It seems like there is always an unexpected expense popping up to make life difficult. You may have your budget perfectly balanced and then suddenly your refrigerator breaks, your car needs a big repair or perhaps you miss a couple of weeks of work due to an injury or illness. How can you keep your bills paid and avoid a more serious financial disaster?
In many cases, a personal loan could be the ideal solution to help you get through a trying time. Let us discuss a bit more about personal loans and share a few of the best personal loans to help you get 2020 off to a great start.
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What is a Personal Loan?
Personal loans are, usually, general purpose loans. This means that you are not obligated to use the funds for any specific purpose, but instead can use it for any of your needs. Personal loans are by and far unsecured, and they often come with more stringent credit checks and requirements than credit cards or secured loans do. Personal loans come in many sizes and some are designed to be paid back quickly, while others are more of a long-term loan. It is important to study the details of any personal loan before you apply.
Secured Loans Vs. Personal (Unsecured) Loans
Put simply, there are two kinds of loans–secured and unsecured. Secured loans are loans such as a mortgage or a car loan where the lender holds the title for your property until it is paid off. It is safer for the lender so it is easier to get a loan for a high dollar amount. A personal loan is usually an unsecured loan. It is not secured by collateral. This is why there are often more stringent requirements put in place by lenders working with unsecured loans. After all, if someone defaults on the loan it is much harder for the lender to recoup their investment.
Five Reasons to Consider a Personal Loan
There are so many different ways you can borrow money today, so what are some reasons you might consider getting a personal loan instead of a different type of loan or just using your credit card? While the answers are varied, here are five common reasons you might look into this finance solution.Consolidate Debt – If you have several smaller debts (credit cards for example) it may make it easier for you to pay your monthly balance and make progress on your debt by consolidating your loans into one personal loan.An alternative to Payday Loans – Payday loans can be convenient, but they usually come with higher interest rates. A personal loan is a good alternative for some consumers. If you are paying a huge interest rate to a payday loan company, getting a personal loan to pay it off could save you money on interest and fees.Finance Home Improvement Projects – Making improvements to your home can add value and help improve your overall financial picture. However, you need the funding upfront if you want to make major improvements. A personal loan could give you the power to make these changes.Take Care of Emergency Expenses – Whether it is a car repair or hospital bills, emergencies are expensive and sometimes require borrowing to prevent yourself from getting in a worse financial situation.Pay for a Large Purchase – Few people have the money to pay up front for something as big as a wedding, new boat, car or other purchase. A personal loan is one way to divide that cost up over a longer period of time and enable you to make your dreams come true.
Benefits of Personal Loans
What are the benefits of personal loans, especially when compared to other forms of borrowing? For many people, the biggest benefit is the savings in interest. A majority of personal loans will come with a lower interest rate than a credit card. This means that you will pay less interest in the long run. Plus, you will have easier access to use the money how you want it–since it is not on a card. For example, you cannot use a credit card to make a mortgage payment, but money from a personal loan would be usable in this way. Finally, a personal loan puts diversity in your credit portfolio. When you obtain a personal loan and make regular, on time payments you will build your credit, making it easier for you to borrow in the future.
Considerations Before You Apply
While there are certainly benefits to personal loans, you should make sure you look at your overall financial picture before applying and make sure this type of loan will be a good fit for you. A few things you should consider before applying for a personal loan include:Your Credit Score – With personal loans, lenders often require better credit history (a higher credit score.) You may need to work on getting your credit up before you can successfully apply.Ability to Repay – While getting a personal loan can be tempting, do remember you’ll need to be able to make your monthly payments to stay ensure you remain in good standing with your creditor.Future Borrowing Plans – Do you plan to purchase a home or car in the near future? Obtaining a personal loan today could make it harder to obtain one of these. Do your research before you apply.Is a Different Loan a Better Fit – While personal loans are useful, some situations are better served with a home equity loan, credit card or other lending situation.
How to Get a Personal Loan
With the internet, obtaining a personal loan is much easier than you may think. You’ll usually have to fill out a few short forms and provide some information about your current financial situation. Most online loan programs will walk you through the process. Best of all, if you don’t qualify, you may get suggestions for other programs or options for credit that would be a better fit.
The Best Personal Loans for You in 2020
While there are many personal loans out there, here are a few that we consider top-notch. You’ll certainly want to check these out and see if one might be a good fit for you.Personal Loan Pro – Personal Loan Pro brings together a number of loan programs that the average loan seeker may not otherwise find or qualify for. The service will help you decide which loan is the best for you and that you may be most likely to qualify for, then they will walk you through the process of applying. Personal Loan Pro makes personal lending easy.Smart Refi – Lending Tree – One of the top names in personal lending. You’ll have access to both refinance loans and other loans through Lending Tree’s vast network of lenders. There is simply not a bigger database of lending information out there available for borrowers like you.Monevo – You fill out a bit of information about yourself and your circumstances and then Monevo provides pre-approved personalized loan offers for you within 60 seconds without an impact to your credit score. Monevo is designed to get offers to you that are most likely to fit your needs and provide you the financing you need for your situation.Personal loans are a simple way for many people to get money they need today without putting them in a situation where repayment will be overly challenging. Like any other type of loan, it is vital that you do your research and make sure that you choose a product that you will be able to make your monthly payments with no problems. With responsible borrowing, you will find that it is much easier to reach your financial goals.
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