Personal Loans: The Good, the Bad, and everything in between

May 31st, 2023 by

What is a personal loan

A personal loan is a type of loan provided by financial institutions, such as a bank or online lenders, to individuals for personal use. Unlike specific-purpose loans (e.g., business loans or mortgages), a personal loan is generally unsecured, which means it does not require collateral such as a house or car.

The primary purpose of a personal loan is to provide borrowers with access to funds that can be used for various personal expenses or financial needs. The borrower receives a lump sum of money upfront and then repays it over a fixed period in regular installments, usually through monthly payments.

Personal loans can be used for a wide range of purposes, including but not limited to:

1. Debt consolidation: Combining multiple debts into a single loan with a lower interest rate, making it easier to manage and potentially reducing overall interest costs.

2. Home improvements: Financing renovations, repairs, or upgrades to your home.

3. Medical expenses: Covering unexpected medical bills or elective procedures not covered by insurance.

4. Education: Paying for tuition, books, or other educational expenses.

5. Wedding or special events: Funding wedding expenses, vacations, or other significant celebrations.

6. Purchase of a vehicle: Buying a car, motorcycle, or other personal transportation.

7. Starting a small business: Obtaining capital for a new venture or covering initial expenses.

8. Emergency situations: Dealing with unexpected financial emergencies, such as car repairs or medical emergencies.

It’s important to note that the terms and conditions of personal loans can vary depending on the lender, including interest rates, repayment periods, and eligibility requirements. The interest rates for personal loans are typically fixed, meaning they remain the same throughout the loan term. Before taking out a personal loan, it’s essential to consider your financial situation, evaluate your ability to repay the loan, and compare offers from different lenders to ensure you’re getting the best terms possible.

Personal loans for bad credit

A bad credit personal loan is a type of loan that caters to individuals with less-than-perfect credit scores. These loans typically carry higher interest rates compared to loans offered to individuals with good credit. However, they can serve as a viable option for those who require quick access to funds and have limited alternatives.

There are several avenues through which one can obtain a personal loan despite credit scores. One option is to apply through their banks or credit unions. Alternatively, online lenders are another avenue worth exploring.

When requesting a personal loan with a lower credit rating, the lender will assess your credit score and income to determine the loan amount and interest rate for which you qualify. Generally, a higher credit score will result in a lower interest rate. Even with bad credit, it may still be possible to get a loan, albeit at a higher interest rate.

Personal loans for bad credit can be advantageous for individuals in urgent need of funds without alternative options. However, it is crucial to fully comprehend the terms before accepting a loan. Familiarize yourself with the interest rate, loan amount, and repayment period. Furthermore, ensure that you can comfortably manage the monthly payments.

Here are some benefits associated with obtaining a personal loan for bad credit:

  • Expedited access to funds when needed.
  • No restrictions on utilizing the funds for various purposes.
  • The potential opportunity to enhance your credit score by making timely payments.

However, It is crucial to consider the following drawbacks before opting for a personal loan with a poor credit score:

  • Potentially higher interest rates compared to loans offered to individuals with good credit.
  • Possible origination fees.
  • Potential late fees in the event of missed payments.

Pros and cons of personal loans 

There are several pros to taking out a personal loan

  • Personal loans can be a convenient way to get the money you need quickly.
  • Personal loans are easy to obtain and available to most credit types.
  • Personal loans are generally unsecured.
  • Personal loans can be used for any purpose without restrictions.

However, there are also some cons to personal loans

  • Personal loans can be expensive, especially if you have bad credit.
  • Personal loans tempt you to overspend, which can lead to financial problems.
  • Personal loans can be difficult to repay if you fall on hard times.

Before you decide whether to take out a personal loan, it’s important to weigh the pros and cons carefully. If you think a personal loan is the right option for you, be sure to shop around and compare offers from different lenders to get the best deal.

When should you consider getting a personal loan?

  • If you need money quickly and don’t have other options.
  • If you want to consolidate debt.
  • If you want to make a major purchase.
  • If you want to fund a home improvement project.

How to compare personal loan offers

  • Look at the interest rate.
  • Look at the loan amount.
  • Look at the repayment period.
  • Look at any fees associated with the loan.
  • Look at the lender’s reputation.

The most effective way for requesting a personal loan

 When applying for a personal loan online, there are a few key steps to follow; 

  • Research and compare different online lenders to find the one that suits your needs. Look for reputable sites with positive customer reviews.
  • Visit the chosen website and navigate to their personal loan page. Fill out the required information accurately and thoroughly. Be prepared to provide details about your personal and financial situation, such as income, employment history, and address.
  • Ensure you have all the necessary documents, such as proof of income, identification documents, and bank statements. 

