aren’t to your liking, feel free to look elsewhere and remember - you're the customer, they’re looking for your business, and are likely to try to meet you in the middle.