Personal Loans

A personal loan is a fixed-rate loan that can help you consolidate debt, pay for medical bills, renovate your home, and much more. With TheValu you can compare lenders, calculate your pre-approved rates, and learn more about the banks, credit unions, and online lenders offering personal loans.

Personal Loan Info:

What is a personal loan?

Personal loans are offered by banks, online lenders and credit unions. These 2 – 8 year loans range in amounts of $1,000 up to $100,000 and typically come with interest rates within 5.99% to 35.99%. How a personal loan is used is up to the borrowers’ discretion. Typical uses for personal loans include making a large purchase, consolidating debt, paying off medical bills, and funding an emergency expense.

A unique feature of personal loans is that they are unsecured loans, meaning there is no collateral required to borrow.

What is the interest rate on a personal loan?

The interest rates on a personal loan are heavily based on the borrowers’ credit score. Lenders will also look at borrowers’ annual income, the amount they wish to borrow, and their debt to income ratio when determining their interest rate.

When getting a personal loan it is important to compare rates from different lenders to find the best value. This will ensure you receive the best deal. Improving your credit score or requesting a lower amount can help borrowers who are not satisfied with their current loan offers.

Uses of a personal loan

  • Consolidate debt
  • Home improvement
  • Pay medical or dental bills
  • Large Purchases
  • Emergency Expenses
  • Auto purchases

How to get a Personal Loan

Banks, credit unions, and online lenders all offer personal loans. When looking for a personal loan, it is important to do your research. A good way to start your research is by comparing current personal loan rates and reading reviews on lenders. This will help you better understand personal loans while learning more about the companies that offer them.

It is easier to get a personal loan with competitive rates when you have good to great credit. However, you might still be able to be approved for a personal loan with poor credit. One of the drawbacks to having a lower credit is that you might end up having to pay a higher interest rate with inflexible terms.

After you’ve researched the personal loan market, you should start to calculate your monthly payments. This will help you get a picture of your estimated monthly loan payment. This step can be done in seconds using our personal loan calculator.

Top Personal Loan Aricles

Personal Loan Articles

What Is a Personal Loan?

A personal loan is money you borrow for almost any purpose and pay back with interest over multiple years.

October 21, 2020

Is a Personal Loan a Good Fit for you?

Consider a personal loan if you’re consolidating debt or need to fund a large expense like a home remodel.

October 21, 2020

What Is an Unsecured Loan?

An unsecured personal loan lets you borrow money without having to pledge items you own as collateral.

October 21, 2020

Different Types of Personal Loans

Common types of personal loans include unsecured, debt consolidation and co-sign loans.

October 21, 2020

Important Info on Credit Union Personal Loans

Credit union loans may have rates and terms that make them ideal for fair- and bad-credit members.

October 21, 2020

Top Home Improvement Loans of 2023

The term home improvement loan is typically referring to an unsecured personal loan that is used to fund home repairs or improvements.

April 2, 2021

10 Things You Need to Know While Shopping for a Personal Loan

Getting a personal loan can be a confusing process. In this article, we will discuss 10 things you need to know while shopping for a personal loan.

April 2, 2021

When Are Personal Loans a Good Idea?

Personal loans are ideal for any situation where you need cash in a pinch. A personal loan can be used to consolidate debt, fund home improvements and much more.

April 7, 2021

How Much Can I Borrow with a Personal Loan?

With a personal loan, you can borrow from $1,000 up to $100,000. The exact amount you can borrow is set by lenders and is based on your creditworthiness.

April 7, 2021

Types of Personal Loans

While most personal loans come in the form of unsecured with fixed payments, you can find other types of personal loans. In this article, we will break down the different types of personal loans available.

April 7, 2021