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Personal Loan Help – How To Apply for a Personal Loan Online – 5 Tips

With a decent computer and a good Internet connection, these days you can pretty much live your life right in front of your computer if you want to. You can play games, chat with friends, catch up on work, watch movies, and even pay your bills. And now, you can even take out a personal loan online.

Personal loans are not for everyone. If you have access to interest-free cash through the help of a friend or family member, then by all means that would the best way to get the cash you need. Or, maybe you do not have enough important expenses coming your way to warrant taking out a loan.

On the other hand, taking out a personal loan can be an excellent idea for you if:

* you need cash to pay down bills or other large expenses

* you need money fast in order to go on a special trip, pay for car repair, or cover a recent medical expense

* you need to borrow $500 to $10,000

* you are able to repay the loan within some reasonable period of time

Unlike auto loans, home loans, or boat loans, with a personal loan you do not need to have plans for making any particular purchases with the money you borrow. In other words, you can use the money for whatever you like. This makes them truly “personal” loans – because you can personally decide how to use the money.

What is the best way to apply for a personal loan? There are a lot of ways to go about it, such as via phone, in person, or online. However, if you choose to apply for a personal loan online, you are probably going to have the most convenient customer experience. The typical online personal loan application process happens pretty fast. Also, when you are applying online, you can afford to take the time to apply for a loan with at least 3-4 lenders.

Here are the recommended tips to take into account when applying for a loan online:

1. Run your credit reports. You can do this by running your report with each of the Big 3 credit bureaus, including EquiFax, TransUnion and Experian. Be sure to go over each report carefully and take notes on any items that tend to raise your eyebrows. Aggressively pursue correction for any falsely-reported items on the list.

2. If you have a low credit (FICO) score of under 650, make sure to limit your search for possible lenders to those that target bad credit personal loan lenders.

3. Only borrow what you need. Borrow too much and you’ll end up paying more than you need to in terms of interest. Borrow too little and you will be back to square one in terms of still being in need of cash.

4. Apply to all of the lenders on your list – even if you already have received a couple of offers. Reason: saving just a point or two on the interest rate could save you hundreds in interest payments. It’s worth it for your time to take a few extra minutes to apply to more than one personal lender.

5. When you talk to each lender, find out if they have any pre-payment penalties. Try to take out a loan that does not have such penalties attached to it. That way, you can pay down the loan early (before final payment is due) without paying anything extra. That will save you big on interest payments!

Try these 5 tips when applying for a personal loan online.

Low Interest Personal Loans Are Hard To Find Now – Start Getting Low Interest Personal Loans Online

You would probably do the following when you’re planning to get information about “low interest personal loans” – you would look for private lenders from classifieds or Yellow Pages, or ask around friends and family members who have been through the same search process. These particular search methods would consider unproductive as it would consume most of your quality time looking for suitable low interest loans – not to mention the successful rate of getting a suitable lender can be indeed low.

The search process can shortened through smart Internet browsing – you need to know how to look for suitable lenders, filter out irrelevant contents, and look for appropriate low interest personal loans by selecting the right loan package.

How about the chances of getting low interest rate personal loans online? Do lenders approve loans fast online?

That would be a different story. There are a few things that you should know in order to find absolute answers to the questions above.

1. Many private lenders advertise their lending services directly or indirectly on the Internet

Normally, private lenders directly advertise their services online through Google AdWords which means that their ads would appear on Google search results page. For example, when you Googled “low interest personal loans”, you will see some relevant ads on the search results page.

As for indirect advertisement, some people would write reviews about their personal experience with private lenders through forums, blogs and other internet resources. You can exactly get some important points from their experiences – i.e. the interest rate or annual percentage rate (APR) of loans offered by specific lenders as well as lenders’ dependability; which these points can possibly increase the chance of looking for the right lender.

2. There are many sites which dedicatedly provides access to several reputable lending partners

These sites are not actually loan providers – they provide a platform where you can possibly seek personal loans from several reputable lenders. You don’t have to go to several lenders at different times as your loan application can be directed to suitable lender. One of the sites like E-Loan.com, you can possibly get a custom rate for your personal loan when you have at least a ‘Fair’ credit score – from 600 to 660 FICO score.

To get low interest personal loans from these online platforms – the higher your credit score, the higher the chances of getting such loans.

3. Non-traditional lenders don’t approve loans as fast as you think

Don’t be misled by many advertisements stating that non-bank lenders grant low interest rate personal loans without reviewing much on applicants’ financial background. Highly reputable lenders are reviewing their applicants’ current financial status including their credit scores, yearly income, and other supporting details that can increase their chances of getting such loans like their assets, or additional information of their co-signer.

Therefore, if you don’t have a high credit score – your only chances of getting low interest person loans is by putting up collateral or having a co-signer to support your loan application.

Always remember that there are risks involved when you’re unable to pay off your loans as agreed. Don’t apply a loan if you couldn’t afford to pay it back or else, you’ll pay for the consequences of your irresponsibility.