Once you apply, the lender will review your information and assess your eligibility. If approved, carefully review the loan terms, including the interest rate, repayment period, and all applicable fees. If everything meets your expectations, accept the loan offer.

Money Online

When Getting a Loan Online Makes Sense

September 20th, 2019 by

Online lenders allow you to borrow money quickly and easily by simply completing a request on your phone or computer without leaving the comfort of your house or office. Theoretically, you can take out an online loan for any reason, but you’ll only want to utilize a loan if you’re sure it’ll aid your situation and not worsen it. Online loans can often carry a lower interest rate than credit cards, which can help you consolidate credit card debt or make large purchases. Finding the best online personal loan site requires you to do your homework and know what you need. Here are a few situations that you could benefit from taking out a personal loan online.

Getting Out of Debt

Online loans are perhaps most often used to help people consolidate their existing debt into one account to make the payments more manageable or even improve credit ratings. Interest rates on online loans are sometimes lower than credit card interest rates, so consolidating your high-interest debt can help lower your monthly payments every month. Find the best online loan website or online lender in order to ensure you work with an experienced lender who can help obtain a loan that makes sense for you.

Covering Costly Expenses

Whether you’ve got a wedding on the horizon or want to upgrade your home theater system, you never want to spend money you don’t have. A personal loan can get you the money you need ahead of time with a manageable payment structure so that you’re able to cover large purchases and pay them off over time.

Funding Financial Emergencies

Medical emergencies are often unexpected, which can make the ensuing medical bills just one more thing you have to worry about. An online medical loan can provide you with the money you need promptly, enabling you to focus your attention on the emergency at hand. Being able to pay off your loan over an extended period allows you to take care of financial emergencies with a peace of mind.

If you need a personal loan fast, check out our personal loans page.

Loan Application

3 Good Reasons Why You Should Get a Personal Loan

September 14th, 2019 by

You open up your credit card statement and realize you spent way more than you thought last month. The prospect of paying off your balance is daunting, and the interest rate is way higher than you’re comfortable with. While rummaging through your other mail, you find a medical bill that you didn’t plan for and start wondering how you’ll be able to pay these bills off. Rather than pulling from your savings, one of the best options to deal with this situation is a personal loan online. Here are 3 good reasons why getting a personal loan online may be a good idea.

1. Consolidating Your Debt With A Personal Loan

Debt consolidation is one of the best uses of a personal loan. When a personal loan is used for debt consolidation, multiple debts are paid off leaving you with a single  loan. This enables the borrower to pay back the loan over time with one single payment, which is often simpler and easier. This option can be less costly than the insanely high credit card interest rates that are keeping many families stuck in perpetual debt. Let’s start the debt consolidation.

2. Paying Off Unexpected Expenses With Personal Loans

As we saw in the example at the beginning of this article, one of the most common uses for a personal loan is to pay off an emergency expense. Home repairs, medical bills, and other expenses that need to be paid immediately can be paid for with these loans.

3. Vacations or Getaways With A Personal Loan

It’s safe to say that we all need a break sometimes, so why not finance your vacation? This can be a great option for people who desperately need to get away but don’t have the money available for it right away. Just use the personal loan to fund the vacation now and pay it back later. While certain self-proclaimed finance moguls may frown upon this reason to get a personal loan, by our estimation your mental health is just as important as your physical health and taking a break could spell the difference between a mental breakdown and time to relax. Be calculated with this decision, but don’t disregard it completely if you feel it’s necessary.

Learn the Facts About Personal Loans

As you can see, personal loans have a wide range of uses. Two different types of personal loans offered by most lenders are secured and unsecured loans. A secured loan requires collateral, but the unsecured personal loan, also known as a signature loan, does not is simply granted based on credit score and income.

If you want to learn more about your options, contact the experts at Finding the best online personal loans is easier than you think.

Man With Money

An Overview of the Types of Personal Loans

September 11th, 2019 by

As you’re searching for ways to get easy payday loans and personal loans online, you’ll come across different types of loans. While quick payday loans and personal loans might be the best and easiest to qualify for, it wouldn’t hurt to know about some of the various options out there.

Co-Signed Personal Loans

If you don’t have much of a credit history and can find someone who has a good credit history, that person can co-sign for you if you get a loan from a bank. That means that he or she will repay the loan if you can’t, which makes you a lower risk borrower.

Personal Line of Credit

This is actually like having a credit card. You simply borrow from this as you need to rather than all at once and then pay the interest on whatever money you borrow.

Credit Card Cash Advance

Your credit card itself can give you loans through a bank or ATM. You should be aware, though, that the fees and interest rates are usually high.

