Personal Loans in the USA

Contents:

Discover Personal Loans.

The difference between Personal Loans, Installment Loans and Payday loans. 

Guaranteed approval for Personal Loans: How do I qualify for a loan?

Bad credit Personal Loans.

Unsecured Personal Loans.

Why choose a Personal Loan?

No credit check Personal Loans.

Small dollar Personal Loans.

Personal Loan calculator.

Personal loans online or in-store near you?

Discover Personal Loans. 

A personal loan is $5,000 - $35,000 cash amount that any U.S. resident over the age of 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 with various time frames and different amount according to the lender’s policy and State 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 repayment terms and high amounts of cash advance. If you need less than $5,000 but still with several repayments, you can take an Installment Loan. If $1,000 is enough to cover your needs and you feel able to repay it with your next paycheck – apply for a Payday Loan.

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

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

Guaranteed approval for Personal Loans: How do I qualify for a loan?

You can have up to $35,000 in cash advance deposited into your bank account as soon as 24 hours. To qualify for a loan, you only need to:

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

What is really nice about personal loans is that all factors will be considered. And for those of you who have a bad credit history, there’s a 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.

Bad Credit Personal Loans. 

When it’s decided whether or to approve you for a personal loan, it’s necessary to learn how risky of a barrower 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”¹.

90% of lenders rely on your FICO (Fair Isaac Corporation) score.² It’s based solely on your credit report and is determined by such factors as payment history, current amount of money you owe, 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 to be a problem as banks and many other organizations require your score to make sure you are an eligible candidate. In the case of personal loans, as well as payday and installment loans, this one criterion is not that important.

Of course, lenders have the right to check your credit, but they will consider your application regardless of your credit score. The point is that the better score you have, the more money you can get for the smaller APR. Some people take a personal loan in order to raise the level of their credit history.

Unsecured Personal Loans. Do I need a guarantor or collateral? 

No. Personal loans are unsecured, which 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 closely before signing as some companies may have different conditions.

Why choose a Personal Loan? 

First of all, you can use it for any personal needs you have!

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

• The opportunity to compare more than 300 direct lenders both online and in-store
• Up to $35,000 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.

No credit check Personal Loans.

There are a lot of myths about Personal Loans. One of the most popular ones is that you can take it out with NO ctredit check. MOst lenders advertise this opportunity as they understand the borrowers' desire not to affect their  credit history. But you must realize, credit check is necessary both for you and the lender as it helps to evaluate risks and pay off the loan on time. With the help of this inquiry the lender will check your creditworthiness and you'll make sure you can afford this loan.

Find out more myths and facts about Personal Loans:

Still, it's possible to find a lender ready to qualify you for a loan with just a soft inquiry. It's not so harmful for your credit. Compare the different types of credit check:

Small dollar Personal Loans.

Officially, “small personal loans” are not defined anyhow but mostly the term is refered to as personal cash advance of $3,000 or less. Direct lenders usually set minimum and maximum amount limits, and what concerns Personal Loan type $3,000 or $5,000 is the minimum sum. We can help you find lenders providing these small Personal Loans, even those which count to $1,000.

For this you just need to follow 3 easy steps:

1. Fill out a free application form. It’s secure and doesn’t affect your credit history.
2. Get matched with more than 300 direct lenders and receive an instant decision from the most suitable of them.
3. If you are approved the funds are deposited into your bank account within 1-2 business days.

Before following these steps decide on the amount you need and you can afford, choose the repayment term and plan your budget carefully not to get into debt.

Consider the following advantages of small dollar Personal Loans:

Personal Loan calculator.

The total cost of any loan depends on the interest and some additional fees. THe interest depends on the APR, Annual percentage rate, which is a percentage representation of the actual yearly cost of funds over the term of a loan. In the U.S., the calculation and disclosure of APR is governed by the Truth in Lending Act (implemented by the Consumer Financial Protection Bureau³ (CFPB) in Regulation Z of the Act). Besides, there may be some additional fees, such as:

• Application fee for filling out an application form. We offer it absolutely free as do most reliable lending companies. So, make sure you don’t apply with a fee-charging payday broker.
• Verification fee (database verification fee) – sometimes charged for verifying your information in a database.
• Administration fee – paid for administrative work, very rare.
• Transmission fee – a few dollars to get your funds sent to you very quickly, in a couple of minutes.
• Extension and Rollover fee – in case you’ve defaulted a loan and been given an extension or rollover to pay it back later.
• Late payment fee – if you repay the loan late. But mostly if you let the lender know you are going to be late, they don’t charge this money.⁴

Find out all the details about rates and fees at your lender before signing the contract!

To learn the cost of your Personal Loan use our calculator. 

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 front, where customers can physically walk in and obtain money by having face-to-face communication. There is always a real person there to answer any of your questions and help with any problems you may have. Some lenders may ask you to bring some documents from your work or bank and may ask you 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 lender may be the right decision for those who are taking a personal loan for the first time, feel unconfident, or lack information.

If you already have some experience with borrowing money or are good at surfing the Net and doing research, online lending will definitely suit you. In this modern age of technology and the Internet, the majority of people order food, buy clothes, book tickets, etc. online. It is not hard to borrow money online. No doubt, it’s faster, easier, and more convenient in most cases. If you fill out a free application online, it doesn’t affect your credit history since it doesn’t imply a hard check. And in a few minutes, you are connected to the direct lender. If you get approved, you get the money into your account in less than 24 hours.

Or you can use the services of a lending broker company that will provide you access to many lending organizations so that you can choose from them. Or, which seems to be the best way, use our COMPACOM website to get the chance to compare both online and in-store lenders near you- in your city or in your state - and decide whose rates and conditions suit you the 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.