I've already obtained a couple of loans and I still have a lot of debt to pay off, and bills are piling up. I'm at a loss how to bay everything back and cover current expenses. I am thinking about applying for a Personal Loan to consolidate debts and make an affordable repayment plan to follow it and solve my financial problems at last.
How to get a Personal Loan?
Last updated:
1027
Answers: 1
COMPACOM TEAM
Expert answer
Personal Loans are up to $35000 cash advance borrowed for any personal needs and paid back in fixed equal installments over the period of several months or years. They suit debt consolidating purpose as well. Mostly available for people with both good and bad credit score and without a collateral.
Read more: Personal Loans.
To qualify for a Personal Loan you need to meet the following requirements:
- US residence
- age over 18
- stable income
- permanent full-time employment
- suitable debt-to-income ratio
- active bank account
- a valid phone number or e-mail
To get a Personal Loan with the least effort and time do the following:
- Order your credit report and check the score.
- Make sure you pay the bills on time and have no current debts.
- Prove that you have a stable income and can afford the loan repayment.
- Consider applying with a reliable creditworthy cosigner.
- Compare the lenders and choose the right one.
Among the best direct lenders offering Personal Loans are:
LendYou will help you get the cash you need when you need it. You can apply for Payday Loans, Installment Loans or Personal Loans, etc. Compare the lenders and get matched with the best one.
- MIN Loan Amount: $100
- MAX Loan Amount: $35000
- Terms: Varied
- Rates and fees: Starting at 4.99% APR
- Turnaround Time: 1 business day
- $100 - $1000 Payday Loans
- $1000 - $5000 Installment Loans
- $5000 - $35000 Personal Loans
- 18 years of age or older
- U.S. citizenship
- Valid checking or savings account with direct deposit
- Minimum regular income of $1,000 per month
- Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
- Pros
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- High up to $15,000 loan amounts.
- Minimal restrictions on how you can use your loan.
- No collateral or guarantor.
- Bad credit is OK.
- Cons
-
- It's not a direct lender, so you'll need to clarify rates and terms with the company you are matched with.
Check Into Cash offers Payday Loans, Title Loans, Personal Installment Loans and other money products at affordable rates with convenient repayment.
- MIN Loan Amount: $50
- MAX Loan Amount: $3000
- Terms: Vary by state.
- Rates and fees: 261% to 782% APR
- Turnaround Time: 1 business day
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- Active checking account open for 90+ days
- US citizen or permanent resident
- Personal and work phone number
- Valid email address
- 21+ years old (19+ in Alabama)
- Social Security number (for Indiana residents only)
- Pros
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- You can get even as low as $50.
- Quick funding on the next business day.
- Money can be used for any personal needs.
- Cons
-
- Not available in every state.
- APR can be more than 153.73% depending on your state.
- High late payment fees.
Jora Credit offers Installment Loans and Lines of Credit.
- MIN Loan Amount: $500
- MAX Loan Amount: $2600
- Terms: 24 months
- Rates and fees: 170% - 349% APR
- Turnaround Time: 1 business day
- Installment Loans
- Line of Credit
- You reside in a state we currently serve.
- You are at least 18 years old (19 if residing in AL).
- You have a job or other proven source of income.
- You have a valid e-mail address.
- You have an active and valid checking account.
- Pros
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- Simple - it’s easy to apply right from your phone, laptop or tablet – anywhere, anytime.
- Secure - сomplete the secure online application, find out how much you can be approved for.
- Fast - accept your loan by 10:30am Central time and you can get your funds on the same day.
- Helpful - with Jora, you’ll have helpful tools to increase your earnings and maximize your career.
- Cons
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- Not available in all US states.
- At 349%, highest rate of APR is not too dissimilar to a Payday loan.
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