Personal Loans For Debt Consolidation

If you have borrowed money from one or more sources, this process can combine them all into one payment. This way, you only have to send out one bill instead of keeping track of several and could improve your credit rating. It can get complicated if you have multiple loans going at once, so if possible, you should avoid doing this and only get one loan to start with, like quick payday loans online.

Fixed and Variable Rate Loans

These terms describe whether your loan will have one consistent interest rate throughout the loan period or whether it will fluctuate based on benchmark interest rates. Variable rate loans generally come with lower interest rates, so these are generally better if you’ll be paying back the loan soon before the rate has time to change too drastically.

Secured and Unsecured Personal Loans

Calling something a secured or unsecured loan is a way of saying whether the loan is backed by collateral or not. For instance, getting a loan from a pawnshop is a type of secure loan. If you get quick payday loans, that’s one type of unsecured loan, but you would usually repay this loan on the next payday instead of gradually over time. This is a good idea for a small loan, since it means you won’t be in debt for a long time. If you need a loan like this, contact today so that they can help you get started.

Personal loan. Calculator, dollar bills and pen.

Repaying Old Loans with a New Loan: A Detailed Analysis

September 7th, 2019 by

Can a new personal loan save you?

Digging yourself out of debt can seem like a daunting task, but luckily, you have a lot of options at your disposal when you try to work your way out of past mistakes. Keep in mind, however, that working yourself out of debt requires some smart decision making. If you misuse the tools at your disposal, you can undo your efforts to improve your situation and make things worse.
So how do you make personal loans work for you instead of against you when you’re trying to pay your old loan? Simple: take advantage of good situations when they arise and take the time to make the right calculations. Here are a few tips to help you do exactly that!

Know Your Interest Rates

Failing to know an interest rate is a common mistake people make when trying to get themselves out of debt. But when you’re dealing with similar sums of money, the interest rate is vital to deciding which loans you should pay off first. If you ignore a larger interest rate, you’ll end up paying more in the long run.
For example, if you have a personal loan of $10,000 at 10 percent interest and another $9,000 loan at 16 percent, you need to payoff the $9,000 loan first and minimize your interest on debt. As a rule, always payoff high interest loans first.

Borrow a Little More

When you take out a new personal loan to repay an old loan, it makes sense to borrow a little extra to make sure you can cover unexpected fees that may be associated with the old loan. Some loans have prepayment penalties and other fees attached to them for early payoff. If you don’t borrow enough to cover them, you’ll find yourself a few dollars short of paying off your old loan. Having to make multiple small payments isn’t an ideal situation, and it’s best practice to avoid it if possible. To see if you can start saving money every month, request a loan today.

Borrow What You Can Repay

Being honest with your finances can help you avoid compounding past mistakes. Make sure that you borrow only what you’re sure you can repay over the course of the loan. You don’t want to keep digging a bigger hole by borrowing more money.

Achieving financial success isn’t something that happens overnight. Using personal loans responsibly can speed up the process. By knowing the facts and being honest with yourself, you can make a loan work for you and help you get out of debt, permanently!

Personal loan

Payday Loans vs Bank Loans: An Insight

August 29th, 2019 by

Payday loans or cash advance loans and bank loans are not the same thing, and it’s important to be aware of their differences. Before you sign anything and agree to accept a loan.

Payday Loans

A payday loan is a short-term high-cost solution for emergency cash. The effective annual percentage rate (APR) of a payday loan can be nearly 400 percent. That’s significantly higher than any personal loan that you could receive from a bank and traditional lending institutions. Typically, a payday loan has to be repaid within weeks through your paychecks.
Payday loans are designed for people that are cash-strapped and need money right away. If you don’t have a credit card or savings account that you can dip into, a payday loan may be your go-to solution, but it’s not the only choice that you have. One possible benefit of a payday loan is that it isn’t credit score sensitive, so it may be easier to qualify for if you have a bad credit rating.

Bank Loans

Many people don’t think of banks as a go to source for small personal loans. Banks take a long time to process a loan and are paperwork intensive. If you have time, personal loans offered through banks are a good option and the interest rates are significantly less than online payday loans. Most short-term personal loans have a fixed interest rate and repayment periods.
To approve you for a personal loan, the bank will check your credit history, and it could impact your credit score. As a rule, any negative affect on your credit score should be quite minimal.

Your interest rates will be largely determined by whether your personal loan is secured or unsecured. Secured personal loans have collateral, so the borrower enjoys a lower interest rate. Unsecured personal loans don’t require collateral. As a result, they have higher interest rates, which commonly range from 5 percent to 36 percent. As you can see, even the rates fluctuate significantly depending on lenders, credit score, and other factors.

