If you already belong to a credit union, you should check with your local branch to see if they offer a personal loan. However, if you are not already a member, you may want to apply to one of the new online lenders first.
The Silicon Valley has been funding many "marketplace lenders." These are online businesses that are looking to shake up the consumer lending market in America.
You should not worry about applying to as many of these lenders as possible, because you can find the best deal and your score will not suffer as a result.
Personal loans are becoming increasingly popular, because online personal loan companies are making the application process much simpler.
When shopping for a personal loan, make sure you compare the APR of the different offers.
The origination fee ranges from 1% to 6% and the average origination fee is 5.47% as of Q3 2016.
There is no down payment and there is never a prepayment penalty.
With a personal loan, cash is typically deposited into your bank account, which means you can use the loan for any purpose.
With the rise of online lenders, shopping for a personal loan has never been easier. 5.99% - 35.89% Go To Site Read Full Review The APR ranges from 5.99% to 35.89%.That is because banks (like Citibank) use a hard credit bureau inquiry when you apply for a loan.Each inquiry can result in a hit to your credit score of 10 points or more.By creating digital-only businesses, they are able to keep their costs low. They want to give lower interest rates to borrowers and provider their investors with higher returns.And they are able to do this because of their low cost-base and superior analytics.You can check to see if you are approved and receive your interest rate without hurting your score. For example, with a credit grade of A1 you could receive a loan of ,000 with an interest rate of 5.32% and a 1.00% origination fee of 0 for an APR of 5.99%.