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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 mortgages 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.

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 GetMoney.com 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.

Conclusion

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.

Ups and Downs of Payday Loans

Pros and Cons of a Payday Loan

July 28th, 2019 by

“I’m short of money and still have two days till payday!”
Sounds familiar, right? We all go through rough patches dealing with everyday expenses in a hectic life.
A payday loan may be an enormous help during financial hardships. So instead of pulling out your hair, consider applying for a payday loan with a fast and easy form that only takes a few minutes to complete at Getmoney.com.

Payday loans (also called a payday advance, salary loan, or a cash advance) is a small short term loan based on your next expected paycheck. Despite the name, a payday loan may be granted regardless of whether repayment is linked to the borrower’s paycheck or not.
Usually, a payday loan is expected to be paid off within a few days, but it could be for up to 30 days. Payday loans are generally favored because they provide access to quick cash without the usual hurdles of a traditional personal loan.

To qualify for a payday loan, the borrower must present his or her payroll and sometimes employment records. With the increasing access to the internet, companies like GetMoney.com are getting more and more focused on their online services. The focus is on enabling borrowers to request a loan in just a few minutes on their mobile phones and desktop PCs.

What are the advantages of a payday loan?

1. FAST AND EASY PROCESS

One of the significant advantages of a payday loan is how quick the process is. There is no background check, usually no credit history review and virtually no paperwork. Just complete the online form, and you may be approved in as quick as a few minutes.

2. FAST FUNDING

After submitting the request, you could have your cash within one working day. No need to stand in long lines and wait a week for the approval process.

3. GOOD CREDIT ISN’T REQUIRED

The single most valuable advantage of a payday loan is that a payday loan may be approved regardless of your financial history.

4. NO COLLATERAL REQUIRED

Contrary to the commonly sought after secured loans, a payday loan won’t put your property in danger if you fail to pay it back in time. Lenders generally ask for a post-dated check to secure their investment.

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A payday loan may seem like the perfect remedy for your financial wounds, but it’s just like every other loan, and it has a few disadvantages that you must weigh before making a decision.

– Higher interest rates

Due to the nature of payday loans plus being unsecured and granted regardless of credit history, the lenders will charge a higher interest rate to justify the risks

– May affect credit

If you fail to pay your debt, the lender may sell your payday debt to a third-party debt collector and report you to a collection agency. The negative report will hurt your credit.

– Not a long-term solution

A payday loan is only a short term solution for emergency situations. Please don’t make irrational financial decisions that will land you in a worse position than your current state.

beautiful-lady-credit-card-personal-loan

Secured & Unsecured Personal Loans

July 16th, 2019 by

What is a secured personal loan

A secured personal loan is a loan that is guaranteed by an asset. The asset is usually collateral whose value determines the loan amount and the terms of the loan (interest rate, fees, amortization period, etc.).
The more common types of secured loans are home loans, home equity lines of credit, and auto loans.
A secured personal loan lender could use anything from personal belongings such as your gold watch to more significant assets such as your house as collateral.
Secured loan lenders are exposed to a much lower default risk than lenders offering unsecured personal loans. If the borrower defaults and or falls behind on a secured loan, the lender will foreclose or repossess the collateral.

What happens if you default on on unsecured loan?

If a borrower of an unsecured loan fails to make payments, the lender will have to take a hit. This explains the higher interest rates and lower loan amounts with unsecured personal loans.

An unsecured personal loan can come in many forms, and it doesn’t have to be in cash in your bank account as offered by the personal loan lenders on Getmoney.com. For example, even your credit card is an unsecured loan.

Different forms of unsecured loans

Unsecured credit cards are offered based on your income, credit history, and employment history. If you don’t or can’t repay your credit card debt, their options are limited. They can report you to the credit agencies and make it more difficult for you to obtain financing in the future. But they don’t knock on your door asking for the sofa or the shoes you purchased.

Another form of an unsecured personal loan is a debt consolidation loan. A lender will review your credit, payment history, and debt to see if a new loan will put you the borrower in a better financial position. If yes, they will offer a debt consolidation loan. The theory behind this is that if a borrower’s overall monthly payments are lowered, the borrower will continue to make good on their obligations.

The major advantages of a debt consolidation loan to the borrower are lower payments and freed-up credit. The freed-up credit and higher available revolving credit generally tends to improve your credit score too.

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What Should I Consider Before Applying for a Personal Loan?

July 15th, 2019 by

A personal loan can be a great tool for consolidating multiple small debts into one loan, cash for starting or expanding a business, and for overcoming difficult financial situations. Before requesting a personal loan, you have to consider the following:

1. Do you really need a personal loan?

Think about the reasons you’re requesting a personal loan. If you are getting a new loan to pay off smaller loans, or for an emergency, it could be considered a good idea. But, if you are getting a loan to satisfy a spontaneous urge to buy a new toy, you’d better think twice.
Personal loans are generally good for emergencies, home improvement, auto repair, unexpected bills and sometimes vacations. Before requesting a loan, be sure you can afford the payments to avoid making a bad situation worse.
Once you are ready to request a loan, visit the Getmoney.com personal loans page and get started.

