Best Place to Get a Loan

best place to get a personal loan
Photo credit: Pixabay.com

Do you need money for a mortgage, college class or car? You are not the only one.

Currently, 44 mln Americans took out loans to pay for college. Yet, we borrow not only for educational purposes. According to New York End, in 2017, the total indebtedness for U.S. households amounted to $13 trillion.

Borrowing is in DNA of each of us. The majority of us can’t afford to buy a home or a car outright. Americans can’t afford 70% of colleges.

Yet, the process of borrowing can be risky and lengthy. You should be really attentive not to borrow more than you are able to repay.

Knowing the best place to get a personal loan will help to make smart financial decisions. If you would like to borrow money to improve your financial situation and life in general, you should read about top 9 personal loan places.

1. National banks

Wells Fargo, US Bank, Capital One – you have already heard these names for many times. Personal loan programs of such banks are on everyone’s lips. Maybe some of you are the customers with one of these banks. Then it is even better to borrow from a bank you can trust.

You should not forget about other banks as well. Some of them propose nationwide service and access to multiple loan products.

Why Borrow: The important-sounding banks are ready to offer multiple loan options. From a range of rates, fees, and more, you will likely to find a loan that fits your needs. Also, such banks propose convenient online features, like online bill pay and customer service available 24/7.

Why skip: If you take out a loan from big banks, it can be hard to reach its employees on the phone. If you reach someone, it will probably be a live agent without experience. Such banks are also not the best place to get a personal loan with bad credit.

According to New York End, in 2017, the total indebtedness for U.S. households amounted to $13 trillion.

2. Credit unions

These institutions are becoming more and more popular. They are often headquartered within the served community. Thanks to this, they often help local businesses.

Why borrow: The rates of credit unions are often lower than the banks’ rates. Location is one of the biggest pros. You don’t have to call somewhere. You can visit the office and talk to an expert face-to-face.

Why skip: Not all credit unions offer online payments or checking the payoff progress. Smaller credit unions can offer fewer products and services. Ensure that your local credit union provides all the options you need.

3. Online fast-money lenders

This is the best place to get a loan for people who want to take out a loan without leaving their home. You can get money the next business day. Yet, be cautious when taking out such loans.

Why borrow: It is easy and fast. Just send an application and wait for a decision. Online lenders are often eager to cooperate with bad credit borrowers.

Why skip: Some of such lenders charge crazy interest rates, up to 400% APR. If you are in this cycle, it is hard to escape from it.

Get a Loan

4. Peer-to-peer (P2P) loans

P2P lenders make a name for themselves. The individuals fund your loan or a part of it. You pay the balance and the interest back to them.

Why borrow: P2Ps are the best place for personal loans if you are looking for reasonable rates. The term usually ranges between 3 and 4 years. It is good for people who want to repay a loan quickly.

Why skip: P2Ps also have a credit underwriting system that can result in a high interest rate. Your application can also get not enough people eager to help you and you won’t get anything.

Borrowing is in DNA of each of us.

5. Retirement plans

If your retirement plan is sponsored by an employee, it’s possible to take a loan out of your retirement savings. The IRS has limits on the amount borrowed, but everything will be fine if you are really careful.

Why borrow: technically you borrow your own money and repay an interest to yourself.

Why skip: this money is your retirement. When you remove a certain sum from it, you don’t benefit from the compound growth. It can make you more remote from your retirement goal.

6. Cash advances

best place to get personal loan
Photo credit: Pixabay.com

If you have an emergency and need cash ASAP, you can put your credit card into the ATM, request a cash advance and get real money in seconds.

Why borrow: You get an instant cash.

Why skip: the interest rate can exceed the purchase rate. You may also have to pay an extra fee. Yet, it’s cheaper than taking out the online fast-money loan.

7. Private businesses

If you need some item and don’t want to apply for a loan to get it, private businesses are the best place for a personal loan. These are car dealerships, furniture stores, and big-box stores.

Why Borrow: It is a real purchase so it’s easy to get the instant credit card on site. Such sellers may also propose you price discounts.

Why skip: It can be cheaper to shop around for loans. You don’t know what are the rates and terms of the competitors. Your lender is probably not an expert but a usual salesperson.

8. Payday lenders

If your credit history is limited, you have not that many options. Payday lenders can help you if you are in desperate position.

Why borrow: The are only two reasons to consider payday loans: serious emergencies and limited options. Think twice anyway.

