When there is no money, but you really need it, you can borrow it. You also need to consider the most appropriate methods on how to get a personal loan. There are several useful options of how to get a personal loan: from friends, acquaintances, at a bank, pawnshop, or financial institution in the end.

How to Get a Personal Loan?

Microfinance organizations are actively offering online loans today and they even offer you to check loans with same day deposit online. On the one hand, it is convenient and fast, and borrowers have fewer questions about how to get a personal loan, which includes even a small 300 dollar loan. All you need to have is your passport, TIN, and bank card. After specifying your data, within 10-15 minutes you will know how to get a personal loan by receiving money on the card.

It is necessary to meet all the requirements that the lender makes to the potential borrower. All lending institutions have different criteria, but most of them are similar to each other.

How to get a personal loan? A citizen who has reached the age of eighteen has a right to apply for a personal loan. One must be a resident of the country and be registered in the region where the loan is issued. The potential customer must have a steady source of income.

The decision on the loan application is positively influenced by the presence of higher education from the borrower. It will be nice if he owns a car or real estate. It is incredibly important that a potential borrower has a good credit history.

After submitting the application, it will be carefully checked. The customer will learn about the results of the scoring within two hours. If the amount of the consumer loan is large, the verification process may take several days.

If a positive answer was received, then the next stage is the signing of the loan agreement. As a matter of fact, this is one of the details of how to get a personal loan and use it successfully. You should read the loan agreement very carefully so as not to miss important points.

Advantages and Disadvantages of Personal Loan

There is no need to go anywhere to find out how to get a personal loan. On the other hand, it is expensive. Personal loans are issued at high-interest rates. A personal loan will be justified if money is needed very badly and this very second.

Assistance in Getting a Personal Loan

You can get such a cash loan on your own, or by attracting a credit broker. A specialist will help you decide on the most profitable lending program and, together with a potential borrower, apply for a cash loan. Additionally, a broker will conduct all negotiations on how to get a personal loan with the lender and collect the entire list of required documents.

Among other things, such cooperation works as efficiently as possible. In these terms, a loan application is submitted at a time to several financial institutions.

Top Personal Loan Lenders

LightStream

Pros

• Unsecured rates from 3.99% depending on the purpose of your loan;
• The Credit Experience Guarantee offers $100 if a borrower is unsatisfied with the loan process;
• Rate Beat program offers to outperform the competition by at least 0.10 percentage points.

Cons

• Difficult to qualify unless you have a good credit rating;
• The lack of a pre-approval process means that a serious credit inquiry must be made on your Experian and Equifax credit reports to see if you qualify.

Avant

Pros

• Competitive interest rates compared to other individual loans with bad credit history;
• Quick access to funds with a personal loan. Often available the next business day;
• Getting a loan happens when you check your loan options online.

Cons

• Interest rates can be high compared to the annual interest rate you get elsewhere;
• Maximum loan amount of US $35,000 is low compared to other loan providers;
• An administration fee may be charged on top of interest charges.

Wells Fargo

Pros

• No commission upon registration and penalties for prepayment;
• Fast financing process;
• Discounts available.

Cons

• No pre-qualification option;
• New customers must apply in person;
• Minimum loan amount of USD 3000 is higher than that of other lenders.

First Tech

Pros

• Allowed applications with co-borrowers;
• No application or registration fees;
• Offers one of the highest maximum loan amounts.

Cons

• No prequalification option when checking starting rates;
• To get a loan, you must fulfill the membership requirements;
• More competitive rates can be found elsewhere with higher credit ratings.

Best Egg

Pros

• Borrowers may check their initial rate without affecting their credit rating;
• Competitive prices offered;
• Borrowers can take out more than one loan.

Cons

• High income needed to get the lowest rates with a personal loan;
• Borrowers have to pay a commission to get a personal loan.

You can try to send a loan application online. This will significantly save time and allow you to learn about the decision of the bank without getting up from your sofa. Now you know the details of how to get a personal loan.