What Is A Personal Loan?
Personal loans or consumer loans are unsecured loans with fixed rates; paid back in fixed monthly installments. Each installment includes the interest fee and loan principal. However, the loan eligibility, amount, terms, and APR depend on the borrower’s credit history, income and the lender.
Is A Personal Loan Good For Me?
If you need a long-term solution for improving your financial situation, then the answer is YES. A personal loan is the best option if you need a substantial loan amount with a fixed rate and term. The loan is used to settle/manage the expenses which are not urgent since the loan approval may take few business days.
Best Ways To Use A Personal Loan
- Debt consolidation;
- Credit cards payoff;
- Home improvement and renewal;
- Large medical bills;
- Car repair;
- Unplanned large expenses;
- Finance major purchase;
- Build or re-build credit history;
What Is The APR For Online Personal Loans?
The interest rate depends on the lender, state, as well as the borrower’s credit report. According to the most of the reports from our lenders, APR ranges from 11% to 36% and the loan repayment is easier when the APR is lower. However, the personal loans are relatively cheaper for people with prime or good credit.
| Credit Rating | Score Range | Estimated APR |
|---|---|---|
| Excellent | 720 – 850 | 10.94% |
| Good | 690 – 719 | 14.56% |
| Average | 630 – 689 | 19.84% |
| Bad | 580 – 629 | 28.64% |
| Poor | 579 and below | Unlikely to qualify |
An Easy Online Process. Quick steps to get your money fast!
You can apply by filling out our online application form using the following steps. The online application helps us to reduce the manual works and thus saves time. Also, we use modern security measures to protect and encrypt client data hence the security of your personal details is guaranteed with us.
1. Apply securely online – Provide us with your personal information to check out the available loan options. Confirming the available rates and options does not affect your FICO credit score!
2. Select a loan offer – Review all terms and conditions, rates and loan terms, and then select the offer that best fits your needs!
3. Sign the agreement – After selecting the offer, E-sign your loan agreement with a lending company of your choice. However, note that some lenders may ask for a bank authorization to verify your income.
4. Receive your money – The loan amount will be deposited to your bank account in one business day!
What Are the Personal Loan Requirements?
To qualify for a loan, the applicant should be ready to provide us with the following: SSN number, residence address, income information, bank account details. To make the process smooth, most lenders at DirectLoansLenders accept an online submission for the documents.
Can I Get A Personal Loan With Bad Credit?
Yes, it’s possible to get a personal loan even without an excellent credit rating. Some lenders are more tolerant than banks and thus they accept borrowers with sub-prime credit. However, lenders will consider the information from a credit report, monthly income, debt-to-income ratio, and current loans before making the final loan decision.
Pros of Personal Loans
- Builds your credit history especially if you pay the installments on time.
- Personal loans have lower fixed monthly payments which are easy to manage.
- Consolidates your debts with one personal loan to save on interest.
- Application and approval can be done online, without leaving your home.
Cons of Personal Loans
- Poor credit score leads to higher APR.
- Late or no payments will damage credit score and lead to extra fees.
- The approval may take a few days, and lenders may ask for extra documents.
- Some lenders may apply origination fee, transaction fees or sign-up fees.
Personal Loans And Responsible Borrowing
Ensure that the loan will not harm you in the long run before requesting one.
Borrow money only for purposes you really need. Never apply for multiple loans.
Negotiate with a lender a payment plan that is easy to repay.
Make some savings before taking a large loan. This may help in case of losing the job.
Check all the online personal loan offers. The actual APR may differ from the advertised one.
Payback the installments faster than scheduled will save on interest.
Make sure that all terms and conditions are clear to you. Ask our support for help.
Avoid the lenders who offer loans without proper credit check, or guaranteed personal loans as it can be a scam.
Make A Wise Choice!
Personal loans can make a great deal if used responsibly. At no extra cost, we will connect you with fair and trusted lenders. The difference between DirectLoansLenders and other online services is that we actually care about our customers. Therefore, we always keep them informed on what a personal loan involves before signing any document. Moreover, not only do we insist on a high degree of research, but we also provide all the necessary materials in our Educational Section.
Besides that, our customer care service is always ready to help out. This means that you can simply request a personal loan online online through our website at any hour of day and night, 24/7. Also, don’t hesitate to inform us about any problems or uncertainties that you might encounter, DirectLoansLenders is here to answer your questions. If you want legit lenders and no scams, choose DirectLoansLenders. We don’t approve any fraud attempts or predatory lending practices. Therefore, you are safer with us than anywhere else.