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Robert Henderson

Last updated: 10/2019

Find the Best Personal Loan for Your Needs

In Louisville, Kentucky, there is so much to do and so much to see. From Churchill Downs to the Louisville Slugger Museum and Factory, this city has earned its name as one of the most populous cities in the United States. Whether you are looking to open a personal loan for the next run of the Kentucky Derby or perhaps consolidate some debt, Louisville is a great city, offering good rates for those interest in this specific line of credit. In today’s article, we are going to share some information regarding personal loans for Louisville, Kentucky, and a few tips to finding a great personal loan.

The Credit Score Principle

One of the most important principles of opening a line of credit is your credit score. What many people do not realize is that their credit score holds significant power over the quality of an individual loan, especially personal loans. Your credit score speaks volumes to lenders and how trustworthy you are. If you have a poor credit score, you can guarantee that you will be offered personal loans with lower limits, higher interest rates, and higher charges or fees.

Personal Loans in Louisville, KY

Considering that the average credit score in Kentucky is around 688, according to Credit Card Local, there is much that locals in Louisville can do to improve their credit score.

It’s essential that, if you want to secure the best personal loan, you take the time to improve your credit score. Today, there are many different things people can do to improve their credit score. From disputing errors on a credit report, making several monthly payments, to even balancing one’s credit utilization, credit holders have the power to make a difference on their credit score, regardless of how much debt they have accrued.

Finding a Great Personal Loan in Louisville

One mistake that many credit holders make when wanting to open a personal loan is opening the first loan that they find. This is a grave mistake that can leave you vulnerable to interest rates and fees, and ultimately more debt.  So, before you make any financial decision consider some of our tips on finding the best places for personal loans in Louisville.

  • Improve Your Credit Score

As a borrower, it’s your responsibility to work on your credit score. Before you can get the best personal loans, you need to have a reputable credit score. In fact, if you take the time to improve your credit score, you will notice better results and ease during the loan application process.

  • Do Your Research

The key to finding a great personal loan in Louisville starts with research. Look at different lenders in Louisville and see what their current offers are. Most lenders will share estimate costs and terms on their websites. From there, compare with other lenders and see what companies tend to offer the best loan deals. Moreover, take the time to look at what the experts and previous customers are saying.

  • Avoid High Interest Rates

Our last tip to finding a great personal loan in Louisville is to avoid picking companies with high interest rates. Personal loans are meant and designed to be shorter loans. So, if you choose a loan with a higher interest rate, it will significantly increase the cost of the loan itself versus getting low interest loans, costing you more money out of pocket. It’s crucial to look at whether the loan is at an affixed interest rate or variable. Companies that offer variable interests tend to start off with lower rates and slowly increase them over the length of the loan. Plug the numbers into a personal loans interest calculator to get a picture of what the payments will be before you commit.

 

Are Payday and Title Loans the Same as Personal Loans?

No not really. A payday loan, or cash advance, is easier to get and has a shorter term(unless it’s a longer installment option) but higher fees and much higher interest than personal loans. The same is true for title loans with the addition of your car being used as collateral. Be very cautious with these types of loans.

Personal Loans in Louisville

Personal Loans in Louisville,Kentucky
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Personal Finance Company

4642 Dixie Hwy, Louisville, KY 40216, USA
(502) 449-4003
https://personalfinancecompany.com
3.2 / 5 Stars

Omega Financial Services Inc

6439 Bardstown Rd, Louisville, KY 40291, USA
(502) 231-5464
https://omegaky.com/
3.7 / 5 Stars

Eagle Finance

3411 Bardstown Rd Suite 6, Louisville, KY 40218, USA
(502) 454-7799
http://www.eagle.com/
4.4 / 5 Stars

OneMain Financial

820 Eastern Pkwy, Louisville, KY 40217, USA
(502) 636-3501
https://www.onemainfinancial.com
3.8 / 5 Stars
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.

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