Learn more about personal loans
Personal loans up to $40,000. Take advantage of what a personal loan can offer you and take control of your finances with an unsecured loan that can help you meet your financial goals.
A personal loan is money borrowed from a bank, credit union or online lender that you pay back in fixed monthly installments, typically over two to five years, along with interest. The annual percentage rates on loans from mainstream lenders can range from 6% to 36%. Most personal loans are unsecured, which means they aren’t backed by collateral. A secured loan backed by a car or house typically is cheaper, but you can lose the asset if you default on paying it back. Unless you qualify for a 0% interest balance-transfer credit card, the rates on personal loans are typically cheaper than those on credit cards, and the amounts you can borrow are usually higher. If you have big balances on multiple high-interest credit cards, a personal loan can help you consolidate the debts into one payment at a lower rate. Compare rates from multiple lenders before choosing. The loan with the lowest APR is the least expensive — and therefore, usually the best choice. Learn more about how to get a personal loan.
What rate should I expect?
Rates vary from lender to lender and depend heavily on your credit history and ability to repay, but here is what interest rates and monthly payment on personal loans may look like based on a 24-month term:
What are the requirements?
While applying is easy, qualifying for a personal loan may be more difficult. Here’s what you need to know about personal loans and how to get approved for one.
Almost all lenders require you to be 18 or older and a legal U.S. resident with a verifiable bank account, and not be in bankruptcy or foreclosure. Borrowers with excellent credit and low debt-to-income ratios may qualify for interest rates at the low end of lenders’ ranges. Someone with poor or average credit may be able to get an unsecured personal loan on the strength of a steady income and low debt levels, but expect rates near the higher end of the range — up to 36%. Other options for borrowers with bad credit include secured or co-sign personal loans. Some lenders say they don’t have minimum credit score requirements, but that doesn’t mean they don’t check your credit report. Knowing your credit profile before you apply can help set expectations. Several personal finance websites, including CreditSesame, offer free access to your credit score and credit report. Look for a site that offers educational tools such as a credit score simulator or guidance on how to build credit. If you can’t qualify for a loan through a reputable lender, don’t head to a payday lender just yet. Consider these options first.
We understand that searching for a loan can often be a daunting and confusing task, especially given the wide array of options that are available. We had this in mind when we created CreditLief.com. Every aspect of our service has been designed and optimized with the customer in mind. We strive to offer you the most innovative and user-friendly experience possible.
Given that each individual lender or lending partner is looking for a particular type of customer, many people end up getting turned down multiple times for any number of reasons – which can sometimes be as simple as living in the wrong state. What makes PersonalLoans.com unique is that we have assembled one of the largest networks of personal loan lenders and lending partners available anywhere.
When you submit a loan request on CreditLief.com, our proprietary technology evaluates your request and searches for potential lenders or lending partners.
With our simple three-step request process, it has never been easier to find out if you qualify for the help you need, and enjoy financial security. If you have any questions, our in-house customer support team is standing by and ready to help.
Compare rates from multiple lenders before choosing. The loan with the lowest APR is the least expensive — and therefore, usually the best choice. Learn more about how to get a personal loan.
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.