Personal Loan Interest Rates
Compare different unsecured personal loans from legitimate online personal loan lenders all in one place without having to do timeless research on your own. This is one of the easiest ways to find the lowest interest loan that best fits your needs. The average personal loan APR is between 15 and 16 percent but online lenders offer APRs as low as 5%. The first step is to enter in the loan amount and loan term you're looking for. For example, if I want a loan for $10,000 and I want to make payments on it for 48 months (4 years). Next you need to retrieve your credit score and enter the score, along with your state of residency. Lastly, give a general reason for the loan.
The average personal loan APR is between 15 and 16 percent but online lenders offer APRs as low as 5%.
Unsecured loans are meant for things like business, home buying, medical expenses, major purchases, vacation, etc. Once you have all these variables entered, take a look at each of the online personal loan lender rates, which come up automatically. Here you can do some research with the drop down menus on the far right of each lenders box. This will be able to tell you if you qualify for the basic requirements to receive a loan from each specific vendor, helping you find the best personal loan provider for you. If you click on find my rate, it connects you directly with the online lender and you can get started with an application. You can also navigate through the pages easily with the top category bar and find reviews, FAQs, and advice.
Find the Lowest Personal Loan Rates
Comparing personal loans saves time and aggravation by bringing together different unsecured personal loan lender information, including loan rates, APR's, and qualifications to one place allowing you to compare rates and lenders easily. The tool also automatically eliminates the lenders you do not qualify for once you have put in your specifications. Without using the tool and researching each lender separately on your own, you're looking at endless hours of research and you may miss important information.
Compare Loan Rates
Origination Fee: An origination fee is a fee charged by a lender when entering into a loan agreement to cover the cost of processing the loan. (Some lenders have no origination fee)
Fixed APR: A fixed APR is the interest rate at which you will be paying back your personal loan. This rate does not change without notice.
Total Repayment: The total repayment is the amount of the payments with interest you will have paid by the end of the duration of your loan. This number does not include upfront payments and also is not adjusted for the time value of money.
Monthly Payment: The monthly payment is simply the payment you would be making each month to eventually pay off the loan.
Each of these categories are equally important to take into consideration when looking for the best personal loan because if you're only looking at the interest rate, and choose solely on that factor, you may have a very high origination fee to pay. On the other hand, you may find something with a slightly higher interest rate but no origination fee making it worth it to choose differently. Same goes with all of the other categories.
Overall the personal loan rate calculator is a great tool for efficiency when searching for the best personal loan. It does the research for you and connects you directly with the online lender.
How to Get the Best Personal Loan Rates
Getting a loan means optimizing your credit and finding the best lender. Banks are the obvious choice; they are reputable, offer fair rates and they often offer excellent service. However, it can be difficult to get an unsecured personal loan from a big bank. They tend to be extremely selective when it comes to choosing even borrowers with excellent credit. If you don't qualify for a bank loan, online personal loan companies are an excellent alternative. Here are the steps you should take to get a loan:
- Optimize your credit by consistently paying credit cards, cleaning up excess debt and checking your credit report for mistakes.
- Next, choose a lender. Enter your criteria into the tool above and generate the best lender for you.
- When you've chosen a lender read more about them. Investigate their site, read our reviews and make a hypothetical budget for their loan.
- If you like what you see, follow the steps to apply for a loan.
How to Apply for an Online Loan
Your loan application should accurately represent your credit score and any other information that can help you get a loan. Some online lenders may heavily weigh other factors, besides your credit score, like your income and expenses. Online lenders typically have fairly seamless application process and you may be pre-approved within minutes. After preapproval, you may have to wait anywhere between a few hours and a few days to receive funds.
Comparing Online Personal Loan Rates to Traditional Bank Loans
Bank loans are often an excellent, if not unlikely, choice. Though big banks are trustworthy and often offer excellent loan products, it can be difficult to qualify for a personal loan with a bank. Online lenders can be an excellent alternative, though it is important to be sure you are dealing with a reputable lender.
Unsecured Personal Loan Rates vs. Secured Loans
An unsecured personal loan allows you to borrow money without having to put your own property up as collateral. With a secured loan, you may have to put up a house or car just in case you fail to pay off your loan. Since unsecured loans carry no risk of you losing any of your property, they tend to come with higher rates and are more difficult to qualify for.
Best Loan Rates - Personal Loan Purpose
Before choosing a lender, make sure you know what kind of loan you may actually need. Different loan companies offer different strengths and weaknesses in each category. Here are some common loan types:
- Debt Consolidation – A debt consolidation loan allows you to take out a loan for the purpose of paying off multiple loans. This allows you to combine debts into one monthly payment, in some cases you can even save on interest overall.
- Credit Card Consolidation – Some consolidation loans are specifically designed to help you pay off multiple credit cards.
- Home Improvement – Some loan companies offer loan products tailored to big purchase like home improvement projects or home extensions.
- Boat – Just like an auto loan, a boat loan allows you to finance the purchase of watercraft.
- Business – Business or small business loans are purposed specifically for new or expanding businesses
- Car Repair – Building good credit is all about making consistent payments. A personal loan can help repair your credit, if you make timely payments.
- Vacation – This is a loan that helps you fund your dream get away.
- Wedding Expenses – Weddings can be pricey. Some lenders offer loan product that can help cover that expense.
- Moving and Relocation – This gives you the extra funds to cover relocation costs like moving companies, rented trucks or packing companies.
- Medical Expenses – Unplanned emergencies may require some emergency money. If you don't have another option, medical expense loans can help.
Personal Loan Calculator
For budgeting and planning, it's important to calculate your need according to the type of loan you might receive. Use our personal loan calculator to see what kind of payments you'll have to make.
Personal Loan Comparison
MoneySavingPro makes shopping for a loan easy. We research the best personal loans and compile all of the information into an easy to use tool. You don't need to put in any personal information to find the best lender for you.
Simply enter your credit score, the amount you want to borrow, the length of your ideal term, the state you live in and the purpose of your loan and we instantly compare the top lenders to see what matches your criteria.