PayPal Partners with Acorns to Help Users Invest Money
PayPal, a service known for providing a way for users to buy things digitally, announced new integrations with the micro-investment platform Acorns.
5 Best Loans Providers for 2019
Find the most competitive interest rates, flexible repayment terms, and easiest application process for getting instant loans online today.
When to Choose a Fixed vs. Variable Interest Rate
Figure out what’s better for you when taking out a personal loan: a fixed or variable interest rate.
Pros and Cons of Borrowing Money from Friends and Family
Find out whether getting a loan from a friend is a good idea when you weigh the pros and cons against taking a personal loan from an online lender.
How to Buy an Engagement Ring Without Breaking the Bank
Check out these smart tips for buying an engagement ring on a budget, so you can give her the gem of her dreams and not break the bank!
5 Hidden Charges to Watch Out for in Your New Credit Card Agreement
Uncover these five hidden charges that credit card companies try to slip past you with new agreements and policy changes.
4 Ways to Improve Your Credit Score
Learn four simple ways that you can clean up your credit score right now so that you can finally get approved for the line of credit you want!
What Is APR? A Guide for Normal, Non-Finance Folks
Discover what APR actually stands for and what it means to you when looking into online loans for business or pleasure.
Soft vs. Hard Credit Inquiries: What's the Difference?
Learn the difference between a soft inquiry and a hard one so you can keep your credit score solid.
How Do Personal Loans Work?
Getting a personal loan is a relatively simple process. The steps are:
- Finding the right lender: This is the most difficult step because there are so many fraudulent “lenders” on the market. Scam artists may attempt to steal your money or information, and some seemingly-benign institutions might suddenly change their loan terms late in the borrowing process. Before choosing a lender it’s recommended that a borrower read the lender’s reviews, speak to its representatives, ask questions, and get everything in writing.
- Applying for a loan: Today, most lenders have online applications, so it’s faster, easier, and smoother than in days of yore.
- Receiving the loan: Depending on the lender, you’ll receive your loan amount anywhere between a few days to up to a week from the time of submitting your application, assuming you’ve been approved.
- Repaying the loan: Your loan will include terms about payment amounts and times. You can set up a monthly payment plan so your loan is paid off automatically each month. The payment amount will vary based on the original loan amount, its interest rate, the borrower’s credit score, and the length of the agreed-upon contract.
Applying through a loan marketplace, rather than with a direct lender, gives you the added advantage of evaluating offers from multiple lenders simultaneously, rather than spending hours and hours searching through them yourself, one by one.
Why Get a Personal Loan?
There are several reasons to get a personal loan:
- To consolidate debt: Pay off all other debts, credit card charges, and bills and only have one monthly bill that’s easier to manage.
- To pay off a higher interest rate loan: Pay off the loan or debt with the higher interest rate, and then pay off the personal loan with a lower rate later on.
- To finance a large or unexpected event: Life is not without its surprises, and sometimes it’s more feasible to pay for these in gradual installments rather than all at once.
- To improve your credit rating: Taking out a loan, paying off debt, and diversifying your credit habits will all improve your credit score. A personal loan helps you accomplish all three objectives simultaneously.
To receive greater repayment flexibility: Personal loans generally come with more flexible repayment structures than credit cards.
Want More Info?
A personal loan can be an excellent financial choice when taken out for the right reason and with the right lender. We offer tested lender reviews for the highest standards of security, reliability, and ease of use. Our site also provides a range of other written and video content that will give you the information you need to make the best financial choices possible in today’s rapidly changing fiscal landscape.