Learn more about personal loans
Take advantage of what a personal loan of up to $40,000 can offer you by helping you meet your financial goals and take control of your finances.
An unsecured personal loan is a way to borrow money typically from a bank, credit union or online lender where you are required to pay back what you borrowed in fixed monthly installments paid over time, usually over two to five years, along with interest. Yearly interest rates on loans from most lenders can range from 5% to 36%. The majority of personal loans are unsecured, which means there is no collateral required to obtain them. A collateral loan secured by a house most commonly known as home equity loans are usually less expensive, but you can lose the asset if you are not able to pay it back. You can secure a loan using your vehicle as collateral as well but these types of loans tend to be more expensive, and you also run the risk of losing your car if you default on the loan. Unless you qualify for a credit card with 0% interest balance transfer, the interest rates on most personal loans are for the most part cheaper than those on credit cards, and the amount of money you can borrow is typically higher as well. If you have significant balances on credit cards with high-interest, a personal loan may be a good option that can help you consolidate all your debts into one monthly payment at a much lower rate. You will need to compare interest rates from a few lenders before choosing. After reviewing multiple options, your best choice is usually the loan with the lowest APR because it will be the least expensive. There may be situations where the least expensive option is also the one with the smallest loan amount available which means that if you need a more substantial loan amount, you may have to pay more in interest charges.
What rate should I expect?
Annual interest rates vary from lender to lender and depend heavily on your credit history and ability to repay the loan, but below are a few examples of what interest rates and monthly payments on personal loans may look like based on a 24-month term:
What are the requirements?
While submitting a request is easy, qualifying for a personal loan may be more difficult. Here’s what you need to know about these loans and how to give yourself the best chance to get approved for one.
Before you begin completing your request form, you should be aware of a few basic things about getting approved for a personal loan. Most online lenders will require you to be at least 18 years of age or older and also be a legal U.S. resident with a valid bank account. You must also not be currently in bankruptcy or foreclosure. Consumers with lower or average credit scores may be eligible for a personal loan that does not require collateral if they can provide evidence of consistent income and either low levels of debt or no debt at all, but the disadvantage would be having to pay higher rates which can be as high as 36%. Another option for borrowers with poor credit would be a secured loan or adding a co-signer. Consumers who may qualify for interest rates at the low end of lenders ranges are borrowers with good to excellent credit scores and low debt-to-income ratios. Most lenders will say that they don’t have a minimum requirement as far as credit scores are concerned, but they will most likely still check your credit report. One strategy that may provide you an advantage for any loan is to be aware of your credit score and history through a free credit report before applying. Several personal finance websites on the internet offer free access to your credit report and credit score. Sites that provide free educational information and tools such as a credit score calculators or tips on how you can better build your credit are your best options.
Searching for Loans Online
Searching for a loan can be a time consuming and confusing task, especially with all of the available options currently out there. We created CreditLief.com with this in mind. Our service is optimized and designed with a positive customer experience as our primary objective. We aim to offer you the easiest and user-friendly experience possible.
Since each lending partner has a different type of customer they are looking for, a high percentage of customers end up not qualifying multiple times for a variety of reasons. Sometimes people are turned down for something as simple as owning a home in a state where they provide personal loans. What makes CreditLief.com different is that we have partnered with an extensive network of lenders that enables you to save a considerable amount of time.
When you submit a loan request on CreditLief.com, you have the opportunity to be connected to potential lenders or lending partners with one request instead of completing multiple application forms online. With CreditLief, you have an easy way to find out if you qualify for the funding you need.
Credit Card Debt
Before you use the funds from a personal loan to pay off credit card debt, you will want to consider not only the interest rate, but also the length of the loan.