How to Find Best Online Personal Loans : Top 5 Tips

When it comes to finances, more people are likely to turn towards a credit card, due to their bonuses and ease of use, than a personal loan.

Thrive Global invites voices from many spheres to share their perspectives on our Community platform. Community stories are not commissioned by our editorial team, and opinions expressed by Community contributors do not reflect the opinions of Thrive Global or its employees. More information on our Community guidelines is available here.

When it comes to finances, more people are likely to turn towards a credit card, due to their bonuses and ease of use, than a personal loan. However, recent studies show that more and more Americans are opting for personal loans. With the rising debt throughout the country, from student loans and credit cards, and emergency expenses arising each day, a quick loan is enticing. How do you find the best online personal loan, though? In recent years, many online lending companies have stepped forward – most are fantastic at what they do. Here are five tips for finding the best personal loan for your needs.

Shop Around

There are countless lending companies offering personal loans online. You’re free to shop around and receive quotes and rates. In fact, the easy comparison of quotes is likely the biggest benefit to shopping online for a personal loan.

Often, you’ll receive a discount for applying online.

Credit Card Consolidation

One of the driving reasons to acquire a personal loan for many is to consolidate credit card debt. If this is your case, then make sure to follow through with the payments. Remember: It’s easy to rack up new credit card debt while paying off the old. Find a company that makes paying down your credit card debt easily.

Read the Fine Print

When dealing with any financial institution, there will be plenty of fine print to sift through. Do not rush this process. You will want to ask for a full disclosure of the loan terms and ready every word on the document. There are many different terms offered by online lending companies. Find the best one for you from a contractual standpoint, too.

Check Your Credit Score

Your credit score will make a huge difference in the personal loan you receive. As such, you’ll want to check your score to ensure it is accurate. You could pay significantly more with bad credit or receive a fantastic rate of <10% with good credit.

Origination Fees

Many lending companies offer low interested rates, but this is because they tack on origination fees that raise your interest rate significantly over time. You would be better off with an online lending company offering a higher interest rate out of the gate instead of one hiding origination fees in the fine print. Find the perfect online lending company for your personal loan needs today!

    Share your comments below. Please read our commenting guidelines before posting. If you have a concern about a comment, report it here.

    You might also like...

    Community//

    Quick and immediate loan: consumer credit, the solution to surprise expenses

    by Dave Devloper
    Community//

    Julie Shinn of RateGenius: “Learn to Budget ”

    by Tyler Gallagher
    Community//

    “The first step for companies is to admit that there’s a problem.” With Tyler Gallager & Jessica Sanchez

    by Tyler Gallagher
    We use cookies on our site to give you the best experience possible. By continuing to browse the site, you agree to this use. For more information on how we use cookies, see our Privacy Policy.