If you’ve ever considered getting a personal loan, you’ve probably wondered where the best place to get a personal loan is. It can be hard to find the perfect lender for yourself – you want to make sure that you work with a company that can provide you with all the features and advantages you’re looking for. And while there are plenty of lenders to choose from, the number of competitors in the industry tends to mean it’s even harder to decide.
If you’re someone who has consistently struggled due to a poor credit score, it’s important that you begin to take the loan process seriously. The best way to get personal loans for poor credit is to change the way that you approach finance in your life. You need to make sure that you’re being as serious about your credit score as you should be. Many lenders are willing to offer poor credit personal loans, but you’ll need to do a few things to get started on the right foot.
This guide has been written to help provide people with expertise on personal loans poor credit. If you want to know more about how to get a personal loan without a great credit score, this should be your first stop. We have in-depth knowledge regarding the personal loan industry, and can help you get the information you need to make the right choice. Make sure to take in all the information in this article prior to making an application for a personal loan for poor credit.
Assess Your Credit Score: The First Step for Personal Loans Poor Credit
The best thing to do before you start any borrowing is to assess your credit score and the reasons that it is currently low. In order to move forward and approach your lending experience correctly, you need to know that you understand why you’re currently in the situation you’re in. Credit scores are low for a number of reasons. Below we will outline certain reasons that your credit score might currently be poor.
If you’ve missed payments in the past, this will be one of the major reasons that your credit score is currently poor. Missing payments has as significant impact on your credit score.
Credit Card Debt
The amount of money that you owe on your credit cards will also have a significant impact on your credit score. This is calculated as a ratio of the amount of your credit score that you’re using. The same goes for the amount of money that you’ve borrowed on a line of credit.
Every time you apply for credit, the credit company will check your credit report. This will log a credit inquiry on your file. This will reduce you score in the near-term. If you apply for a lot of loans or credit cards, you’ll probably find that you have a lower score because of it. This will often reduce your score by about 15 each time.
If you’ve opened a lot of lending accounts in recent times, this will also impact your credit score. The more accounts you open in a short amount of time, the worse your credit score will end up being. Don’t open financial accounts unless you need to.
Defaults or Bankruptcies
If you have multiple defaults or bankruptcies on your credit report, then you will definitely have a poor credit score. These sorts of issues are typically the most damaging.
What to Look for From a Secure Personal Loan Lender
If you still think that securing the loan is the right path for you to take, you’ll want to start assessing the various lenders that you can work with. Find the best place to get a personal loan will mean that you have to look at a variety of factors and features prior to making any decisions. We will overview some of the key characteristics and features you should be looking for when trying to find the best place to get a secured personal loan.
This might sound redundant, but customer satisfaction is extremely important. You might not plan on having much interaction with your lender after you borrow the money, but you still need to make sure that you are going to have a good overall experience. Just because you’re working with a large bank, doesn’t mean that you shouldn’t be wary of their customer satisfaction record. In fact, some of the largest banks in the country have the worst customer satisfaction ratings in the nation. You should always do your due diligence. Fortunately, the internet has made this rather easy. It’s very straightforward to access customer reviews and complaints. Consumer Affairs is a good starting point. You can head to their website and find a variety of different reviews on different lenders around the country. They also do some of their own research to ensure companies are good operators.
While you will most likely meet with a lender that has a brick-and-mortar location, you still need to make sure that they have modern capabilities. Ask them about the different online features they have. You want to make sure that your lender can allow you to make your payments online – anything else can be a huge hassle and result in you missing payments by mistake. You should be able to track your loan activity and balance through an easy-to-use portal that doesn’t create serious problems for you or your partner. Make sure that you are working with a lender that is up-to-date with the industry standards.
You want to try and work with a lender that can provide you flexibility when it comes to securing your loan. Securing a loan can be scary – it’s hard to sign over the rights to your assets when you’re trying to obtain finance. That’s why it’s important to try and find a lender that accepts a variety of different assets for securing loans. You don’t want to be forced to use an asset that you’re not willing to use as collateral.
Last, but certainly not least, you need to make sure that you’re working with a lender that provides you with good value. There’s no point signing up to work with a lender that will be out of your budget. You should be looking at a number of costs when you try and determine if a lender is good value: origination fee, interest rate, and other fees. The origination fee is the fee that the lender will charge you to take out the loan. It sometimes comes as a percentage of the total loan. The interest rate is the rate that you will pay in interest throughout the term of the loan – this has the biggest impact on the value of the loan. Other fees can come in all shapes and sizes, so it’s important to ask your lender if there are any hidden fees. You should also check if your interest rate is fixed or variable. A variable interest rate can result in huge swings in the cost of your loan – this can be a fair bit riskier, although in some cases it provides more value. The best way to assess the value of a loan is to ask your lender for a full breakdown of costs. Tell them that you want to know the full cost of the loan in its entirety. This way you can view the loan with the all fees and interest included!
