Comparing Consumer Loans (Sammenlign Forbrukslån)
There are loans for just about anything that you want to buy or pay for. You can get loans for cars, homes, medical issues, and vacations, to start with. You can buy things that you have always longed for or pay for things that are absolutely necessary. You just have to compare the cost of the loan including interest rates and other fees, to how much you truly need the purchase.
You can get these loans in many places, too, and you will want to compare the places for things like interest rates and other fees. You will want to sammenlign or compare these loans to make sure that you are getting the most for your money. All loans have similar fees, but you might get lucky and shave a few points of your interest and not have to pay an origination fee.
This article will give you some lenders to compare and give you a little information that can help you. You can do more research and find other lenders that might have even lower fees for you. You can also find more information that might make you change your mind about a loan at all.
How to Compare Personal Loans
If you decide that you need a personal loan, you will want to get the best one with the best rates and fees. You want to see which loan has the best APR, because this will be the least expensive and possibly the best one for you. Below is a list of terms that will help you to compare loans.
- APR – this stands for annual percentage rate and includes the interest rate and all other fees that the lender will charge you. Comparing APRs is like comparing apples to apples – all loans have APRs, and they include the same things.
- Monthly Payment –your monthly payment is the cost of your loan that you will pay each month. Your interest rates are included in the monthly payment, as is other fees that you should pay. If you have a longer term for your loan, you will have lower monthly payments.
- Fees – Some banks add all kinds of fees to your loan – the most common of which is an origination fee. Origination fees can be as much as 10% of your loan that you need to pay up front, or it can be added to your monthly payment. See herefor more fees that might be charged for your loan. Sometimes these fees can be deducted from the money the lender lets you borrow.
- Funding Time –funding time is the amount of time it takes for the lender can get the money to you. Some lenders can do this as early as the same day, others will need up to a week or more to get the money to you. If you need the money immediately, you will need to compare the funding times of the lenders.
- Payment Flexibility –check to see if the lender will let you choose when to make your first payment and which day of the month that you want your regular payments to be withdrawn from your account. See if they have the option to change your due date and see if they have options to skip payments or pause payments if you are having hardships. All of these that you need to compare when choosing a personal loan.
- Other Consumer Friendly Options –if all loans have similar features, see if any lender stands out for other reasons including customer service, no fees, or direct transfers. These trivial things can make you choose one lender over another if everything else is the same. If the lender is willing to help you to compare their loans with other lenders, that is also a plus.
Some Lenders to Compare
- LendingPoint – they have a fast application process that allows them to approve you more quickly if you qualify. You will need a credit score of at least 600 and can borrow up to $36,500 and have up to five years to pay the loan back. You can get pre-qualified so that you credit report is not dinged by the credit pull. You will get funded as soon as the next day.
- OneMain –they have secured loans, which is not something that all lenders have. They do not have a minimum credit score, but they look at things such as how long you have been in your home or job. You can borrow up to $20,000 and have up to five years to pay it back. They also have pre-qualification, and you can get funded as soon as the next day.
- Universal Credit –they have credit building tools that can help you to build your credit. You only need a credit score that starts at 560, and you can borrow up to $50,000 and have up to five years to pay the loan back. There is pre-qualification, and you can be funded as soon as the next day.
- Upgrade –they specialize in debt consolidation and helping to rebuild credit. You will need a credit score of at least 560, you can borrow up to $50,000, and have up to five years to pay it back. You can have up to seven years if you are working on larger home improvements. They have pre-qualification, and you will be funded the next day.
- Upstart –they have underwriting that is powered by AI. They do not list a credit score that you will need, but you can borrow up to $50,000, and have up to five years to pay it back. They have pre-qualification, and you can the money as soon as the next day.
How to Get a Personal Loan
- Review Your Credit Report – you can check your own credit report and it will not affect anything. Be sure to check your report so that you know what you credit score is, this is important to most lenders, and they will take it into consideration before giving you a loan. You can check your credit report here: https://www.annualcreditreport.com/index.action. They will let you see what your credit score is and what is on your report.
- Calculate Your Payments –check your budget to see what you can afford before you apply. You can then use a personal loan calculator that is readily available online to see what loan payment, rate, and repayment term would be best for you. These tools come in handy, and you can play with the loan amount that you put into the calculator to see different payment options.
- Pre-Qualify and Compare Offers – most lenders will allow you to pre-qualify so that you do not hurt your credit score when you are comparing offers. Take advantage of that so that you can get the best loan for you.
- Gather Documents –get all the documents that you might need before you go to the lender. Many lenders will let you know what documents you may need, but they usually need your ID, proof of income, and your social security number.
- Apply –after getting everything together and filled out, submit your application. When you submit the application, you will get a hard pull on your credit report. This will lower your credit score for a brief time, so be expecting it.