2. Do I have all  the necessary documents?

Online personal loans and unsecured personal loans and payday loans are not document-intensive. We suggest you request a loan on and if the lenders need something, they’ll ask for it.

3. Where should I request the best personal loans online?

Many institutions such as banks, online personal loan lenders, credit unions, etc. offer personal loans.
Banks and traditional lenders offer the best interest rates, but they are time-consuming and document-intensive. Which makes traditional personal loan providers a difficult choice.
Online personal loans are the easiest and least time-consuming option available. We recommend working with an established website that has been around for many years.

How to Get the Low Interest Personal Loan You’re Looking For

How to Get the Low Interest Personal Loan You’re Looking For

July 9th, 2019 by

Most personal loans are unsecured loans. What this means for the lender is that the loan is not guaranteed by any type of collateral, but rather by the borrower’s credit score and promise to repay. For the borrower, this usually equates to a higher interest rate.

Is there a way to get low interest personal loans? Let’s look at some tips for getting the best rates on the best loans for your needs.

CHECK YOUR CREDIT FIRST

Your credit score is one of the most important elements in knowing what your best personal loan options are. Those with a “good” credit score of 690-719 or an ”excellent” score of 720 and above will have the best chance of receiving an unsecured loan. What’s more, these people will typically receive the best interest rates because creditors tend to view these borrowers as a more credit worthy borrower.

For those with a lower credit score, finding a lender to work with you can certainly be done. However, your interest rates are likely to increase due to the lower credit score. If you can wait a while before taking out your personal loan, consider doing what you can to boost your credit. This will pay off in your current and all future borrowing situations.

SHOP AROUND

We shop multiple stores looking for the best prices on our groceries, our home goods and more. Why wouldn’t you shop around for the best rates on personal loans? Check out what several local and national lenders have to offer you before committing to a lender. If you are applying online, apply on a website you can trust and recognize. Make sure the site is secured https:// vs http://

There are several major, national companies who offer personal unsecured loans. If you’re looking for a large chunk of money with no restrictions on usage, this is your best bet. GetMoney.com is an easy to access, user-friendly website that offers applicants without perfect credit the chance to get connected with creditors who can work within their limitations and provide personal loans based on a variety of factors. Credit score does matter, but it’s not the only way things are decided. Request a loan with us today to see what you qualify for. The money is out there; we’ll help you get your hands on it!

The basics of Personal Loan

Get the Money You Need Fast

July 1st, 2019 by

Whether you’re planning a big purchase or experiencing a financial emergency, it’s important to get the money you need as fast as possible. Using professional services to help you find brokers, financial service providers and lenders should be the first step toward securing a loan.

DIFFERENT TYPES OF FINANCIAL PRODUCTS INCLUDE:

  • Personal Loans
  • A Quick Unsecured Loan
  • Payday Loans
  • Installment Loans
  • Business Loans
  • Lines of Credit
  • Equipment Financing
  • Fixed Rate Mortgages
  • Adjustable Rate Mortgages

PERSONAL LOANS COULD BE THE ANSWER:

  • Easy Application Process
  • Bad Credit may be approved
  • Nearly Instant Approval
  • A Personal Loan Can Be Used for Any Purpose
  • Loan Amounts up to $25,000 and more

REQUESTING A LOAN IS EASY:

  • Find & Choose The Loan That Is Right for You
  • Complete a Secure Online Form
  • Deliver Your Form With 1 Click
  • Approved Borrowers Will Receive Cash In As Little As 1 Working Day
Benefit of Getting a Payday Loan Online

Benefits of Getting a Payday Loan Online

June 1st, 2019 by

Interested in getting a fast payday loan online, consider all available options. You can go to a brick and mortar location nearby or request a payday loan quickly online. The truth is that there are several major advantages to taking your quest for a payday loan online.

FIND A WIDE ARRAY OF LENDERS

When you decide to request a payday loan online, you will find a plethora of options to choose from. Instead of accepting the fees and terms of the loan at your local place, you must look around online to find the best rate and terms for a payday loan that suits your needs.

UTILIZE A FAST AND EASY APPLICATION PROCESS

Another benefit offered by quick payday loans online is the quick and easy request process. Online loan requests take less than 5 minutes to complete. Unless the lender needs more information, you will never have to speak to anyone on the phone. For additional documents, a customer service representative of the lender will contact you to get everything required to get your online loan approved. The simplicity of fast online loans is much more appealing than traditional lenders.

If you need money fast, and can’t wait for a traditional bank loan to be approved, then consider the benefits of quick payday loans online. The process is simple and hassle free, giving you access to money faster than other lending options. If you are interested, complete an online request today to learn more about the available payday loan offers.

Credit Score expressed by a chart that uses a numerical formula based on an analysis of an individual’s credit files to assess the creditworthiness of that person from Very Poor to Excellent. Protecting your credit score is important and not doing so will make it difficult or more expensive to borrow money.