What to Look for From an Unsecured Personal Loan Lender
If you’ve opted for an unsecured personal loan lender, you’ll need to do some due diligence as well. It can be hard to choose the best personal loan lender when you’re opting for an unsecured loan. This is because you typically have so many different lenders to choose from.
Many online personal loan lenders that offer unsecured loans are brand new to the industry. This means that they don’t have a long track record when it comes customer satisfaction. While this might seem like a good excuse for not having a lot of reviews or information online, you should try and avoid working with brand new companies. There are plenty of predators in the market so it’s important to make sure that you work with a company that you can trust. Look up the companies that you’re planning on working with. Make sure that they have been in business for at least a couple of years. Anything less than this means that you won’t have a good chance of understanding if they’re a reputable company. Cross reference all the companies that you’re planning on working with on the Better Business Bureau. This consumer watchdog group provides a verified review portal that customers can use to complain or praise a company’s performance.
Realistic Interest Rates
Make sure that the company you’re planning on working with has realistic interest rates. A lot of companies that provide unsecured loans have ridiculous interest rates attached to them. You shouldn’t work with a lender that charges extremely high interest. If you shop around a bit, you’ll find that there are plenty of lenders that offer unsecured loans for a relatively reasonable interest rate. Don’t work with companies that will make you drown in the money that you owe.
Easy Application, Quick Decision
If you’re applying for an unsecured loan, you should be looking to work with a lender that has an easy application process. It can be easy to waste time on an application, but you really don’t have to. There are plenty of online unsecured lenders that have applications that will only take you about ten minutes to complete. You should also be looking to see how quickly they will make a decision. While they can’t guarantee how long it will take to find out if you’ve been approved, most of the best personal loan companies will give you a decision in just moments.
Another thing to consider is how fast they can get you the money once you’ve been approved. Transfer speed is a huge issue if you’re trying to get you money quickly. You don’t want to work with a lender that will take weeks to give you the cash you need. Instead, look for lenders that do electronic bank transfers. Many will be able to get you the money you need in less than an hour. It’s a great way to make sure that you can get capital quickly when a situation calls for it. Many online lenders that offer unsecured loans will provide you with this feature.
Application Check List
Prior to applying for your loan. You should make sure to run through this checklist and ensure that you have everything you need. You should also make sure that your lender has everything you’re looking for. Feel free to add additional items to this checklist as you please! What You Need:
- Social Security Number
- Income History
- Address History
- Personal Information
What They Should Have:
- Good Customer Service Record
- Good Interest Rates
- No Hidden Fees
- Established Platform
- Easily Accessible Payment
- Low Early Termination Fees
Applying for finance may not sound like fun, but it can be really easy if you make sure to approach it in the right way. If you want to find the best place to get a personal loan, you simply need to consider the things that have been mentioned in this article. All the information you need is sitting right here in this guide. We also try and provide our readers with a head start in finding the best place to get a personal loan. If you head to our homepage, you will be able to find a current list of lenders that we recommend. We want to ensure that our readers have the best possible information when they start their lending journey. If you have any other questions on personal loans, make sure to check out some of the other information on our site. We have plenty of content that is sure to answer any question you may have.
General Loan Questions
This section answers general questions about getting a loan. Use this section to make informed financial decisions about the best loan options for you.
Where Is the Best Place to Get a Personal Loan?
That depends on lots of different factors. You should determine how much of a loan you need, how long it will take you to repay the loan, what kind of interest rates are acceptable, and so on. Once you pin these factors down, you can choose the type of loan place you need and then check reviews for the best company for you.
How Do Cash Loan Places Work?
You write a check to the loan place that’s post-dated for when the finance charges are due. When your payday comes, you can redeem the check by paying the loan with cash, allowing the check to be deposited, or just paying the finance charge and rolling over the loan.
Where Is the Best Place to Take Out a Loan?
That depends on what you’re looking for. Many people look to payday loans for quick infusions of cash. However, online lenders are usually a better deal and more reliable than payday lenders.
Where Is the Easiest Place to Get a Loan?
The easiest place to get a loan is probably a title loan company or payday lender. These companies don’t require credit checks and can offer a quick infusion of cash.
How Do Money Loan Places Work?
That depends on the kind of lender you’re talking about. All lenders give you money and then charge you interest on the loan. The interest is how they make a profit. You’ll get the best deal from places with the lowest interest rates.
Which Places Are Best for Small Loans?
Online lenders and peer-to-peer lending platforms are great options for small loans. You can get the money you need without the high interest rates charged by payday lenders.