Why skip: Payday loans have outrageous fees and interest. The term of an average payday loan is 2 weeks with over 400% APR.

Bottom Line

Each of us has had unpaid bills and has been in need of instant cash. Fortunately, there are multiple options, and you can compare the best places to get a loan that meets your needs.

When shopping for a loan, stand poised and look for the traps, like high interest rates, large borrowing fees, and the lender’s inflexibility. By investigating the best place to get a personal loan when you need extra cash, you can decrease the overall sum you should pay.

Digital Commercial Lending in Finances

lending online
Photo credit: Pixabay.com

The presence of digital commercial lending has created a mess in the financial industry. For a long time, consumers have been able to apply for a mortgage online or a personal credit. However, the commercial side of lending is changing really slowly.

Nowadays, technology is available everywhere. The financial industry is beginning to implement digital commercial lending, and small business owners will benefit from it. Businesses will continue using the financial institutions they trust but will also be able to apply for a loan and get an approval extremely fast with the help of online business lending software.

Continue reading “Digital Commercial Lending in Finances”

Photo Contest 2018

photo contestIt’s time you win some easy money! We thought about how we both could have fun and get to know our clients better. Boom! A photo contest, of course. People love taking pictures, so why get a buck for it?

Now here are our very simple requirements for you to win $100:

Post a funny and creative pic of yourself and our website open on your device.

Three simple steps, people!
We will randomly choose the best on Sept 1. Isn’t it a great way to start your Fall?

7 Personal Loans Facts Wikipedia Doesn’t Inform Us About

small personal loan
Photo credit: Pixabay.com

We are used to believing that Wikipedia knows everything. Yet, there’s a huge gap in its knowledge – borrowing money. If you rely on Wikipedia when reading about this financial topic, you can make pocket-emptying mistakes.

We should know all the facts before a crisis starts. And when we need information – we are searching on the web. The main thing is to filter all the information and to choose the valuable facts. We have made it instead of you. Move on to read the list of 7 things Wikipedia cannot inform you about personal loans.

Continue reading “7 Personal Loans Facts Wikipedia Doesn’t Inform Us About”

Need Money Desperately? Here are 10 Extremely Weird Ways to Make Money

I need financial help immediately
Photo credit: Pixabay.com

Regardless of your revenue, you still might aim for extra money. There are many opportunities. You can apply for a personal loan to make the ends meet, or find a part-time job and run a garage sale. Still, there is always a time for fun, isn’t it?

Get Money Online

We have prepared a list of the weirdest ways to earn money. Probably, you will even find something to your taste. We hope that you will never think “I need money desperately fast” again but if you will, we will update the content with the new portion of the weirdest ways to make money! But for now, let’s check out what we have here.

Continue reading “Need Money Desperately? Here are 10 Extremely Weird Ways to Make Money”

Student Loans: How to Choose The Best

private student loans

Current student loan rates grow higher and higher. It gets really complicated to pay for studying. Students try to fill the gap between scholarships and savings with the help of the private student loans. Some companies claim that they are able to relieve your student debt. But some of them appear to be scams. Let’s discuss how to pay for college, where to get student loans, how to improve your credit history, compare the best student loan companies and select the best one.

Continue reading “Student Loans: How to Choose The Best”

Quitting Your Job to Start a Business?

“Starting a business” is now a very popular topic on Quora. Questions do repeat and the most common would be:

  • How do I start an online business?
  • What business can I start with $100 ($1000, $5000, etc.)?
  • I have a job, but want to quit and start my own business. What should I do?

In this infographic we will speak about questions you should ask yourself before you decide to quit your job. Answer each of the 5 questions and express your opinion in the comments section below.

Continue reading “Quitting Your Job to Start a Business?”

Home Improvement Loans: Our Review

home improvement loans
Photo credit: Pixabay.com

No matter whether you want to make a couple of upgrades or make an expensive new addition, if you don’t have enough money for this, you would like to take out the best home renovation loan. When writing our review, we searched for a mix of low home improvement loan rates, great scores for customer service, and terms that are easy to understand.

If you have equity in your home, it’s quite easy to get the needed funds. If you use equity as a collateral, you will get funds for a low APR – but it means that you will put equity in the first place.

There are also pros and cons of the loans for home improvement. We will talk about them later.

There are two main types of loans for improving your home: the first is home improvement loan and the second one is home equity loan.

Continue reading “Home Improvement Loans: Our Review”