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Personal loans are convenient, as you can use them for a variety of expenses, including medical bills, weddings, home improvements, vacations and unexpected emergencies. Personal loan rates typically fluctuate from one provider to the next, and the lowest rates are reserved for those with higher credit scores.
You can apply for a low-interest personal loan through a traditional bank, online lender or credit union, all of which usually offer an online application. Once you apply, and if you’re approved, you can expect to see the funds hit your account within a few business days. The loan that offers both the lowest personal loan rate and terms that fit your financial situation is typically the best one for you.


Compare Installment Loan Plan Considerations



Don't just compare interest
When comparing private loans, in addition to paying attention to the interest rate, you also need to compare the loan amount and repayment period of each loan plan, and also pay attention to whether the lending institution will charge a handling fee, because this will increase the cost of applying for a loan, or to get a discount, Does it need to be for a brand new customer etc.


Remember to compare actual annual percentage rate (APR)
The APR is a reference rate that combines interest and other expenses. It can reflect your actual borrowing cost, and it is best used to compare the actual payment of the loan.


Consider Ability to Repay Loan
Personal loans are non-guaranteed loans that do not require the borrower to pledge property to borrow, so the risk for the lending institution is higher, the interest rate will be higher, and the repayment period is shorter (generally 12-60 months). The amount is based on the borrower's income and credit history. Personal loan approval depends on the credit report and the repayment ability of the applicant, so borrowers with higher income or better credit history have a higher chance of being approved for high-value loans. Even so, applicants should consider whether they have the ability to repay a large loan, rather than blindly "borrowing" the loan. As the saying goes, do you want to borrow or not? It's better to borrow it first!

Alternatives to Personal Loans
The solution for too much credit card debt, or any debt, doesn’t have to be a loan. If you’d prefer to reduce or eliminate debt, rather than replacing it, there are alternatives to borrowing money.

Credit Counseling — Talking to a counselor at a nonprofit credit counseling agency is free, and they are required to offer advice that’s in your best interest, rather than pitch a product. They will review your finances, help you create a budget, point you toward financial information resources and offer suggestions for debt reduction.

Debt Management Plan — Offered by nonprofit credit counseling agencies, this is not a loan. Counselors work with creditors on your behalf to get lower interest rates, reducing your monthly payments. You pay a fixed monthly amount to the credit counseling agency, and they pay off your unsecured debt, such as credit cards, student loans and medical bills.

Debt Consolidation — A LendingCard personal loan can be used for debt consolidation, but traditional lenders (banks and credit unions) also offer debt consolidation loans, which is one big loan that’s used to pay off credit cards or other high-interest debt. The interest rate is usually lower than the original debt, but even if it’s not, you are making a fixed monthly payment for a set amount of time, instead of the never-ending payments on revolving debt. Credit unions, in particular, offer favorable terms with the requirement that you become a member, which means opening a checking or savings account.

Debt Settlement — This is a debt-relief option in which you pay less than what you owe, and one consumers with a high amount of debt may want to consider. It comes with a financial hit. The debt settlement company negotiates a lower payment with creditors as you pay a monthly sum into an escrow account. It usually takes 2-3 years, then the creditor is paid with the lump sum. Your credit score will take a hit for seven years, because you’re not making payments on the debt during that time, and because you didn’t pay the entire balance, it appears on your credit report as a negative. You also will have to pay fees to the company, and taxes on any unpaid balance higher than $600.

Nonprofit Debt Settlement — This is a fairly new option that is offered by nonprofit credit counseling agencies for consumers who have high debt, but don’t have the income to pay it off. The program is also called “Less Than Full Balance.” Like for-profit debt settlement, you’ll only pay 50%-60% of what you owe. Unlike for-profit debt settlement, there is no negotiation period because lenders already have an agreement with the agency. Debts are paid off over a 36-month period with a fixed monthly payment and no interest charged. The caveat is that there are strict qualifications, and since it’s new, many creditors haven’t signed on yet.

Bankruptcy — Consumers who have more debt than they can deal with may consider the last-resort option of bankruptcy. It will have long-term financial consequences, but allows a chance to start over, debt-free. Chapter 7 bankruptcy allows the person who files to keep their house and car, Social Security payments and other necessary assets, while unnecessary assets are sold by a court-appointed trustee to pay creditors. Chapter 13 has a 3-5-year repayment plan, and the consumer keeps their assets as long as they keep up with payments. Once the plan ends, any unsecured debt that’s left is discharged. Bankruptcy stays on your credit report for 7-10 years, and will make it hard to get credit for loans.


Compare loan amounts
Stable income and certain deposits will also increase the applicant's chances of loan approval. To increase your chances of approval, applicants can improve their credit score, lower their monthly repayments, compare loan interest rates using the MoneySmart comparison platform, and save applicants the hassle of submitting multiple private loans and getting rejected. After evaluating the borrower's repayment source, occupation, assets, credit status, etc., the loan amount is about 12 to 21 times the monthly salary.


Notes on applying for a low-interest personal loan program
Banks often use "low interest rates" to attract customers, but in fact, the low monthly flat rate advertised by low-interest personal loans does not necessarily mean a discount, and the actual annual percentage rate (APR) is more important. Applicants should also take time to understand the conditions attached to the offer, whether it is only applicable to new/selected customers or the specified loan amount. In addition, the fees involved in applying for a personal loan, including "handling fees" and "early repayment fees", will also affect the cost of borrowing. Applicants may wish to spend more time to understand.

Best for debt consolidation: Happy Money

Why Happy Money stands out: Happy Money markets its Payoff Loan personal loans as a tool to help you out of credit card debt. Once you’re approved for a personal loan, the company can use your loan proceeds to pay off your current debts directly — so you won’t have to manage it all yourself.

Read more about Happy Money personalloans.

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