Personal Loans to the Rescue |

Personal loans are options for a wide range of money needs, including debt consolidation, home repairs, and simply to pay the bills. Personal loans can and do vary, however, from lender to lender. Many believe that personal loans, especially unsecured ones, carry high interest rates and wild terms and conditions. While some of these personal loans exist, so do personal loans with low interest rates. As is the case when making any major financial decision, when searching for personal loans, take the time to do your homework and pull out all the stops on finding the best personal loan that exists for your needs.

Search Online

Most financial experts agree that the best place to start your search for personal loans is on the Internet. In years gone by, finding personal loans was much more tedious, but today it may only take less than an hour of your time. Not only can you find and compare loans online, but you also have the ability to find personal loans in other areas of the country rather than the ones offered by local banks and financial institutions. With the Internet, it is possible to find personal loans with decent interest rates and more.

Shop and Compare

Once you identify some potential personal loans, it is important to take the time to contrast and compare the options. While you do want to start with the interest rate, your decision should not end with the interest rate alone. Also be sure to compare the terms of the personal loans, which is the length of time that you can borrow the money. While some personal loan lenders offer long-term options (over one year), others may only offer short-term options. After the interest rate and term, review fees associated with obtaining the personal loan. Obviously, the less you have to pay in fees, the better. Finally, review the funding and repayment options. Most online lenders that offer personal loans now offer online funding options, where you can have the funds deposited directly into a checking or savings account. Repayment of the personal loans can be made the same way. Other lenders of personal loans may only offer a pre-funded debit card and mailing your repayments. Depending on your need for the money you’re borrowing, the options may or may not matter.

For example, if you need the money for home repairs, then it may not matter whether the money is in your bank account or on a debit card. Since most repair companies take debit and credit cards, the pre-loaded card option works just as well as a bank account. Creditors may not accept credit or debit card payments to pay bills so pre-loaded debit card wouldn’t work.