Best Personal Loans
A personal loan is a type of debt that has a set repayment term and monthly payment. Depending on the lender, you can borrow between a couple hundred to tens of thousands of dollars.
Personal loans are issued by banks, credit unions, and various other financial institutions. There are personal loan options for people with all types of credit, including bad credit.
Common Questions
How to borrow to get out of debt?
How do you qualify for a personal loan?
Are personal loans a good idea?
However, the terms of a personal loan can vary greatly between companies and depending on your credit score, income level, loan amount, and other factors.
Do personal loans affect your credit score?
Depending on your credit profile, a personal loan may help your credit and your credit scores. Why? Personal loans add variety to your credit profile, lowers your credit utilization ratio, and helps you establish a solid payment history. All of which are key ingredients for a solid credit score.
Personal loans are particularly good for your credit if you use tem to pay down higher-interest rate debt. A personal loan can also help you reduce your monthly payments, which will make it easier to follow the golden rule of credit—paying your bills on time every month.