Payday loans or merchant cash advances are frequently used for emergency expenses and are offered at smaller loan amounts. You can borrow more money with a personal loan, making it a better option for unpredictable emergency expenses.

If you want more details about personal loans, contact the financial experts at There are many installment loans online for bad credit. You should be able to find something that suits your needs.

Build Business Credit with Bad Personal Credit

Build Business Credit with a Bad Personal Credit

August 24th, 2019 by

Business loans for bad credit don’t require excellent personal credit. You can get a business loan with a fico score in the 520 range. Working capital loans, merchant cash advances, and business are about the health of your business, not your credit score. work with a number of lenders that specialize in catering to entrepreneurs looking for business loans with bad credit.

Business loans for new business

Fortunately for entrepreneurs, there are alternative business loans available. Alternative business loans fund fast and require minimum documentation. The quick process and little documentation required makes these loans an excellent alternative to business loans from traditional sources.

Minimum requirements for alternative business loans are:

  • At least 6 months in business
  • 3 months bank statements
  • A minimum deposit of $7,500 per month

Although credit decisions and risk assessments for alternative business loans aren’t solely based on the borrower’s credit score, it still plays a major role in establishing a borrower profile. A borrower can have a low credit score, but a strong credit history documented by on-time payments.

Improve your bad credit with a business loan

Instead of continually maxing out your credit cards, consider getting a business line of credit or a quick business loan for bad credit.
The high debt to credit ratio causes your credit score to drop, which makes everything more expensive. A business loan for bad credit will most likely have the same rate as a maxed-out credit card.
The benefits of getting a business loan and keeping your credit card balances low include improved credit scores, qualifying for better business loans, auto loans, and mortgages, which will ultimately put you in a better position.

Appear as a stronger borrower

#1 improve your credit profile

Minimize your expenditures, this is the simplest start to improving your credit profile. Lenders will look at your overall obligations, and the less they see, the more they like you.
Budget accordingly, put off unnecessary purchases, and pay-off all small debt that shows on your credit report before requesting a business loan. Keep in mind, doing this will improve your credit, but more importantly, it strengthens your profile, which could turn into a lower interest rate business loan. To see what your best course of action is, start a loan with Business loans through have competitive rates and flexible guidelines for loans up to $500,000.

#2 separate yourself from the business

I recommend using a business card for all business-related expenses. Pay business expenses through the business accounts, even if you are taking money from your personal account to pay the bills. Treat it as a loan to the business.
Lenders like responsible borrowers. It might not look like much on paper, but underwriters are usually biased towards borrowers that are organized and responsible.
If you are ready to see what you qualify for, request a no cost, no obligation loan.

Man writing on a budget worksheet

Personal Loans vs. Personal Lines of Credit

August 8th, 2019 by

When you start to consider a loan or a line of credit, you must always weigh all available options before applying. To select the best personal loan or line of credit, you have to know the specifics of each offer.
Both personal loans and personal lines of credit can help in situations where you need to access to quick cash. There are however major differences in the timing and availability of funds.

What is a personal loan?

A personal loan is a fixed sum loan for a fixed period with fixed payments. Unlike specific purpose loans, such as business loans and auto loans, there are no restrictions as to what the proceeds of a personal loan may be used for. For example, personal loans can be applied towards a luxury purchase, emergency bills, or even for consolidating debt.
Personal loans are generally unsecured loans, and the lender has no recourse in case of a default. Thus, personal loans carry a higher interest rate.
The credit requirements for online personal loans are flexible and don’t require perfect credit. All credit types are welcomed.
Personal loans fund in as little as one business day, click here to get started.

What is a personal line of credit?

A personal line of credit is similar to a credit card and sometimes referred to as money on demand. You receive a specified amount of credit that may be used all at once or partially on multiple occasions up to your credit limit.
Your repayment process begins the minute you tap into the line of credit and draw against it. Payments are based on the outstanding balance, and the credit is revolving.
As you pay down the balance, the credit becomes available. These types of loans generally require excellent credit and are offered by traditional lenders and can take weeks to process a loan.

The right choice

For quick access to funds without going through multiple layers of scrutiny, a personal loan is the right choice.
Perfect credit is not required and the process is simple with online personal loans. Request a loan, get approved and the money is directly deposited in your bank account.
The best personal loans online fund in as little as one business day.
If time is not of the essence and you have time to deal with more traditional lenders and are simply looking for the security of knowing you have access to cash in the future, a line of credit may be the right choice for you.

Can I improve my credit score with a personal loan?

