Skip to Main Content An official website of the United States government Show
Start the questionnaire to find the right loans for you.What is GovLoans.gov?GovLoans.gov is an online resource to help you find government loans you may be eligible for. Loan CategoriesEditorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Personal loans have become an increasingly important option for consumers looking to borrow money to pay off high-interest debt, to fund an unexpected expense or to pay for home improvements. In fact, the number of personal loan borrowers nearly doubled to roughly 21 million between 2010 and 2020. If you need immediate financing, personal loans may not always be the best option, especially if you have damaged credit. But the best personal loans offer interest rates as good or better than other types of loans for borrowers with excellent credit along with fast funding and flexible repayment terms. We’ll walk you through what makes a good personal loan, as well as your options for where to find one. What Makes a Good Personal Loan?Personal loans are typically unsecured loans, meaning you don’t have to pledge collateral in order to qualify. You’ll receive your money as a lump sum and make monthly payments, with interest, until you’ve repaid the loan in full. But not all personal loan lenders and terms are created or handled equally. When you’re researching personal loans, look out for:
Best Places to Get a Personal LoanThere are three types of lenders that offer personal loans:
Personal Loans from Online LendersOnline lenders offer some of the most competitive personal loan interest rates and repayment terms. There are many to choose from, which means you may be able to find one best for your needs and financial circumstances. Pros
Cons
Personal Loans from Credit UnionsCredit unions are nonprofit financial institutions that typically cater to residents in a specific geographic area. They provide similar products and services as banks, but credit unions are member-owned and tend to charge lower interest rates and fees than banks. Pros
Cons
Personal Loans from BanksBanks are for-profit financial institutions, which means their interest rates may be higher than at a credit union. But if you already have a bank account at a large institution, the existing relationship may make it a good fit for you to get a personal loan there, as well. Pros
Cons
Bottom LineBefore you choose a personal loan, make sure you explore all your options. The best lenders offer the lowest interest rates and charge few fees, while offering repayment terms that work for your budget. Find one that will deposit your money quickly and offer a co-signer option, if you need it. Where is the easiest place to get a loan?The easiest loans to get approved for would probably be payday loans, car title loans, pawnshop loans, and personal installment loans. These are all short-term cash solutions for bad credit borrowers in need. Many of these options are designed to help borrowers who need fast cash in times of need.
Who is the best company to borrow money from?Best Personal Loans of November 2022. Marcus by Goldman Sachs: Best for bank loans.. Upgrade: Best for fair credit.. Upstart: Best for short credit history.. Universal Credit: Best for bad credit.. Happy Money: Best for credit card consolidation.. Discover: Best for debt consolidation.. Best Egg: Best for secured loans.. How can I borrow money instantly?If you need to borrow money immediately, the most popular options are personal loans, cash advances online, payday loans, pawn shop loans, and banks or credit unions. But be careful with cash loan options that promise you a quick loan with no credit check.
What bank is the easiest to get a loan from?The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates that they consider people with scores below the fair credit range (below 640). So even people with bad credit may be able to qualify.
|