What Happens if I Don't Pay a Loan Place Back?
There are several possible consequences. First, your credit score will take a big hit. You can also be sued in court for the amount of the loan. If the judge finds in your lender’s favor, they might be able to garnish your wages, tax returns, or seize property.
Are There Loan Places with No Credit Check?
Yes. Payday lenders and title lenders don’t usually have a credit check. A title loan is secured by your car and a payday lender just needs to verify your employment.
How to Avoid Loan Shark Loan Places?
The best way to avoid loan shark places is to check reviews of lenders before you do business with them. You should also check with the Better Business Bureau to see what kind of rating they’ll have.
Is There Place that will Approve Everyone for a Loan?
Not really, every legitimate lender will do some kind of check on a person they’re lending to. There are places that are easier to get loans at, like payday lenders and title lenders, but you need a job or a car respectively to get these loans.
Are Loan Places Good?
Sometimes yes, sometimes no. You should check out reviews and Better Business Bureau profiles for any lender that you’re thinking about working with.
When Are Loans Placed on Your Credit Score?
Loans will be recorded on your credit report within 1 month of taking out the loan. Most lenders report to credit reporting agencies monthly.
What Place Can Do Money Loans with No Credit?
Title loan businesses and payday lenders can give loans with no credit. You’ll need to have a car or a job. You can also try a pawn shop for a loan if you have something else valuable to secure the loan.
What Is the Best Place to Get a Quick Loan?
Online lenders and peer-to-peer lending platforms are the best places to get quick loans. You can get your cash in as little as 24 hours and the rates are much better than you’ll get with other options.
What Is the Best Place to Apply for a Loan?
The best place to apply for a loan depends on what you’re looking for. Online lenders will usually be better than in-person companies because online lenders have less overhead. That means they can charge less and make the same profit.
Lots of people have questions about personal loans. This section answers those questions so you can find the right personal loan for you.
What Is the Easiest Place to Get a Personal Loan?
Payday lenders, title loans, and pawn shops are the easiest places to get personal loans. However, online lending and peer-to-peer lending networks are also easy to get loans from and charge much lower interest rates.
Where Is the Best Place to Get a Loan Online?
The best place to get a loan online is with a peer-to-peer lending network. These networks usually have much better rates and a higher approval rate than companies that also have brick and mortar locations.
Is One Loan Place Safe?
Yes, they are. The company has a 9/10 rating on Trust Pilot out of 483 reviews. That’s an incredibly high approval rating for any lender.
Is Upstart a Good Place to Get a Loan?
It can be, depending on your credit score and income. The rates on Upstart can be very competitive and they offer flexible terms to help you get your loan structured in the best way for you.
What Online Loan Places Are Real?
Many of them are, but you should always check online reviews and websites like Trust Pilot, the Better Business Bureau, and other sources to make sure you’re dealing with a legit company.
Where Is the Best Place to Get a Secured Loan?
That depends on how big of a loan you need. Pawn and title lenders will give you cash secured by your property. If you need a bigger or more long-term loan, then a bank or credit union is your best option.
Is PNC Bank a Good Place to borrow Loans?
It can be. If you’re already a PNC customer, then you’ll likely get favorable rates and discounts on other costs and fees associated with loans. However, you’ll need a decent credit score to get a loan from PNC.
Are Credit Unions the Best Place to Get Loans?
They can be. However, credit unions usually only lend to members of the credit union. They do tend to charge lower rates and have a higher rate of approval.
What Are the Worst Places to Get Loans?
Payday lenders, title loans, and pawn shops are usually the worst places to get loans. They charge very high interest rates and have very inflexible terms on their loans.
What Places Will Let Me Apply for Federal Loans?
That depends on what kind of loan you’re looking for. For example, you can apply for federal student loans directly through the government. If you want a business loan, then the SBA website has a list of SBA approved lenders.
How to Get a Loan from a Check Cashing Place?
Loans at check cashing places are usually payday loans. You’ll need to talk to the individual company about their policies, but usually you’ll make a check out and post-date it for the amount of the loan plus finance charges. Then, you can either repay the loan in cash, just pay the finance charges, or allow the check to be deposited to repay your loan.
Is Marcus a Good Place to Get a Personal Loan?
Yes. Marcus is run by Goldman-Sachs. They’re one of the biggest and best-known investment banks in the world. They’re strictly regulated and have clear terms on their loans.
Payday loans are incredibly common and popular. We’ll answer your questions about payday loans in this section.
Can Payday Loan Places Garnish Wages?
Sometimes. They’ll need to win a judgement against you in court for a loan default. The court will approve specific measures for the company to get repaid. Wage garnishment can be one option.
Can You Get a Payday Loan from Two Different Places?
