What Is a Personal Loan?
A personal loan is when an individual borrows a fixed amount of money for specific purchases, having agreed to repay the loan in regular installments. From home renovations to debt consolidation, a personal loan can be used for different purposes specific to the borrower.
The loan amount generally ranges from $100 to $50,000, with a loan term between 6 to 60 months. Our experts will introduce you to lenders offering personal loans that work well for your needs.
What Is the Difference Between a Personal Loan vs. Line of Credit?
There are some key differences between personal loans and personal lines of credit. Our specialists can help you make an informed decision on which option is a better fit for your situation.
Personal Loan
- Lump-sum loan
- Lower, fixed interest rates
- Set repayment system
Personal Line of Credit
- Revolving credit
- Higher, variable interest rates
- Flexible monthly payments
How Can You Qualify for a Personal Loan?
If you’re considering applying for a personal loan, there are qualifications you must meet. Most lenders will require a good credit score, but not all of them. You must still provide proof of the following:
- Permanent address
- Bank account record
- Consistent income
A potential lender will make a full assessment of your financial situation and take into consideration any debts you currently have. The appraisal may affect your loan options, shifting both the type of loan you qualify for and your interest rate. Make sure you’re applying to lenders that are most likely to approve your application while still having favourable rates and conditions. Call us today to get started.
Can You Get a Personal Loan with a Low Credit Score?
Your credit score is generally a good indicator of whether you’ll repay your loan. For this reason, it can be considered difficult to borrow with poor credit – but it’s still possible.
Today's Mortgage Choice can help you secure a low credit score personal loan. As a rule of thumb, a credit score under 580 is considered poor. If you fit the bill, our team can assist you in building credibility, all while finding you lenders that grant loans to individuals with bad credit. You may also enlist a cosigner to increase the likelihood of your loan being approved.
Discover the Best Personal Loan Options with Today's Mortgage Choice
Regardless of your situation, our specialists will point you towards trustworthy personal loan lenders in your area. If you happen to have poor credit, we can assist you in making financially viable choices when borrowing, helping you build your credit in the process.
Contact us now at (888) 418-6979 to get started.