Personal Loans in the USA

What is a personal loan in the USA?

A personal loan is $5000 - $25000 cash that any U.S. resident over 18 with a valid bank account and permanent income can apply for. It is given for 6 - 60 months and paid back in fixed scheduled, usually monthly, repayments. One can get a personal loan from a bank, in-store lender or online. The loan will have fixed payments and reasonable interest rates, but various time frames and different amount according to the lender’s policy and the state’s regulations. Unlike mortgage and auto loans, a personal loan is unsecured, e.g. doesn’t require a guarantor or collateral.

What is the difference between personal, installment and payday loans?

Personal loans are characterized by long terms and rather high amounts of cash advance. If you need less than $5000 but still with several repayments you can take an Installment loan, in case if $1000 is enough to cover your needs and you feel the ability to repay it with your next paycheck – apply for a Payday loan (*For more details read our articles: “Installment loans in the USA”, “Payday loans in the USA”).

Just to give you some brief information and a chance to compare we present the following table:

Thus, Personal loans are different from Installment only by the amount, having the same terms and other conditions. The difference with Payday cash advance is much bigger. It concerns both sums and terms. Payday APR is rather higher while the repayment period considerably shorter. So it’s up to you to decide how much you need and when you can pay it off and we’ll be glad to help you compare all these types of credit and lenders offering them.

What are the terms and amount of a Personal loan?

Personal loan can be applied for in such amounts as $5000, $10000, up to $15000. In case you need less – choose an Installment or Payday type. Personal loans are a long-term cash advance. The repayment period ranges from 6 to 60 months. The sums are fixed and usually equally scheduled. If you happen to pay back all the money earlier there are no prepayment penalties. And you’ll be able to reduce additional fees. But better check these conditions in the agreement before signing.

How do I qualify for a loan?

You can have up to $15000 in cash advance deposited into your bank account as soon as 24 hours. To qualify for a loan you just need: 

• to be at least 18 years of age,
• to live and work in the United States,
• to have a bank account under your personal name,
• to have a stable income that ensures your ability to make monthly payments to pay off the loan.

What is really cool about Personal loans is that all of them will be considered and for those of you who have a bad credit history there’s a definitely good chance of getting a loan. 80% of our applicants get successfully approved. All loan requests are confidential and safe. Applying is free and doesn’t affect your credit history.

Can I get a personal loan if my credit score is bad?

When it’s decided whether to approve you for an Installment loan, it’s necessary to learn how risky you are. To measure it the lenders check your credit score. “A credit score is a numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of an individual”.

90% of lenders rely on FICO (Fair Isaac Corporation) score. It’s based solely on your credit report and is determined by such factors as payment history, current level of indebtedness, types of credit used, length of credit history and new credit accounts. It ranges between 300 and 850 and divides all the borrowers into 5 groups:

If your credit history is far from perfect, borrowing money may turn out a problem as banks and many other organizations require your score to make sure you are an eligible candidate. In case of Personal loans as well as Payday and Installment loans this criterion is not that important. Of course, lenders have the right to check your credit, but they will consider your application all the same. The point is the better score you have the more money you can get for the smaller APR. Some people take a personal loan for the very reason to rise the level of their credit history.

How the process works:

To solve all your financial problems you just need to take 3 easy steps:

• You select the amount you want from $5000 up to $15000
• Enter your zip code and e-mail address
• Click “Apply now”

Do I need a guarantor or collateral? 

No! Personal loans are unsecured. It means our direct lenders don’t require either a guarantor or collateral. You don’t have to ask your friends or relatives to sign up for you. And you don’t have to sacrifice any of your property to pledge a security for loan repayment. Still you need to be careful and read the agreement carefully before signing as some companies may have different conditions.

How do I repay a personal loan? 

The convenience and easiness of a personal loan is in fixed arranged repayments. You know how much and when you are to pay in advance. And if you are prepared for expenses you will be able to calculate them accurately and do it on time.

Besides, there is a chance to pay off the money earlier without any prepayment penalties.

In case you miss a payment or default a loan your credit score may suffer and you may get under some penalties, or even get under control of some debt collecting agencies. They are forbidden to take any criminal actions against you but still it can be unpleasant to receive their constant phone calls. Be careful! Remember, your rights are reserved. For any question or complaint contact the Consumer Protection Financial Bureau (CPFB) (855) 411-2372.

Advantages of personal loans. 

You must have already noticed a great number of advantages Personals loans possess. There are even more of them using COMPACOM:

• Opportunity to compare more than 300 direct lenders both online and in-store
• Up to $25000 cash in your account within 24 hours
• Easy to manage fixed payments
• No collateral
• No guarantor
• Suitable for borrowers with a bad credit history
• Can be used for any of your personal needs.

Personal loans online or in store near you?

One can take out a Personal loan both online and in-store depending to their preferences. The most obvious difference is that in-store lenders present a shop where customers can physically walk and obtain money having face-to-face communication. There is always a real person to answer any of your questions and help with any problems. Some lenders may ask you to bring some documents from work or bank, and maybe to leave a post-dated check to secure a loan. To pay it off you can come back to the store or do it through electronic debit. Choosing storefront Personal loan may be the right decision for those who do it for the first time, feel unconfident or lack some information.

If you already have some experience borrowing money, or are good at surfing the Net and doing research online lending will definitely suit you. At the modern age of high technology and world wide web, the majority even order food, buy clothes, book tickets, etc. online, to say nothing about borrowing money. No doubt, it’s faster, easier and more convenient. You fill out a free application online. It doesn’t affect your credit history as usually doesn’t imply a hard check. And in some minutes you are connected to the direct lender, and in case you get approved you get the money into your account in less than 24 hours. Or you can use the service of a lending broker company that will provide you access to many lending organizations so that you can choose. Or, which seems the wisest way, use our COMPACOM website to get the chance to compare both online and in-store lenders near you, or in your city, or in your state and decide whose rates and other conditions suit you best.

The minute you apply you can stop worrying. You know that your application is safe and secure. And the whole process is easier than you can imagine.