Getting a personal loan

Whether you need money to pay for a home improvement project, consolidate your credit cards or get a head start on medical bills, a personal loan can provide the cash you need. They come with lower interest rates than most credit cards, and you can often repay them in monthly instalments over a set period of time – usually between 3 and 10 years.

Personal loans are also referred to as unsecured loans.

They are available from a wide range of lenders, including banks, credit unions and other financial institutions. Many of these lenders also offer loans for bad credit, so it is important to shop around and compare offers before deciding on which one is best for you.

How to get a personal loan

When you apply for a personal loan, your application will be evaluated by the lender based on your credit report and credit score, as well as other factors such as your income and debt load. The higher your credit score, the better chance you have of qualifying for a good rate.

What to expect when you apply for a personal loan

Your application will be processed and approved, and the money will be disbursed into your bank account or a check from the lender. You can then use the funds for whatever purpose you want. The final loan amount and estimated monthly payment will depend on your credit score and other credit qualifiers, but can be as low as $1,000 to as high as $50,000. personal loan