Learning the Credit Score You Need for a Personal Loan

April 29th, 2019 by

For many who live paycheck to paycheck and struggle to pay their bills and past debts, taking out a personal loan is an ideal solution to remedy some of their financial woes. However, getting a loan involves a little more than just filling out a form and asking a lender for cash. In addition to other factors, the chances of your approval are dependent on your credit score. Keep reading to learn more about obtaining a personal loan and the credit score you need to do so.

Qualifying for a Personal Loan

Personal loans are offered by banks, credit unions, online lenders and peer-to-peer platforms. Each type has its own set of requirements, interest rates and loan terms. However, all lenders want to be assured that you will be able to pay back the money after borrowing it. This is the main point of the application. You can show your reliability by providing a reasonable credit score and proof of income. With a low credit score, you may be faced with paying a higher interest rate or risk not getting approved at all.

Understanding Your Credit Score

All lenders will review your credit score and credit history when looking over your personal loan application. Every lender has a minimum set of credit requirements, but if you have a low score, you may find it difficult to obtain a personal loan. Scores range from 300 to 850, where a higher number is preferable. Here’s how lenders usually view each score.

  • 300-559 (no or poor credit): Scores in this range usually indicate a damaged credit history caused by defaulted loans or bankruptcy. Applicants with scores in this range are riskier, so loan approvals if approved are offered at a higher-interest rate.
  • 580-669 (fair credit): This range also indicates some past issues with credit history, usually caused by loan defaults or late payments. You will still be able to find a personal loan, but the interest rate will likely be on the high side.
  • 640-739 (good credit): If your score is in this range, you will be able to obtain a personal loan with a decent interest rate.
  • 740-799 (very good credit): Scores in this range can open you up to your choice of lenders and qualify you for favorable interest rates.
  • 800-850 (excellent credit): With excellent credit, you will have your pick of loans to choose from. You’ll also qualify for low-interest rates and be able to borrow larger amounts of money.

Other Factors Lenders Consider

Though your credit score is important, lenders look at a few other factors to get a better idea of your overall financial situation. If you excel in one of these other criteria, a lender may be willing to overlook a low credit score. Lenders will review your income, current debt, repayment history, and any collateral you have to offer.

Businessman Checking Credit Score

How to Get a Personal Loan with Bad Credit

If you have a low credit score, it can seem like the odds are stacked against you. Though you will have a harder time qualifying for a personal loan, it’s not completely impossible. Start your search online to find the best personal loans for bad credit. Compare rates and terms from a few different online lenders so you can find the best one for you.

To learn more about getting a personal loan with bad credit, visit us at GetMoney.com.

Signing the loan application

Mistakes to Avoid While Getting a Personal Loan

April 29th, 2019 by

Getting a personal loan to consolidate debt, pay off credit cards or tackle that nagging home improvement project is a great way to manage household spending. Other types of loans, like mortgages and car loans, are secured loans used to purchase a very specific item while personal loans can be used for anything. This can mean the qualification guidelines are stricter than for other loans, but there are personal installment loans available for people with poor credit. Whether you’re seeking a loan to pay off other debts or to assist with household cash flow, there are some things you should know as you look for the best personal installment loans for you. Here’s a list of common mistakes some loan seekers make.

Borrowing More than You Can Afford

If you’re consolidating debt or paying off credit cards, a personal loan can make repayment easier. In some cases, you may be able to secure a lower interest rate on the personal loan than the rate you’re paying on your credit cards, saving you money each month over the life of the loan. If, however, you plan to borrow money for a home improvement project or a vacation, carefully consider exactly how much you’ll be able to repay. When you apply for your personal installment loan, you may find you qualify for more than you actually need. Experts recommend only taking a loan for the amount you intend to spend on the project and nothing more.

Applying Only at Local Banks

At one time, a bank was about the only place to get a personal loan. If you needed a loan, you popped into the bank on the corner and spoke with the loan officer. There are so many more options today. Most people are familiar with credit unions, but there are also a variety of online tools that can provide personal loans. Online banks are another avenue, and the latest trend in the loan industry, peer-to-peer lending, makes it possible for you to borrow from strangers, similar to the way Uber allows pedestrians to seek rides and Airbnb helps tourists find lodging.

Not Knowing Your Credit Score before Applying

Repeated credit checks can negatively impact your credit score. Every time you apply for a loan, your credit will be checked. So, increase your odds of finding the right loan by knowing the qualifications for the loan upfront. For instance, if your credit score is 580, seek out lenders and loans designed for people with credit scores in that range to increase your chances for success. If you only apply for loans designed for those with higher scores, you’re likely to see lots of rejection and dings to your credit just from the credit checks.

business negotiation communication. two women confronting each other in boarding room. office workspace

Failing to Negotiate

You may have room to negotiate, so don’t hesitate to ask for the terms you’d like once you’ve been approved. For instance, maybe you’d like to make fewer payments over a shorter amount of time, or you’d like to increase the loan period, giving you lower payments. Some loan programs will allow you to increase or decrease the life of the loan in exchange for slight changes in the interest rate. So, ask questions and negotiate for the best terms possible for your situation.

If you’re looking for a personal installment loan for poor credit or any other situation, visit our personal loans page to get started today.