Whether you want to finance a new home renovation, help defray the cost of an emergency, or just consolidate your existing debt, a personal loan is often your best bet. That being said, not all personal loans are created equal, especially when it comes to finding the best loans with the lowest interest rates. Don’t worry: Match Financial and the lenders we work with have the answers you’re looking for!
Understanding How Personal Loans Work
Personal loans are called “unsecured” credit. That’s because there’s nothing securing the loan as collateral, unlike a mortgage or a car loan. This means the single qualifying factor for receiving a personal loan is your credit history. If you’ve got stellar credit, you’ll be able to find the best personal loans offered at the lowest rates easily. If your credit history isn’t perfect? This process becomes a little more challenging.
And Now the Good News
So that’s the hard part. But there’s good news: the characteristics of personal loans make up for any challenges you might have when it comes to this type of lending. The majority of the lenders we work with will let you spend your loan any way you like, which provides you a high level of freedom. Additionally, since there are no collateral requirements, you don’t have to worry about property repossession if you run into repayment difficulties.
But there are even more advantages to personal loans. In most cases, both interest rates and monthly payments are fixed on a personal loan, which means you’ll know exactly what your repayment amount will be every month and how many months it will take to pay off the loan in full. Finally, many borrowers find that taking out a personal loan can even help improve your credit score by showcasing your ability to make monthly payments without fail.
The Many Different Faces of a Personal Loan
The flexibility and versatility of a personal loan mean that borrowers can use it for pretty much anything they need to. Here are some of the most common uses:
- Home improvement – whether it’s remodeling the kitchen or fixing a leaky roof, a personal loan is ideal for financing home improvement.
- Vehicle purchase or repair – looking to purchase a new car? Want to repair or restore an existing one? Personal loans offer you that flexibility.
- Medical expenses – a personal loan can take some of the stress off you in situations where you have high medical costs by providing you breathing room.
- Financing a wedding – you can focus on your special day without worrying about paying for everything. A personal loan can help you finance everything from engagement rings to wedding reception DJs.
- Debt consolidation – personal loans make it easier to pay off existing debt at a lower interest rate and over a shorter period of time.
- Emergencies – you never know when disaster is going to strike. A personal loan can be a real lifesaver.
Things to Know When Looking for Your Personal Loan
There are a number of things you’ll need to keep in mind when you’re hunting down a great personal loan with an attractive interest rate. Here’s a quick checklist to keep in mind:
Before Your Application
You may need to answer some rather specific questions during the application s process, so you’ll need to identify what you’re going to be using the loan for, how large of a loan you want, and how often you’d like to be making payments on the loan. It’s also highly beneficial to check your credit score before applying so you can manage your expectations.
The Loan Comparison Process
Once you’ve finalized the particulars of the personal loan you would like, it’s time to put Match Financial to work for you. We can connect you to lenders filtered by a number of different variables such as loan amount, credit score, and others. We’ll show you quotes from the lenders we work with that match your query so that you can compare loan offers, interest rates, and repayment schedules so that you can pick the one that fits your needs.
Fast Decisions When You’re In a Hurry
Our easy application process takes just a few minutes. If you’re approved, many of the lenders we work with can deposit your cash into your account as soon as the very next day, making it easy to spend your loan on whatever it is you need. You’ll rest easy knowing your personal loan’s definite payment schedule showing exactly how long you’ll be paying off what you owe, and your fixed interest rate means you might even be paying less over the life of the loan as you would otherwise!