You can, but it’s a really bad idea. Both places will try to take the loan out of your next paycheck. If your paycheck is big enough to cover the costs, then you’re going to default on one or both loans.
Are There Any Payday Loan Places Open on Sunday?
That depends where you live. You can usually find a list of payday lenders and their operating hours by searching Google for payday loan places near you.
Can You Get Payday Loans from Multiple Places?
Technically yes, but you should try not to. It places you at an extremely high risk for default, which can dramatically escalate the cost of your loan and severely damage your finances and credit.
Where Is a Good Place to Get a Payday Loan?
The best place to get a payday loan is the one that has the best terms and charges the lowest interest rates and finances charges. You should also be careful of various fees tacked on to your loan.
Can You Get 2 Payday Loans from the Same Place?
Generally no payday lender will give you two loans at the same time. That’s because it’s pretty unlikely you’ll be able to pay both loans and will likely default on at least one of them.
Do Check Cashing Places Do Loans?
Sometimes. IF they do, then it will be a payday loan. You’ll need to talk to individual businesses to find out if they’ll do a loan for you.
Student loans are the second biggest source of debt in the country. We’ll answer your questions about student loans here.
Where Is the Best Place to Get College Loans?
The federal government is the best place to get college loans. The loans are easy to get approved for, have lots of borrower protections for repayment, and have lower interest rates than private lenders.
What Is the Best Place to Get an Undergraduate Loan?
Federal government student loans are the best place to get undergraduate loans. They’ll have lower interest rates than you’ll get from a bank or other private lender and have lots of borrower protections.
Should I Get a Loan from School or Loan Place?
Getting a loan from your school is probably the better option. The rates and terms you’ll get will be better and you’ll have more borrower protections on repayment.
What's the Best Place to Refinance Your College Loan?
You should check and see if your loans are eligible to be refinanced with the federal government. That will ensure you get to keep borrower protections and have lower rates than private lenders offer.
Loan Place Questions
Lots of people wonder why loan places do the things they do. We’ll answer questions about loan places in this section.
Can Loan Places Call Your Work?
Sometimes. They might call your work to verify your employment. However, they aren’t allowed to call your work for collections if they know you’re not allowed to get calls at work. If that’s the case, then you should contact a lawyer.
Why Do Loan Places What to See Your Bank Statements?
Loan places want to see your bank statements to verify your income. That gives them the proof that you’ll have the ability to repay the loan you’re applying for.
Why Is Loan Paperwork Sent to Work Place?
Usually loan paperwork is sent to a workplace to verify your employment and/or income. However, there may be other reasons. It depends on what kind of paperwork was sent.
Can Online Loan Places Sue You?
They can if you default on your loan. They are able to seek a civil judgement against you to force you to repay the loan.
Do Loan Places Call Your Cell?
Sometimes. They might call your phone for more information about your application or for collections. You should be wary of any lender making unsolicited sales calls.
Other Types of Loans
There are lots of reasons someone might want a personal loan. We’ll answer questions about different types of personal loans here.
Where Is the Best Place to Get a Construction Loan?
That depends on the nature of the job. You can get a loan to improve your house through your bank by getting a home equity loan. Banks and specialist lenders will give loans that allow construction companies to take on larger projects.
Where Is the Best Place to Get a Business Loan?
Many business owners get great deals from the Small Business Administration, or SBA. It’s a federal government agency that subsidizes loans so you can get a better rate and better terms.
Where Is the Best Place to Get a Boat Loan?
There are lots of options for a boat loan. We recommend using an online lender, as the finance charges and interest rates you get financing the loan through the seller are generally much higher than you get online.
What Tax Place Is Doing Holiday Loans?
There are lots of places that do holiday loans as an advance on your refund. Jackson Hewitt is one example. However, expect to pay an incredibly high 35.9% APR on loans like these.
Where Is the Best Place to Get a Consolidation Loan?
That depends on a lot of factors, like how big of a loan you need and what kind of terms you’re looking for. Peer-to-peer lending networks and online lenders are usually best. These companies have lower costs and so they can offer you a loan at a lower price and still remain profitable.
What the Best Place to Get an RV Loan?
Online peer-to-peer lending networks are an excellent option for an RV loan. These lenders will usually have lower interest rates than you’ll get if you finance through the dealership or manufacturer.
Which Tax Places has Interest Free Loan?
H&R block, Liberty Tax, Jackson Hewitt, and TaxSlayer offer interest free loans on your tax refund. However, there are lots of terms and conditions on these loans, so you should make sure they’re the best financial decision for you.
Robert is our in-house expert on personal loans and finance. He got an MBA, specializing in Finance, before joining the workforce. After working for multiple Fortune 500 companies in the past decade, he brings a wealth of knowledge and experience to the table.