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Robert Henderson

Last updated: 8/2019

Find the Best Personal Loan for Your Needs

For people living in Memphis, Tennessee, the option to take out a personal loan seems like a smart and secure decision. A personal loan can be looked at as a sigh of relief to debt you need to pay off, medical expenses, or potential financial emergencies. More so, they can be used for weddings, planning a vacation, and basically, anytime you need cash. However, without proper education, taking out a personal loan can be harmful than anything. Let us look at the aspects of a personal loan you need to be aware about.

Your Credit Score

In Memphis, the average credit score according to creditcardlocal.com is 682, which is below the national average. With that said, your credit score is single-handedly the most important aspect when it comes to applying for the best personal loans. The reason for this is that for a lender to better get to know your financial background, they must pull your credit score from one or all three credit bureaus, Equifax, Experian, and TransUnion.

Your credit score will show the lender if you have any late payments, if you have a high credit utilization rate, and what your financial history looks like. In any case, the higher the credit score, the better. Alongside your credit score, a lender will look at your debt to income ratio.

Personal Loans in Memphis, TN

Your Debt-to-Income

Your debt-to-income ratio is a percentage determined by how much debt you pay monthly compared to your monthly income. The loan lender will average out your percentage and give you an estimate of what you may be approved for. When it comes to debt-to-income ratio, the lower the debt the better chances you will have to be approved for a lender with low interest loans.

Shop Around for The Best Lender

Once you have considered your financial background and know your credit score as well as your debt-to-income, it is time to shop around for a lender you know may give you the loan amount you are looking for. There are numerus lenders depending on your credit score bracket that you can research. Most importantly, ensure the credit lender is secure and has plenty of reviews. Whether it is a private lender, bank, or credit union, these questions will help during the process.

  1. Is my loan secure or non-secured?
  2. What is my origination fee?
  3. How much does the interest rate total with the loan?
  4. What is the length of the loan?
  5. What fees are there if I am late, pay ahead of time, or pay by check?
  6. Is there a repayment holiday?
  7. Is it a fixed interest rate or non-fixed?

 

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 Memphis

Personal Loans in Memphis,Tennessee
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OneMain Financial

7825 Winchester Rd Ste 109, Memphis, TN 38125, USA
(901) 756-1671
https://www.onemainfinancial.com
5 / 5 Stars

Regional Finance

7444 Winchester Rd Suite 104, Memphis, TN 38125, USA
(901) 881-9244
https://www.regionalfinance.com
3 / 5 Stars

Memphis Finance

65A Monroe Ave, Memphis, TN 38103, USA
(901) 577-1660
https://memphisfinance.business.site/
4.5 / 5 Stars

Check Into Cash

2926 Lamar Ave #109, Memphis, TN 38114, USA
(901) 744-3230
https://www.checkintocash.com
5 / 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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