Why Are Online Personal Loans a Good Option?
Online personal loans are a good option when you are wanting to simply borrow money to achieve a goal. It is also a great option if you want to avoid all the hassle of going down and applying in person.
Todays online personal loans can be completed 100% online using one simple form. The lending platforms have been setup to make it easy to provide the information required and to get you an answer quickly.
If approved, the personal loan amount will be direct deposited into your account.
What Types of Personal Loans Are Available Online?
There are a number of personal loans that are available online. You will find many are newer and very unique systems that help simplify the entire process.
Peer-to-peer lending has gotten to be extremely popular for borrowers and investors. It is a win win situation for both parties.
For example: The borrower wants a peer-to-peer personal loan for a debt consolidation or to pay off all their credit cards. They fill out one simple form and get a rate quote and terms. If they except the loan will be funded over the lending platform.
Individual investors who join the platform want to invest their money to fund the loan. They are looking to invest their money at an interest rate better than they could get in a bank savings account.
It is really a cool way to pool individual investors money to fund loans. It is a win for the borrower who still gets a fixed lower rate loan and the investor who get a better rate than they could get having the money sitting in a bank account.
The borrower can get a loan funded quickly over the platform and have a fixed rate payment. Once the loan is funded the paperwork is e-signed online and then money will be deposited into the account provided.
The largest provider of peer-to-peer loans and the one we recommend you visit to apply online for a personal loan is LendingClub.com – Low Rates on Personal Loans from $1,000- $40,000
Personal Loan Networks
Another option for personal loans is to use a lending network. Lending networks have multiple lenders that review and compete for your business.
You still just fill out one easy form and then you are matched to the best lender. You will receive a rate quote that you will review and accept if you approve of the terms.
Once you accept the funded personal loan will be direct deposited into your account. This entire process can also be done online.
A lending network we recommend to get matched for personal loan is PersonalLoans.com – Personal Loans Up To 35,000
If you have a lower credit score you can visit PersonalLoansDepot.com
What Are The Main Reasons For Applying For Personal Loans?
There are many reasons why people are applying for personal loans. Below we list a few of the more popular reasons as well as some you might not have thought about.
1. Debt Consolidation / Pay off credit cards
When you have thousands of dollars of debt or multiple high interest credit cards, you may want to do a debt consolidation using a personal loan.
It combines the credit cards and debt into one fixed rate payment. This can simplify the process of tracking and paying on this debt. It also just simplifies you finances going forward.
2. Home Improvements and Repairs
Many times home repairs are needed. These can be expensive projects and sometimes you may need a personal loan to help simplify the paying of these repairs.
This could be for an air conditioner that went out or a roof that needs repair. Whatever the reason, a personal loan can ensure you have enough the finance the project.
Overall home improvements can add to your houses value as well as give you something to enjoy for years. They say kitchens and bathrooms add the most bang for you buck.
If you are looking to replace cabinets, tile and fixtures it can add up quickly. Financing it with a personal loan can be a smart idea.
3. Medical Bills or Procedures
You never know when a major medical bill will come up or some type of procedure you will need. If this happens a personal loan could be a good way to pay for a procedure or cover major medical expenses and your deductibles if on a high deductible insurance plan.
We all get into situations where we get low on cash and at the worse time something happens. This can be a car repair, vet bill or an air conditioner breaking down. A personal loan can fill in the gap until you get the cash to pay it off.
5. Major Purchases
There are things in life that can require a larger amount of cash and if you have good credit and can get a decent rate might make sense for a personal loan. Examples of this could be wedding expenses, a vacation or purchasing a used or new car.
How Can a Personal Loan Help With Debt Consolidation?
When you have multiple high interest credit cards and other debt it can seem overwhelming. A personal loan can be a good tool to consolidate your debt into one fixed rate payment.
It is easier to manage just one payment and when the loan terms are complete, so is your debt.
How Do Personal Loans Work?
Unsecured personal loans can be obtained online using a simple process.
You will fill out a form that will request specific information from you and then get a rate quote.
Once you accept the rate quote the loan will be funded.
Then you will normally e-sign the paperwork and the funds will be deposited directly into the account you provided.
If you are in need of a personal loan, review the options on our site and get started.