Low Interest Personal Loans Online
When searching for low interest personal loans online you must keep a few things in mind. There are a number of good sources of personal loans where you can get a good rate. Unsecured personal loans are available through peer-to-peer lenders via an online application. Many times these lenders can actually be be lower than a bank or credit union.
How Do I Find The Best Low Interest Personal Loans Online?
We want to make it easy for you to find and apply for low interest personal loans. Listed below are lenders that we recommend for you. Each has certain characteristics that make it unique.
Lending Club – is the largest peer-to-peer lending platforms where individual investors fund your loan. You can get low interest personal loans online through their website based on your good credit.
PersonalLoans.com – has an easy application process and a large network of lenders. When you fill out the online application, you will get the best rates.
www.UpStart.com Loans – is unique as it looks at more than just your credit history. They look at other variables such as your college degree and current employment as well as other factors.
Avant Personal Loans – has a simple online application process and will review all types of credit scores.
These are all great options, just pick the one that will fit your needs and apply now.
Factors That Determine Your Interest Rates on Personal Loans
Your credit score or FICO as it is also referred to can determine if you will get a low interest rate on personal loans. You will want to run your credit reports as well as your credit score at least once a year. Having a good to excellent credit score will mean much lower rates when you are borrowing.
Having a stable job is important when applying for personal loans. Showing stability to lenders can have a direct impact on your interest rates.
Unsecured vs Secured
Unsecured loans mean you have no collateral or secured property attached to the loan. When you have good credit unsecured loans are not a problem. Lower credit scores can cause your interest rates to be higher on unsecured loans. You can still get one, but your rates may be higher.
Secured loans can have lower rates since they hold a security such as a car or boat. If the loan is not paid they can just take the property back.
Most peer-to-peer loans are unsecured loans and the rates are based on risk. The lower the risk the better your rate will be on a loan.
How Will I Know My Interest Rate When Applying For A Personal Loan?
When borrowing from most P2P lenders online, you will be able to see your rate and terms as soon as you submit your application. They do what is called a soft pull, which will not impact your credit score. You will get to see the proposed rate and length of your loan upfront and can decide whether to accept those terms.
Once you accept your loan will be funded.