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How to Safely Get Personal Loans Online

Personal loans can be a great way to get access to quick cash to help fund unexpected expenses, jump-start your business, or consolidate your credit card debt. Personal loans differ from other types of loans, as they are primarily unsecured loans that don't require the use of collateral.

Typically, when you apply for a secured loan, your car or home is used as a form of collateral in case of default. However, because personal loans don't require the use of collateral, they tend to have higher interest rates than secured loans.

On the other hand, they can have drastically better rates than your credit card, making it a good option to consolidate credit card debt or fund an unexpected expense.

Because personal loans give you access to quick cash, it can be fertile ground for scammers. If it sounds too good to be true, it probably is.

So, how do you safely get personal loans online? Luckily, it's easier than ever and there are several reputable lenders out there offering personal loans online.

Getting Unsecured Personal Loans Online

A new way of investing and borrowing is taking over the lending landscape, making it easier for borrowers to have access to money at lower rates, while investors get better returns: peer-to-peer lending.

A number of peer-to-peer lending companies offer personal loans at affordable rates. Companies like Prosper and Lending Club are making a name for themselves in the peer-to-peer marketplace.

In addition to peer-to-peer lending, other companies offer personal loans as well. If you are thinking of getting a personal loan, here are our top picks:


With Prosper, you can borrow between $2,000 - $35,000 from Prosper with rates as low as 5.99%. They offer repayment terms of 3 or 5 years.

Lending Club

Lending Club lets you borrow between $1,000 - $35,000 with rates starting at 5.99%. You can apply online in minutes. Lending Club is a great option because they have an A+ rating with the Better Business Bureau. Not only that, but they recently became a publicly traded company.

For a more comprehensive review on where to safely get personal loans online, check out our reviews.

How to Safely Get Personal Loans Online

What You Should Know About Online Personal Loans

Although it's easier than ever to get a personal loan, online personal loan lenders vary widely in their rules and restrictions.

Each and every lender has different interest rates, minimum loan amounts and repayment terms. Be sure to do your research to find a personal loan lender that works for your needs.

In addition, personal loans may not be available in certain states. It all depends on your lender. Not only that, but some lenders have stricter credit score requirements. Some may require excellent credit, whereas others may be more lenient.

Another thing to note is that while the majority of personal loans are unsecured loans, there are a few companies that offered secured loans online.

When choosing a personal loan online, it's important to understand the terms and conditions of the loan and go through a reputable company. In addition, look at all your options and make sure a personal loan is right for you. A personal loan is a great way to consolidate credit card debt, but for other things, ask yourself if you can hold off and budget and save for it. Ideally, a personal loan can help you financially when you need it. But it's really important to understand that it's still a loan and a form of debt.

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