Yes, you can improve your credit with an online personal loan in several ways. For example, by consolidating debt into one loan can prove positive for your credit score.
In addition to that, some lenders report to the credit bureaus which will help establish a positive credit history. Click here to get a personal loan today.
With all that said, we strongly advise against getting a loan to simply rebuild your credit. It is much wiser to pay down your existing debt and develop a sustainable financial strategy for budgeting your monthly expenditure.

How can I get a personal loan?

It’s simple.  Click right here and you’ll be directed to the personal loan page where you can request for a personal loan in 3 minutes with no obligations.

Need a loan

How to Avoid Suspicious Lenders When Applying for Loans Online

August 3rd, 2019 by

As the internet continues to grow and dominate our way of life, so do the odds that you get involved with a personal loan scam. There are countless scammers out there who are hoping to capitalize on unsuspecting individuals looking to apply for a loan online. While easily identifying scams can be easier said than done, there are some warning signs that are usually indicative of a phony lender. Learn how to spot suspicious lenders before you get involved in a scam that could end up causing serious damage to you and your credit rating.

Credit Check Is a Must

Often, scammers will advertise that their loan application process doesn’t involve a credit check, hoping to appeal to individuals who have low credit scores. You ought to know that a legitimate lender will always do a credit check before taking approving a loan or taking any further steps beyond the application. Your credit score indicates how responsible of a consumer you are, and will let the lender know if you can be trusted to repay the loan in a timely manner. Don’t fall for advertisements that claim credit checks aren’t required, as it’s most likely a scam.

Sift Out the Spam

If lenders are reaching out to you via phone unsolicited, you shouldn’t pay them much attention. Spammers can send out millions of calls to people all over the world, just waiting for someone to take their bait. Who you work with throughout the loan application process should be up to you, so never respond to calls or emails from so-called lenders unless you recognize the name and know they can be trusted.

Be Wary of Up-Front Fees

A major indicator of whether a lender is legitimate or not, has to do with asking for up-front fees. Almost all legitimate lenders will not ask for any up-front fees, unless you’re applying for a commercial loan or have 3rd party fees that must be paid such as an appraisal on a mortgage loan. Scammers will prey on those who fail to catch on to their scheme and continue to ask for fees without providing any sort of service. If you’re asked to pay a fee up-front for your personal loan, your best bet is to take your business elsewhere. Remember these tips when searching for the best online personal loan.

The basics of Personal Loan

The Basics of a Personal Loan

August 1st, 2019 by

Just as the name suggests, a personal loan is an unsecured loan offered based on personal credit history. The proceeds of a personal loan can be used to cover daily expenses, pay for a child’s schooling, purchasing a car, taking a vacation, and other personal expenses.
Even though alternatives to online personal loans may be available, an unsecured personal loan is often favored due to its simplicity. The other overlooked benefit of a fast online personal loan is the minimal time required to get approved. Personal loans online can fund in as little as 1 working day.

Qualifying for fast personal loans online

There are no set rules and guidelines for unsecured personal loans. Since online personal loans are usually offered by private lenders, the approval requirements fluctuate based on each lender’s specific requirements and risk tolerance.
Some online personal loan providers have an underwriting engine that focuses on income and demographics, while another lender emphasizes credit score ratings.  Thus, in our opinion, it’s best to request an online personal loan through a trusted website like that works with a large network of lenders and lending partners.

The proceeds of online personal loans

The proceeds of an online personal loan are usually delivered right to the borrower’s bank account electronically.
A borrower may be able to request a check through more traditional personal loan lenders, but high tech online personal loans have to be electronically deposited.
Personal loans range from $100 to $35,000, and the interest rates are typically between 5.99% and 35%. The interest rate of an online personal loan is determined by income, credit history, bankruptcies, employment, etc.

What can I do with an online personal loan?

Once you have the cash in hand, you can do as you please. The lenders don’t set restrictions on usage.
However, it’s unwise to obtain a personal loan for unnecessary expenses. Online personal loans are a tool for covering expenses that cannot wait. Some common uses for online personal loans are:

  • Medical expenses
  • Auto repair
  • Emergency Cash
  • Rent

Before applying for a personal loan online

  • Run the numbers. Make sure you need a loan
  • Review your liabilities and make sure you can afford additional obligations.
  • Have a disciplined mind set as use the loan proceeds accordingly.


An online personal loan is a tool for quick access to cash.  The interest rates on unsecured personal loans tend to be higher, but if you don’t have a choice and need access to immediate cash, a fast personal loan is something to consider.
Before making the ultimate decision, request a fast personal loan online and make your decision based on actual numbers.