Lenders may request several documents to verify your information. Even if you know the lender well, it’s still a good idea to get a personal loan agreement in writing. Online lenders let you prequalify, apply for, and receive personal loans online, but they have higher APRs and fees than banks and credit unions.Ĭonsider obtaining a loan from a family member or friend who has extra money to lend.They tend to have lower interest rates and fees and can’t charge more than 18% APR (annual percentage rate) on personal loans. Credit unions offer loans to their members.They offer low interest rates, few fees, and flexible repayment terms. Banks could be the best option if you have a good to excellent credit score.You have several options to find personal loans: Research and compare lenders based on interest rates, fees, repayment terms, and customer reviews. Shop around for the best personal loan option. Once you learn your current credit score, you can understand which interest rates you may qualify for. You can obtain your credit score from one of the three major credit bureaus, which are Experian, Transunion, and Equifax. ![]() The higher your credit score, the better chance a lender will want to loan to you. Lenders consider this metric when assessing your loan application. ![]() Your credit score indicates how likely you are to repay a loan. ![]() How to Get a Loan Step 1 – Check Your Credit Score You may be a victim of a loan shark, which is a lender who preys on individuals and charges the highest legal interest rate possible. If you see an exorbitantly high interest rate on a potential loan agreement, you shouldn’t sign it without serious consideration.
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